We analyze financial support for the entrepreneurial sector. State support can raise welfare by relaxing financial constraints, but it can also reduce lending standards if entrepreneurs substitute public sources of collateral for their own assets, if it encourages excessive entrepreneurial...

Most current Eurobond proposals imply substantial cross-subsidisation since some countries partially pay the risk premia for others, thus creating moral hazard and disincentives for fiscal discipline. We suggest, instead, to use standard technologies of financial intermediation like pooling and...

Die Erfahrungen aus der jüngsten Finanzmarktkrise zeigen, dass der gezielten Abschätzung und Steuerung von Kreditrisiken in Banken eine enorme betriebs- und volkswirtschaftliche Bedeutung zukommt. Sowohl in der internen Kreditrisikomessung als auch bei den zugehörigen gesetzlichen Vorgaben...

In verschiedenen Modellwelten wird untersucht, ob und inwieweit Kreditrationierung und Risikovermeidung oder -übernahme durch Kreditgeber bei rationalem Verhalten aller Beteiligten erklärt werden kann. Ausgehend von der Erkenntnis, daß auch in einer durch Informationsasymmetrie geprägten...

A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy, lenders may charge higher interest rates or...

Der Wettbewerb unter Kreditauskunfteien in Deutschland hat sich in den vergangenen Jahren stark intensiviert. Auskunfteien sammeln persönliche Daten über Verbraucher, die von Kreditinstituten, Leasing- und Telekommunikationsunternehmen, aber auch von Handelsfirmen sowie Energieversorgern...

This paper applies regression analysis to investigate the fundamental factors of the variation of CDS index tranches. The sample comprises daily data on the tranche premia of the European iTraxx and North American CDX index from the start of the market in summer 2004 to January 2008. I estimate...

We study the functioning of secured and unsecured inter-bank markets in the presence of credit risk. The model generates empirical predictions that are in line with developments during the 2007-2009 financial crises. Interest rates decouple across secured and unsecured markets following an...

This paper uses survey data for 29,000 households from 29 transition economies to explore how the use of banking services is related to household characteristics, bank ownership structure and the development of the financial infrastructure. At the household level we find that the holding of a...