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Fiscal Deficits, Financial Fragility, and the Effectiveness of Government Policies
Kirchner, Markus; van Wijnbergen, Sweder - 2012
Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...
Persistent link: https://www.econbiz.de/10010326246
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Banking with Contingent Contracts, Macroeconomic Risks, and Banking Crises
Gersbach, Hans - 2008
We examine banking competition when deposit or loan contracts contingent on macroeconomic shocks become feasible. We show that the risk allocation is efficient, provided that banks are not bailed out. In this case, banks may shift part of the risk to depositors. The private sector insures the...
Persistent link: https://www.econbiz.de/10011753157
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Stochastic mortality, macroeconomic risks, and life insurer solvency
Hanewald, Katja; Post, Thomas; Gründl, Helmut - 2009
Motivated by a recent demographic study establishing a link between macroeconomic fluctuations and the mortality index kt in the Lee-Carter model, we assess the impact of macroeconomic fluctuations on the solvency of a life insurance company. Liabilities in our stochastic simulation framework...
Persistent link: https://www.econbiz.de/10010265671
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Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area
Eickmeier, Sandra; Hofmann, Boris; Worms, Andreas - 2006
This paper analyzes how bank lending to the private nonbank sector responds dynamically to aggregate supply, demand and monetary policy shocks in Germany and the euro area. The results suggest that the dynamic responses in the two areas are broadly similar, although there are some differences in...
Persistent link: https://www.econbiz.de/10010295823
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The euro area Bank Lending Survey matters: empirical evidence for credit and output growth
de Bondt, Gabe; Maddaloni, Angela; Peydró, José-Luis; … - 2010
This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and output growth. The responses of the lending survey, especially those related to loans to enterprises, are a significant leading indicator for euro area bank credit and real GDP...
Persistent link: https://www.econbiz.de/10011605206
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Wirksamkeit von Landesbürgschaften und Bürgschaftsbanken: Eine empirische Studie für Mecklenburg-Vorpommern
Neuberger, Doris; Räthke-Döppner, Solvig - 2008
Staatliche Bürgschaften und Bürgschaftsbanken sind wichtige Instrumente, um Kreditrationierung aufgrund von Informationsasymmetrien zu reduzieren und somit die Finanzierung kleiner und mittelständischer Unternehmen zu erleichtern. Der vorliegende Beitrag untersucht die Wirksamkeit dieser...
Persistent link: https://www.econbiz.de/10010319257
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Learning in infinite horizon strategic market games with collateral and incomplete information
Brangewitz, Sonja; Giraud, Gaël - 2011
some collateral requirement for financial assets; second, information among players about the structure of uncertainty is …
Persistent link: https://www.econbiz.de/10010319983
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Collaterlization, bank loan rates and monitoring: Evidence from a natural experiment
Cerqueiro, Geraldo; Ongena, Steven; Roszbach, Kasper - 2012
type of collateral that is comparable to the floating lien. We explore this natural experiment to identify how collateral …-in-differences approach, we find that following the change in the law and the loss in collateral value borrowers pay a higher interest rate on … credit by their bank. The reduction in collateral value also precedes a decrease in bank monitoring intensity and frequency …
Persistent link: https://www.econbiz.de/10010320779
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How Much Fiscal Backing Must the ECB Have? – The Euro Area is not the Philippines
Belke, Ansgar - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …
Persistent link: https://www.econbiz.de/10010270000
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How much fiscal backing must the ECB have? The euro area is not the Philippines
Belke, Ansgar - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …
Persistent link: https://www.econbiz.de/10010271365