Este documento demuestra que las políticas de un banco central local pueden atenuar los efectos del ciclo financiero global [Global Financial Cycle (GFC)]. Para su identificación, analizamos la variación del GFC y las intervenciones del Banco Central de Brasil en los mercados derivados de...

El artículo analiza cómo un cambio en la política monetaria del BCE afecta a los créditos concedidos por los bancos españoles con actividad internacional, dependiendo de si la moneda del préstamo es la del país de contraparte, utilizando datos bancarios individuales. Analizamos la...

This paper discusses the relationship between premia for macroeconomic risk in banking, aggregate behavior, and banking crises. We consider a competitive banking system embedded in an overlapping generation model subject to repeated macroeconomic shocks. We highlight how risk premia decline when...

This paper studies the question to what extent premia for macroeconomic risks in banking are sufficient to avoid banking crises. We investigate a competitive banking system embedded in an overlapping generation model subject to repeated macroeconomic shocks. We show that even if banks fully...

We explore the impact of sophistication in risk management as required by Basel II on banking stability and market conditions. We compare a competitive banking system in which only average ratings are available with a competitive system in which banks are able to assess the default risk of...

We investigate the question of whether sophistication in risk management fosters banking stability. We compare a simple banking system in which an average rating is used with a sophisticated banking system in which banks are able to assess the default risk of entrepreneurs individually. Both...

Este trabajo analiza la relación entre el volumen de titulización de activos de crédito y los precios de bonos y acciones. Se muestra que aumentos en la tasa de crecimiento de titulización generan una disminución considerable en primas en el mercado de bonos y de renta variable. En un...

Over the last two decades, bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model where banks can originate loans, earn their fee, and then sell them off to investors who desire such exposures. We show that the borrowers whose loans are sold...

There is as yet a study of money supply effect on the aggregate bank stock prices using modern money supply theories. Endogenous money theory suggests loans made by banks cause deposits, and, consequently, bank creates money supply. Resulting changes in bank’s loans and deposits affects bank...

Since the early 1990s, credit expanded relative to income, especially after 2001. It is hypothesized that traditionally uneven credit access and gaps in the costs of credit by demographic characteristics shrank during this period. Relying on data from the Federal Reserve’s Survey of Consumer...