Showing 171 - 180 of 184
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well documented that, at least before the 2008 crisis, many banks were keeping a high proportion of the securities that they created on their own balance-sheets. Those securities retained...
Persistent link: https://www.econbiz.de/10010676212
Various measures of efficiency are calculated using the non-parametric data envelopment approach (DEA), for a sample of 255 European Union banks over the period 2005 to 2010. The results clearly indicate a fall in efficiency across the sample during the period analysed. The findings also suggest...
Persistent link: https://www.econbiz.de/10010676213
The relationship between the production process and short-term credit is well established in the literature. Here we argue that the stage of fabrication of inventories can affect the incentives to offer and take up trade credit, an important source of short-term credit for businesses. Using a...
Persistent link: https://www.econbiz.de/10010678170
We propose firm-specific (idiosyncratic) uncertainty as a key cross-country determinant of the total credit allocated to the private sector. We show that in the presence of informational asymmetry in the credit market, theory suggests that higher uncertainty lowers the ratio of private credit to...
Persistent link: https://www.econbiz.de/10010678171
This paper investigates bond market development in Asia by exploring the determinants of firms’ decisions to issue public debt in a range of Asian economies. Using a novel database covering the period 1995 to 2007, we use comparable micro level panel of nine countries - China, Hong Kong,...
Persistent link: https://www.econbiz.de/10010678172
Corporate bond issuers in emerging economies in Asia have often had a choice between an onshore market and an offshore one. Since 1998, however, many of these issuers have increasingly turned to the onshore market. This paper investigates systematically what factors have influenced this choice...
Persistent link: https://www.econbiz.de/10010678173
We introduce endogenous participation in an economy with labor and financial market frictions. Agents can choose to be workers or entrepreneurs or not to participate in any market. We examine how the transition rates between these three options are affected by productivity shocks (business cycle...
Persistent link: https://www.econbiz.de/10010678174
There are some surprising parallels between the 1997-8 Asian crisis and the recent financial crisis that provide lessons for policymakers. This paper provides a theoretical model of an open economy credit channel including currency mismatch and financial fragility where exporting firms have...
Persistent link: https://www.econbiz.de/10010678175
This paper examines the impact of a compositional change in public expenditure on long-run growth. To do this, we construct a new dataset based on the IMF's government finance statistics (GFS) yearbook covering the period 1970-2010 for 56 countries (14 low-, 16 medium-, and 26 high-income...
Persistent link: https://www.econbiz.de/10010705979
Using daily, stock level data for the early development of the equity market of Trinidad and Tobago over the period 2001 to 2008, this paper investigates the influence of the degree of institutional ownership of stock on lead-lag, stock return relationships. Using a VAR modelling approach to...
Persistent link: https://www.econbiz.de/10010705980