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Subprime borrowers, securitization and the transmission of business cycles

Grodecka-Messi, Anna - 2013

One of the roots of the recent global financial crisis has been seen in the design of subprime mortgage contract leading to high sensitivity of such type of loans to house price changes. The market of subprime loans, especially in the last years preceding the crisis, has been highly financed by...

Persistent link: https://www.econbiz.de/10010191651

Subprime borrowers, securitization and the transmission of business cycles

Grodecka-Messi, Anna - 2016

A growing literature (i.e. Jaffee, Lynch, Richardson, and Van Nieuwerburgh, 2009, Acharya and Schnabl, 2009) argues that securitization improves financial stability if the securitized assets are held by capital market participants, rather than financial intermediaries. I construct a quantitative...

Persistent link: https://www.econbiz.de/10011436633

International business cycle and financial intermediation

Csabafi, Tamás; Gillman, Max; Naraidoo, Ruthira - 2018

banks of loans and government bonds. Taking in household deposits from home and abroad, the loans are produced by the bank … in a Cobb-Douglas production approach such that a bank productivity shock can explain financial data moments. The paper … following the 2008 bank crisis, and how the Euro-area and China reacted. The paper contributes evidence of how the Euro-area has …

Persistent link: https://www.econbiz.de/10012012506

Business cycle with bank intermediation in oil economies

Tabarraei, Hamid Reza; Ghiaie, Hamed; Shahmoradi, Asghar - 2018

The structural model in this paper proposes a micro-founded framework that incorporates an active banking sector with an oil-producing sector. The primary goal of adding a banking sector is to examine the role of an interbank market on shocks, introduce a national development fund and study its...

Persistent link: https://www.econbiz.de/10011932399

Financial Intermediation, Investment Dynamics and Business Cycle Fluctuations

Ajello, Andrea - 2015

I use micro data to quantify key features of U.S. firm financing. In particular, I establish that a substantial 35% of firms' investment is funded using financial markets. I then construct a dynamic equilibrium model that matches these features and fit the model to business cycle data using...

Persistent link: https://www.econbiz.de/10013038047

Chapter 11. Financial Intermediation and Credit Policy in Business Cycle Analysis

Gertler, Mark; Kiyotaki, Nobuhiro - In: Handbook of monetary economics : volume 3, (pp. 547-599). 2010

bank and the Treasury of the type we have seen recently, might work to mitigate the crisis. We make use of earlier …

Persistent link: https://www.econbiz.de/10014025669

Shadow Banking, Relationship Banking, and the Economics of Depression

Bianco, Antonio - 2018

The paper explores whether a theory of banks doing ‘finance through money creation' implies a reconsideration of demand …-side macro theory as well. To this aim, a simple methodological accounting model of the influence of financial markets over the …

Persistent link: https://www.econbiz.de/10012930485

Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations

Kundu, Shohini; Vats, Nishant - 2021

negative shocks towards other unaffected economies. Our GIV estimates suggest that a 1% increase in bank loan supply is …

Persistent link: https://www.econbiz.de/10012694566

Interest Rates and Selection Along the Business Cycle

Dosis, Anastasios - 2020

This paper studies the effect of interest rates on market selection. Consistent with the evidence, I demonstrate that busts exhibit adverse selection, whereas booms ac- companied by ultra-low rates exhibit advantageous selection. Interestingly, booms accompanied by intermediate interest rates...

Persistent link: https://www.econbiz.de/10012837380

Business cycle synchronization : a regional perspective

Beck, Krzysztof - 2014

Turmoil in euro area once more forces EU authorities to rethink future of further monetary integration. One of the most commonly used criterions for successful monetary in contemporary research is business cycle synchronization (BCS). Though BCS has been vastly described at country level, not as...

Persistent link: https://www.econbiz.de/10012011034