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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
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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
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Information sharing and lending market competition under strong adverse selection
Fernández Ruiz, Jorge; García Cestona, Miguel Angel - In: SERIEs : Journal of the Spanish Economic Association 4 (2013) 2, pp. 235-245
In a relatively recent paper, Gehrig and Stenbacka (Eur Econ Rev 51, 77–99, 2007) show that information sharing increases banks’ profits to the detriment of creditworthy entrepreneurs in a model of a banking duopoly with switching costs and poaching. They restrict their analysis to the case...
Persistent link: https://www.econbiz.de/10009756898
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Lending Technologies and Lending Relationships
Karapetyan, Artashes - 2019
We examine banks' choice between two costly instruments used to identify good loan applicants: direct screening by acquiring borrower-specific information and collateral requirements. We show that with longer relationships the preference for screening increases both in initial and in later...
Persistent link: https://www.econbiz.de/10012899129
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When Pro-Poor Microcredit Institutions Favor Richer Borrowers - A Moral Hazard Story
Biancini, Sara; Venet, Baptiste; Ettinger, David - 2021
We suggest an explanation for the existence of “mission drift”, the tendency for Microfinance Institutions (MFIs) to lend money to wealthier borrowers rather than to the very poor. We focus on the relationship between MFIs and external funding institutions. We assume that both the MFIs and...
Persistent link: https://www.econbiz.de/10013245624
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Don't stop me now: the impact of credit market fragmentation on firms' financing constraints
Bremus, Franziska; Neugebauer, Katja - 2017
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010 - 2014. We find that the decline...
Persistent link: https://www.econbiz.de/10011619597
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Small Business Credit Demand and Application Costs
Witzen, B. Heath - 2022
This paper studies the effect of increased application costs on small business loan demand. Using data on loan applications, I find that applicants disproportionately choose loan amounts just below thresholds where credit underwriting requires supplementary information from applicants and...
Persistent link: https://www.econbiz.de/10014239221
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Crowdfunding Social Ventures : A Model and Research Agenda
Lehner, Othmar Manfred - 2015
Crowdfunding (CF) in a social entrepreneurship context is praised in narrations for its multifaceted potential - to … ventures as well as on crowdfunding. Based upon the findings, the author subsequently draws up an early scheme of CF in order …
Persistent link: https://www.econbiz.de/10013036747
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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
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Foundations of financial markets and institutions
Fabozzi, Frank J.; Modigliani, Franco; Ferri, Michael G. - 1994
Persistent link: https://www.econbiz.de/10000881308