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Capital Flows in the Financial System and Supply of Credit

Shen, Lin - 2021

This paper develops a model to study how capital flows in the financial system affect banks’ coordination problem in the credit supply process. The economy is susceptible to self-fulfilling credit freezes: banks abstain from lending when they fear that other banks will withhold lending, and...

Persistent link: https://www.econbiz.de/10013227306

Misallocation and Credit Market Constraints : The Role of Long-Term Financing

Karabarbounis, Marios - 2020

We measure aggregate productivity loss due to credit market constraints in a model with endogenous borrowing constraints, long-duration bonds, and costly equity payouts. Due to long-duration bonds, the model generates a realistic distribution of credit spreads. We structurally estimate our model...

Persistent link: https://www.econbiz.de/10012850336

Backers : Consumers or Investors? Crowdfunding vs. Traditional Financing as an Optimal Security Design Problem

Miglo, Anton - 2022

This article is the first one that analyzes the choice between crowdfunding and traditional financing as a security … design problem. The value of this research comes from several points: 1) the origin of crowdfunding and its features has not … been completely explained; 2) crowdfunding regulation is still in the process of development; 3) existing literature on …

Persistent link: https://www.econbiz.de/10013306964

Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets

Indarte, Sasha - 2021

How does creditor health impact the pass-through of monetary policy to households? Using data on the universe of US credit unions, I document that creditor asset losses increase the sensitivity of consumer credit to monetary policy. Identification exploits plausibly exogenous variation in asset...

Persistent link: https://www.econbiz.de/10013252399