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Using a Bayesian vector autoregression (BVAR) identified with a mix of sign and zero restrictions, we show that a restrictive bank loan supply shock has a strong and persistent negative impact on real GDP and the GDP deflator. This result comes about even though flows of other sources of...
Persistent link: https://www.econbiz.de/10011632175
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, eliciting responses from financial intermediaries who adjust the size of their balance sheets. We document evidence that marked-to-market leverage is...
Persistent link: https://www.econbiz.de/10003781549
This article reviews the principal features of structured finance instruments. Key to understanding the risk properties … modelling of the credit risk of the underlying asset pools. It is argued that structured finance ratings, though useful, have … their assessments of structured finance instruments and their markets …
Persistent link: https://www.econbiz.de/10013092064
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, eliciting responses from financial intermediaries who adjust the size of their balance sheets. We document evidence that marked-to-market leverage is...
Persistent link: https://www.econbiz.de/10014217747
This article reviews the principal features of structured finance instruments. Key to understanding the risk properties … modelling of the credit risk of the underlying asset pools. It is argued that structured finance ratings, though useful, have … their assessments of structured finance instruments and their markets …
Persistent link: https://www.econbiz.de/10013095645
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