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Intermediation in US and EU bond and swap markets : stylised facts, trends and impact of the coronavirus (COVID-19) crisis in March 2020

Scheicher, Martin - 2023

business model and market functioning?, and (3) how did the coronavirus (COVID-19) shock in March 2020 affect the OTC bond and … highlighted by the US bond market dislocation in March 2020. …

Persistent link: https://www.econbiz.de/10014460615

Bond convenience curves and funding costs

Nissinen, Juuso; Sihvonen, Markus - 2022

A convenience yield represents a difference between yield on a safe bond and yield on a synthetic safe bond …, constructed by combining a risky bond with a CDS contract. We explain the shapes of eurozone sovereign convenience curves using a … model in which arbitrageurs face higher funding costs on bonds with credit risk and bond demand shocks induce funding risk …

Persistent link: https://www.econbiz.de/10013373329

Joint debt arrangements in EMU: from NextGenEU to Eurobonds

Spurga, Simonas Algirdas; Šreiberytė, Emilė - 2021

Persistent link: https://www.econbiz.de/10012520497

Is crowding out of private sector credit inhibiting Africa's growth?

Attout, Ahmed; Baldini, Alfredo; Schmidt, Vivian F. de O.; … - Europäische Investitionsbank - 2022

During the pandemic, African banks rebalanced their portfolio towards sovereign assets, and crowding out of credit to private sector intensified. Policy support, however, averted a credit crunch. The increase in public debt across Africa due to the COVID-19 crisis intensified crowding out of...

Persistent link: https://www.econbiz.de/10013471116

Domestic bond portfolio adjustments during duration jumps

Achord, Samuel; Risbjerg, Lars; Autrup, Søren Lejsgaard; … - 2021

duration jumps. Thus, the effects on mortgage bond rates of duration jumps have overall been relatively contained, benefitting … explaining the observed spillover of duration jumps to a higher DanishGerman government bond yield spread. …

Persistent link: https://www.econbiz.de/10013343410

Quantifying credit gaps using survey data on discouraged borrowers

Akbas, Ozan E.; Betz, Frank; Gattini, Luca - 2023 - This Version: 20 September 2023

The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a credit allocation rule. Our study covers 35...

Persistent link: https://www.econbiz.de/10014443611

State-business relations and access to external financing

Tkachenko, Andrey - 2022

Firms' contractual relations with a state may give lenders a positive signal and facilitate access to debt. This paper studies the impact of public procurement contracts on ftrms' access to debt using an extensive survey of Russian manufacturing ftrms combined with accounting and procurement...

Persistent link: https://www.econbiz.de/10013417491

How do firms cope with losses from extreme weather events?

Benincasa, Emanuela; Betz, Frank; Gattini, Luca - 2022

We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either replenish damaged capital or to adapt to...

Persistent link: https://www.econbiz.de/10013282473

Bank profitability and central bank digital currency

Bellia, Mario; Calès, Ludovic - 2023

This paper analyzes the potential effect of a European Central Bank Digital Currency (CBDC) on banks' profitability. We use a large sample of EU banks that span the period from 2007 to 2021 to assess the sensitivity of banks' profits to the deposits. Using quantile regression, we estimate the...

Persistent link: https://www.econbiz.de/10014301416

Fear the walking dead? : zombie firms in the euro area and their effect on healthy firms' credit conditions

Havemeister, Lea Katharina; Horn, Kristian - 2023

Zombie firms may adversely impact healthy firms through several transmission channels. Besides real spillover effects on productivity or investment, zombies may also cause negative financial spillover effects, where zombies receive credit at more favourable conditions than healthy firms. We...

Persistent link: https://www.econbiz.de/10014309045