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Finance and Inequality: Theory and Evidence

Demirgüç-Kunt, Asli; Levine, Ross - In: Annual Review of Financial Economics 1 (2009) 1, pp. 287-318

In this paper, we critically review the literature on finance and inequality, highlighting substantive gaps in the literature. Finance plays a crucial role in the preponderance of theories of persistent inequality. Unsurprisingly, therefore, economic theory provides a rich set of predictions...

Persistent link: https://www.econbiz.de/10008776997

Understanding Internal Capital Markets and Corporate Policies

Cremers, M.; Huang, R.; Sautner, Z. - Tilburg University, Center for Economic Research - 2009

This study looks inside a large retail-banking group to understand how corporate politics affect internal capital allocation. The group consists of a headquarters organization and about 150 member banks which own the headquarters. Our data is from the firm’s managerial accounting system and...

Persistent link: https://www.econbiz.de/10011091968

Private capital, public credit and the decline of American railways in the mid-20th century

Cohen, Jim - Volkswirtschaftliche Fakultät, … - 2009

From the mid-19th Century until the Great Depression, banks, insurance companies and other large institutional investors supplied railways with external capital that supported their rise to near hegemony over transport in the U.S. This regime ended in the 1930’s, when widespread rail...

Persistent link: https://www.econbiz.de/10008565420

The global derivatives trend in 2008

CIOLPAN, Mircea; ADAM, Catalin - In: Finante - provocarile viitorului (Finance - Challenges … 1 (2009) 9, pp. 293-298

The global crisis put under question the economical theories about capital markets. Financial derivatives create problems for the legal context of these markets as well as for the way in which such financial instruments can be controlled by the final user. A derivative product may be an...

Persistent link: https://www.econbiz.de/10008556699

IMF Conditionality and Country Ownership of Programs

Khan, Mohsin S.; Sharma, Sunil - International Monetary Fund (IMF) - 2001

The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership of programs by the borrowing country is crucial for their success. Hence, since both IMF...

Persistent link: https://www.econbiz.de/10005826575

Keeping Some Skin in the Game: How to Start a Capital Market in Longevity Risk Transfers

Blake, David; Biffs, Enrico - Volkswirtschaftliche Fakultät, … - 2012

The recent activity in pension buyouts and bespoke longevity swaps suggests that a significant process of aggregation of longevity exposures is under way, led by major investment banks and buyout firms with the support of leading reinsurers. As regulatory capital charges and limited reinsurance...

Persistent link: https://www.econbiz.de/10011113650

The 2008 federal intervention to stabilize Fannie Mae and Freddie Mac

Frame, W. Scott - 2009

Fannie Mae and Freddie Mac are government-sponsored enterprises that play a central role in U.S. residential mortgage markets. In recent years, policymakers became increasingly concerned about the size and risk-taking incentives of these two institutions. In September 2008, the federal...

Persistent link: https://www.econbiz.de/10010292336

The marketability of bank assets and managerial rents: implications for financial stability

Fecht, Falko; Wagner, Wolf - 2007

Ongoing financial innovation and greater information availability increase the tradability of bank assets and reduce banks' dependence on individual bank managers as private information in the lending process declines. In this paper we argue that this has two effects on banks, with opposing...

Persistent link: https://www.econbiz.de/10010295931

Endogenous credit derivatives and bank behavior

Pausch, Thilo - 2007

Instruments for credit risk transfer arise endogenously from and interact with optimizing behavior of their users. This is particularly true with credit derivatives which are usually OTC contracts between banks as buyers and sellers of credit risk. Recent literature, however, does not account...

Persistent link: https://www.econbiz.de/10010295935

Determinants of European banks' engagement in loan securitization

Hänsel, Dennis N.; Bannier, Christina E. - 2008

-specific and macroeconomic factors influencing an institution's securitization decision. CLO issuance seems to be an appropriate …. Controlling for fixed effects, we find that fixed costs of securitization are surmountable also for smaller institutions …. Interestingly, commercial banks seem to use loan securitization to access capital-market based businesses and the associated fee …

Persistent link: https://www.econbiz.de/10010295947