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Collateralization, Bank Loan Rates and Monitoring: Evidence from a Natural Experiment
Cerqueiro, Geraldo; Ongena, Steven; Roszbach, Kasper - Sveriges Riksbank - 2012
We study a change in the Swedish law that exogenously reduced the value of all outstanding company mortgages, i.e., a type of collateral that is comparable to the floating lien. We explore this natural experiment to identify how collateral determines borrower quality, loan terms, access to...
Persistent link: https://www.econbiz.de/10010818845
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Collateralization, Bank Loan Rates and Monitoring : Evidence from a Natural Experiment
Cerqueiro, G.M.; Ongena, S.; Roszbach, K. - Tilburg University, Center for Economic Research - 2011
Collateral is one of the most important features of a debt contract. A substantial theoretical literature motivates the use of collateral as a means to alleviate ex-ante and ex-post information asymmetries between borrowers and lenders and the incidence of credit rationing. Through its seniority...
Persistent link: https://www.econbiz.de/10011090503
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Domestic Investment and the Cost of Capital in the Caribbean
Roache, Shaun K. - International Monetary Fund (IMF) - 2006
Investment-to-GDP ratios across the Caribbean tend to be relatively high. In many countries, these ratios have been trending higher since the mid-1990s, largely reflecting public investment and foreign direct investment. Private domestic investors have been less prominent. This may be one reason...
Persistent link: https://www.econbiz.de/10005264172
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Short-Run Pain, Long-Run Gain; The Effects of Financial Liberalization
Schmukler, Sergio L.; Kaminsky, Graciela Laura - International Monetary Fund (IMF) - 2003
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock...
Persistent link: https://www.econbiz.de/10005826221
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Credit Market in Morocco; A Disequilibrium Approach
Oulidi, Nada; Allain, Laurence - International Monetary Fund (IMF) - 2009
In this paper we use a disequilibrium framework common in the “credit crunch†literature, first to examine whether the slow credit growth in Morocco during the rapid expansion of liquidity in the first half of the decade can be attributed to credit rationing, and second to investigate...
Persistent link: https://www.econbiz.de/10005826496
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Risiken für die Emerging Markets in Mittel- und Osteuropa vor dem Hintergrund der Erfahrungen Thailands, Mexikos und Tschechiens ; Beitrag für den Projektbericht: Währungspolitisch...
Sell, Friedrich L. - Fakultät für Wirtschafts- und … - 1999
von Sachs/Tornell/Velasco (1996) gewählt, der durch Einbeziehung von Kreditrationierung und Haftungsbeschränkung erweitert …
Persistent link: https://www.econbiz.de/10008462113
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Empirical measurement of credit rationing in agriculture: a methodological survey
Petrick, Martin - Leibniz-Institut für Agrarentwicklung in … - 2003
verschiedene in der Literatur angewandte Methoden zur Messung von Kreditrationierung zu geben. Auf der Grundlage eines gemeinsamen … erste Vorgehensweise versteht unter Kreditrationierung die Unmöglichkeit, einen Kredit zu erhalten aufgrund von prohibitiv …. Alle anderen Vorgehensweisen definieren Kreditrationierung zumindest implizit als andauernde Überschussnachfrage, folglich …
Persistent link: https://www.econbiz.de/10008526801
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The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey
Lown, Cara; Morgan, Donald P. - Institute for Financial Research (SIFR) - 2004
VAR analysis on a measure of bank lending standards collected by the Federal Reserve reveals that shocks to lending standards are significantly correlated with innovations in commercial loans of banks and in real output. Credit standards strongly dominate loan rates in explaining variation in...
Persistent link: https://www.econbiz.de/10005423908
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Credit Contraction Causes and Effects: The Czech Republic
Hampl, Mojmír; Matousek, Roman - In: Zagreb International Review of Economics and Business 5 (2002) 1, pp. 45-68
Between 1997 and 1999, the Czech economy had undergone a fundamental shift in its lending practices. This particular development is most often referred to as a credit crunch. Nevertheless, owing to the unique nature of this credit phenomenon in the relatively short history of the Czech economy,...
Persistent link: https://www.econbiz.de/10005698469
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Do we face a credit crunch?.
Gern, Klaus-Jürgen; Jannsen, Nils - Kiel Institute for the World Economy - 2009
The weakness of credit growth in the United States and Europe has given rise to concerns that the financial crisis has led to a credit crunch which has deepened the recession in the real economy and poses a serious threat to the recovery that seems to have started in the most recent months. In...
Persistent link: https://www.econbiz.de/10008495218