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Haircuts; Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005
Zettelmeyer, Jeromin; Sturzenegger, Federico - International Monetary Fund (IMF) - 2005
This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values...
Persistent link: https://www.econbiz.de/10005825806
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Economic Growth and Integration in Central America
Schipke, Alfred; Desruelle, Dominique - International Monetary Fund (IMF) - 2007
How to entrench hard-won gains, increase resilience to shocks, and improve growth performance to reduce poverty? As Central America moves forward in regaining macroeconomic stability, these are the challenges. This study analyzes Central America’s real, fiscal, monetary, and financial...
Persistent link: https://www.econbiz.de/10005590924
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Finance and Growth at the Firm Level: Evidence from SBA Loans
Brown, J. David; Earle, John S. - 2015
We analyze linked databases on all Small Business Administration (SBA) loans, on all SBA lenders, and on all U … lenders. The estimation results imply an increase of 3-4 jobs for each million dollars of loans, suggesting that credit …-county versus non-SBA county-industry control firms. Finally, for loans issued over the 1992-2007 period, we estimate total job …
Persistent link: https://www.econbiz.de/10011307476
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Big push versus absorptive capacity: How to reconcile the two approaches
Guillaumont, Patrick; Guillaumont Jeanneney, Sylviane - 2007
properly managed, perform better than either loans or grants taken in isolation. The core of the intuition, which we develop in …
Persistent link: https://www.econbiz.de/10010323519
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Credit Rationing Effects of Credit Value-at-Risk
Slijkerman, Jan Frederik; Smant, David J.C.; de Vries, … - 2004
Banks provide risky loans to firms which have superior information regarding the quality of their projects. Due to … of low quality, i.e. high risk, loans and therefore reduces the risk of the bank loan portfolio. However, CVaR regulation …
Persistent link: https://www.econbiz.de/10010325499
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Government guarantees and bank risk taking incentives
Fischer, Markus; Hainz, Christa; Rocholl, Jörg; … - 2014
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but...
Persistent link: https://www.econbiz.de/10010352115
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Government Guarantees and Bank Risk Taking Incentives
Fischer, Markus; Hainz, Christa; Rocholl, Jörg; … - 2014
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but...
Persistent link: https://www.econbiz.de/10010352433
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Aggregate loans to the euro area private sector
Calza, Alessandro; Manrique, Marta; Sousa, João - 2003
This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample … covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic … variables is found. Besides real GDP and prices, this set includes a new measure of the cost of loans obtained as a weighted …
Persistent link: https://www.econbiz.de/10011604248
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On some fiscal effects on mortgage debt growth in the EU
Wolswijk, Guido - 2005
This paper analyses some fiscal aspects of mortgage debt in the EU. It first describes the main fiscal instruments that governments use to affect mortgage-financed home-ownership. In the empirical part, real mortgage debt growth is analysed for 15 EU countries using pooled regressions. Fiscal...
Persistent link: https://www.econbiz.de/10011604572
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Lending conditions in EU: The role of credit demand and supply
Kapounek, Svatopluk; Kučerová, Zuzana; Fidrmuc, Jarko - 2017
loan supply. The empirical evidence shows that loan-rate spread and through this the supply of loans is negatively affected …
Persistent link: https://www.econbiz.de/10011641099