Showing 1 - 10 of 6,565
In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work - at the time … that he was first developing his financial instability approach. In an earlier piece (Wray 1992), I closely examined Minsky … wrote in 1987 on "securitization"), he consistently held an endogenous money view. I'll refer briefly to that published work …
Persistent link: https://www.econbiz.de/10010462515
Persistent link: https://www.econbiz.de/10012299922
At the forefront of macroeconomic research on the causes of the Great Financial Cri- sis (GFC) was and still is the usage of dynamic stochastic general equilibrium (DSGE) models. To capture the nonlinearities of the GFC, these models were enriched with a variety of financial frictions. This...
Persistent link: https://www.econbiz.de/10012198325
Drawing on the merit goods concept developed by Richard A. Musgrave, this paper introduces the notion of quasi-merit goods. The criteria of eligibility for merit goods are vague. A quasi-merit good constitutes a special case where government protection and sponsorship are obtained via public...
Persistent link: https://www.econbiz.de/10013244313
This article presents and assesses the methodology and results of a comparative analysis conducted by Bruno Amable in financial systems and corporate governance in the context of current policy and regulatory challenges. The article, which is based on a literature review and game theory...
Persistent link: https://www.econbiz.de/10012026366
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well …-rated tranche. This paper builds a simple model of securitization that accounts for the above retention strategies. Banks in the …
Persistent link: https://www.econbiz.de/10010283592
We study how deposit competition affects a bank’s decision to securitize mortgages. Exploiting the state-specific removal of deposit market caps across the US as a source of competition, we find a 7.1 percentage point increase in the probability that banks securitize mortgage loans. This...
Persistent link: https://www.econbiz.de/10014546248
We examine whether banks manage firms’ climate transition risks via corporate loan securitization. Results show that … that lowers transition risk, we show that banks respond by a lower securitization of loans given to firms that become more …
Persistent link: https://www.econbiz.de/10013399744
We provide novel evidence that deposit competition incentivizes banks to securitize loans. Exploiting the state-specific removal of deposit market caps across the U.S. as an exogenous source of competition, we document a 7.1 percentage point increase in the probability that banks securitize...
Persistent link: https://www.econbiz.de/10013462138
performance. Nevertheless, the effect of residential mortgage loans securitization on bank risk appeared to be negative after the … crisis, indicating that the securitization of this type of credit can reduce the bank risk in the detriment of a lower profit …
Persistent link: https://www.econbiz.de/10013435725