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Liquidity Creation and Financial Stability : The Role of Hidden Trades

Kucinskas, Simas - 2018

This paper studies liquidity insurance by financial intermediaries when agents can make unobservable side trades. Closed-end mutual funds of Jacklin (1987) achieve constrained efficiency when regulated appropriately, equilibrium is unique, and there are no financial panics. In an economy with...

Persistent link: https://www.econbiz.de/10012936997

Commitment and Borrower Heterogeneity : Evidence from Revolving Consumer Credit

Lukas, Moritz - 2019

Based on a unique dataset provided by a retail bank, we analyze borrower heterogeneity in the debt response to interest rate decreases and credit limit increases in revolving consumer credit. Our key findings show that 1) the debt response of borrowers who commit to monthly minimum repayments is...

Persistent link: https://www.econbiz.de/10012871495

Household Debt : Facts, Puzzles, Theories, and Policies

Zinman, Jonathan - 2014

Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...

Persistent link: https://www.econbiz.de/10013047673

Credit Constraints : The Effect of Race/Ethnic Group

Hanna, Sherman D. - 2017

About 20% of U.S. households are credit constrained. This research analyzes credit constraints among those who have applied for credit and controls for the effects of past credit behavior on being credit constrained. It is the first to identify the impact on being credit constrained of being...

Persistent link: https://www.econbiz.de/10012946701

Liquidity Constraint Threat and Household Indebtedness

Agarwal, Sumit; Qian, Wenlan; Zou, Xin - 2023

Using individual-level credit card data from a Singapore financial institution, this paper investigates the effectiveness of a consumer financial regulation aiming to reduce household unsecured debt accumulation. A threat of suspending all existing unsecured credit induces the credit card...

Persistent link: https://www.econbiz.de/10014350728

The intertemporal marginal propensity to consume out of future persistent cash-flows : evidence from transaction data

Druedahl, Jeppe; Jensen, Emil Bjerre; Leth-Petersen, Søren - 2022

To analyze the effectiveness of stabilization policies which includes effects on households future income it is central to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet data from a major Danish bank. We examine the behavior...

Persistent link: https://www.econbiz.de/10013361501

Loss Aversion and Tax Evasion : Theory and Evidence

Dhami, Sanjit; Hajimoladarvish, Narges; Mamidi, Pavan - 2023

We consider income-source-dependent tax evasion and show that this is a generalization of the well-known endowment effect. We show that loss aversion, moral costs, mental accounting, and risk preferences play a key role in explaining key features of source-dependent tax evasion. We provide...

Persistent link: https://www.econbiz.de/10014262742

Investing into microfinance investment funds

Janda, Karel; Svárovská, Barbora - 2009

This paper investigates investment performance of microfinance investment funds. The examined funds have recorded lower … revealed that investment in microfinance investment funds that focus especially on debt instruments represents an attractive … investors with a particular interest in the socially responsible aspect of investment into microfinance. …

Persistent link: https://www.econbiz.de/10010322191

Investing into microfinance investment funds

Janda, Karel; Svárovská, Barbora - 2009

Persistent link: https://www.econbiz.de/10003929610

Suitability of Microfinance as an Investment Option

Janda, Karel - 2012

This paper investigates investment performance of the most commercially developed microfinance investment funds and it … also includes a discussion of major economic characteristics of microfinance investments. When we analyze the relation … between microfinance funds' returns and the performance of stock and fixed income markets in developed and emerging economies …

Persistent link: https://www.econbiz.de/10013098019