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Was Easy Access to Credit an Obstacle to the Competitiveness of Spanish Smes?

Garcia-Tabuenca, Antonio; Crecente-Romero, Fernando; … - 2014

conditions of bank credit changed due to the lasting decline in interest rates, economic growth and low inflation. Moreover, it …

Persistent link: https://www.econbiz.de/10011400154

Credit Ratings and Cross-Border Bond Market Spillovers

Zabel, Michael; Böninghausen, Benjamin - 2013

This paper studies spillovers across sovereign debt markets in the wake of sovereign rating changes. To this end, we use an extensive dataset covering all announcements by the three major agencies (Standard & Poor's, Moody's, Fitch) and daily sovereign bond market movements of up to 74 developed...

Persistent link: https://www.econbiz.de/10010329261

Interactions of Monetary and Macroprudential Policies in a Model of the Korean Economy

Afanasyeva, Elena; Karasulu, Meral - 2013

We use a microfounded dynamic stochastic general equilibrium (DSGE) model with banks to study interactions between monetary and macroprudential policies in a small open economy. The model is calibrated/estimated for Korea. Cooperation of monetary and macroprudential policies is optimal under a...

Persistent link: https://www.econbiz.de/10010329407

Bayesian Persuasion By Stress Test Disclosure

Gick, Wolfgang; Pausch, Thilo - 2013

This paper argues that stress tests encompassing the entire banking sector (macro stress tests) can be designed to improve welfare. We develop a multi-receiver framework of Bayesian persuasion to show that a banking supervisor can create value when he commits to disclose the stress-testing...

Persistent link: https://www.econbiz.de/10010329432

Bank Capital Regulation and Endogenous Shadow Banking Crises

Poeschl, Johannes; Zhang, Xue - 2019

We study the macroeconomic effects of bank capital requirements in an economy with two banking sectors. Banks are …-fulfilling wholesale funding rollover crises. Retail bank capital requirements can reduce the frequency and severity of banking crises …. Tightening retail bank capital requirements increases the size and leverage of the shadow banking sector through a novel channel …

Persistent link: https://www.econbiz.de/10012099082

Polynomics telecommunication regulation index 2012

Zenhaeuserna, Patrick; Schneiderb, Yves - 2012

In order to study the effect of sector-specific regulation on industry behavior and market outcome, regulatory density must be measured. The Polynomics Telecommunication Regulation Index 2012 aims to provide such a measure for telecommunications. It is based on coded answers to almost 30...

Persistent link: https://www.econbiz.de/10010309729

Macroprudential Policy in the New Keynesian World

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2017

We integrate banks and the coexistence of bank and bond financing into an otherwise standard New Keynesian Framework … with capital, and derive the microfounded, bank-augmented IS and Phillips Curves for the corresponding two-sector economy …

Persistent link: https://www.econbiz.de/10011712698

Costless Capital Requirements

Flore, Raphael - 2017

Arguments for costs of capital requirements in the long run are based on trade-off theories of capital structure. This paper provides a critical assessment of these theories by studying how the optimal capital structure can be modified, when a firm uses the financial markets to alter its cash...

Persistent link: https://www.econbiz.de/10011712739

Macroeconomic Impact of Basel III: Evidence from a Meta-Analysis

Fidrmuc, Jarko; Lind, Ronja - 2017

We present a meta-analysis of the impact of higher capital requirements imposed by regulatory reforms on the macroeconomic activity (Basel III). The empirical evidence derived from a unique dataset of 48 primary studies indicates that there is a negative, albeit moderate GDP level effect in...

Persistent link: https://www.econbiz.de/10011796182

An Analysis of the Competitive Situation on the EU Rating Market in Context of Regulatory Requirements

Meeh-Bunse, Gunther; Schomaker, Stefan - 2020

The market for external ratings is dominated worldwide as well as in the European Union (EU) by three major credit rating agencies (CRAs). These "Big Three" are Standard & Poor's (S&P), Moody's and Fitch Ratings. Due to the oligopolistic market structure and possible involvement in the 2008...

Persistent link: https://www.econbiz.de/10012288761