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How Does Currency Risk Impact Firms? New Evidence from Bank Loan Contracts

Bergbrant, Mikael C.; Francis, Bill B.; Hunter, Delroy M. - 2022

We use unique features of the private credit market to examine whether currency risk is a priced systematic risk at the firm level and, therefore, whether and how it affects firms’ financing. We find that currency exposure has a large impact on loan spreads. Decomposing loan spreads, we find...

Persistent link: https://www.econbiz.de/10013295621

Bank Funding, Securitization and Loan Terms : Evidence from Foreign Currency Lending

Brown, Martin - 2013

We examine how bank funding structure and securitization activities affect the currency denomination of business loans. We analyze a unique dataset that includes information on the requested and granted loan currency for 99,490 loans granted to 57,464 firms by a Bulgarian bank. Our findings...

Persistent link: https://www.econbiz.de/10013095589

Real estate valuation, current account, and credit growth patterns before and after the 2008 - 2009 crisis

Aizenman, Joshua; Jinjarak, Yothin - 2013

This paper explores the stability of the key conditioning variables accounting for real estate valuation before and after the crisis of 2008 - 2009, in a panel of 36 countries, for the period of 2005:I - 2012:IV, recognizing the incidence of global financial crisis. Our paper validates the...

Persistent link: https://www.econbiz.de/10009771831

Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 2008–2009 Crisis

Aizenman, Joshua - 2013

This paper explores the stability of the key conditioning variables accounting for real estate valuation before and after the crisis of 2008–2009, in a panel of 36 countries, for the period of 2005:I–2012:IV, recognizing the incidence of global financial crisis. Our paper validates the...

Persistent link: https://www.econbiz.de/10013078690

Current Account Deficits in European Emerging Markets

Shelburne, Robert C. - 2013

Many of the emerging market economies in Europe are presently running current account deficits which are quite high … Union (EU) members of the old Europe (Greece, Portugal, and Spain), many of the EU's new member states (largely the former … transition economies which have joined since 2004), most of those non-EU members in south-east Europe, and a number of the CIS …

Persistent link: https://www.econbiz.de/10013079968

Tracking foreign capital : the effect of capital inflows on bank lending in the UK

Kneer, Christiane; Raabe, Alexander - 2019

This paper examines how UK banks channel capital inflows to the individual sectors of the domestic economy and to overseas residents. Information on the source country of foreign capital deposited with UK banks allows us to construct a novel Bartik instrument for capital inflows. Our results...

Persistent link: https://www.econbiz.de/10012025808

Tracking foreign capital : the effect of capital inflows on bank lending in the UK

Kneer, Christiane; Raabe, Alexander - 2019

Persistent link: https://www.econbiz.de/10012030006

The spillover effects of prudential regulation on banking competition

Ferri, Giovanni; Pesic, Valerio - In: Vierteljahrshefte zur Wirtschaftsforschung 89 (2020) 1, pp. 59-99

European supervisors aggressively requested more capital at large banks. That may cut credit to the economy. We confirm that especially larger banks cut loans while less-significant banks partly offset that credit drop. Moreover, we identify nasty spillovers from that interaction. Specifically,...

Persistent link: https://www.econbiz.de/10012507218

On the Roles of Different Foreign Currencies in European Bank Lending

Krogstrup, Signe - 2015

We draw on a new data set on the use of Swiss francs and other currencies by European banks to assess the patterns of foreign currency bank lending. We show that the patterns differ sharply across foreign currencies. The Swiss franc is used predominantly for lending to residents, especially...

Persistent link: https://www.econbiz.de/10013013086

Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the Eu's New Member States

Árvai, Zsófia - 2008

This paper discusses the experience of the EU`s eight new member countries (EU8) between 1995 and 2003 when the bulk of capital account liberalization took place, focusing on interest-rate-sensitive portfolio flows and financial flows. It takes stock of the lessons from capital flow patterns to...

Persistent link: https://www.econbiz.de/10012774253