We analyze the main forces affecting financial system pro-cyclicality (the fact that developments in the financial sector can amplify business cycle fluctuations). We first review some major structural developments in financial markets that may influence pro-cyclicality and that have been...

A number of studies have addressed issues on Energy Efficiency (EE) pertaining to improving productivity, employment generation, and increased energy security. Investing EE reduces demand for electricity generation, reduces fiscal deficit and energy deficits. In this context, very few studies...

How does securitization affect the risk of the loans that are originated for securitization? While the standard view is that the originate-to-distribute (OTD) model weakens the originator's screening incentives and leads to higher risk, theories on reputation suggest that an originator's concern...

This paper describes the model of credit growth in the sector of commercial banks in Poland making use of panel data from Senior Loan Officers Opinion Survey (SLOS). The main aim of the model is short-term forecasting of the loan growth at the disaggregated (for particular banks) and aggregated...

We study the effects of interest rate ceilings on the market for automobile loans. We find that loan contracting and the organization of the loan market adjust to facilitate loans to risky borrowers. When usury restrictions bind, automobile dealers nance a greater share of their customers'...

We analyse the pass-through of monetary policy measures to lending rates to firms and households in the euro area using a unique bank-level dataset. Bank balance sheet characteristics such as the capital ratio and the exposure to sovereign debt are responsible for the heterogeneity of...

I study the impact of the expansion in a national-level directed lending program aimed at increasing institutional credit access of small firms in India. In 2006, the Government of India changed the criterion determining the small status of firms, thereby expanding the pool of small firms...

In this paper we examine the incentives for lenders to steer borrowers into piggyback loan structures to circumvent regulations requiring primary mortgage insurance (PMI) for loans with loan to value ratios (LTV) above 80%. Our empirical analysis focuses on propensity score matched portfolios of...

We describe a general equilibrium model with a banking system in which the deposit bank collects deposits from households and the merchant bank provides funds to firms. The merchant bank borrows collateralized short-term funds from the deposit bank. In an economic downturn, as the value of...

In the literature there are a lot of factors considered as banking non-performing loans (NPL) determinants. However, one factor is missing: banking CEO talent. In the present paper an effort will be made to estimate the impact of banking CEO talent on banking NPLs. To this end Eviews software...