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Do politics matter for macroprudential policy? I show that changes to macroprudential regulation exhibit a predictable electoral cycle in the run-up to 221 elections across 58 countries from 2000 through 2014. Policies restricting mortgages and consumer credit are systematically less likely to...
Persistent link: https://www.econbiz.de/10012135983
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This paper analyses macroeconomic and financial determinants of bad loans applying a SVAR approach to investigate whether excessive loans granted during expansionary phases can explain the more than proportional increase in non-performing loans during contractionary periods. The results indicate...
Persistent link: https://www.econbiz.de/10009763782
Theoretically, bank's loan monitoring activity hinges critically on its capitalisation. To proxy for monitoring … governance of the firm. Exploiting granular bank-firm relationships observed in the syndicated loan market, we document …
Persistent link: https://www.econbiz.de/10011960127
This paper analyzes the emergence of systemic risk in a network model of interconnected bank balance sheets. Given a … shock to asset values of one or several banks, systemic risk in the form of multiple bank defaults depends on the strength … of balance sheets and asset market liquidity. The price of bank assets on the secondary market is endogenous in the model …
Persistent link: https://www.econbiz.de/10009295542
Recently, for standard asset classes, the first mutual clearing agreements between Central Coun- terparties (CCPs) have come into existence. There are already global concerns over the unique threats and benefits which arise from these situations, and further concern for an extension of agree-...
Persistent link: https://www.econbiz.de/10012271216
In this paper we empirically study interactions between real activity and the financial stance. Using aggregate data we examine a number of candidate measures of the financial stance of the economy. We find strong evidence for substantial spillover effects on aggregate activity from our...
Persistent link: https://www.econbiz.de/10011584069
Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps. However, internationally accepted standards and the academic literature have left...
Persistent link: https://www.econbiz.de/10009130555
change in NPL ratios tends to depress bank lending volumes, widens bank lending spreads and leads to a fall in real GDP …
Persistent link: https://www.econbiz.de/10012216605
Persistent link: https://www.econbiz.de/10015330337