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Using all loans granted to firms recorded in the Italian credit register, we estimate correlations between risk-transfer and default probabilities to gauge the severity of informational asymmetries in the loan securitization market. First, the analysis confirms the presence of information...
Persistent link: https://www.econbiz.de/10012487672
Credit availability from different sources varies greatly across firms and has firm-level effects on investment decisions and aggregate effects on output. We develop a theoretical framework in which firms decide endogenously at the extensive and intensive margins of different funding sources to...
Persistent link: https://www.econbiz.de/10012796283
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010-2014. We find that the decline...
Persistent link: https://www.econbiz.de/10012960869
Using credit register data for loans to Italian firms we test for the presence of asymmetric information in the securitization market by looking at the correlation between the securitization (risk-transfer) and the default (accident) probability. We can disentangle the adverse selection from the...
Persistent link: https://www.econbiz.de/10012960922
Exploiting a policy-induced variation in asset liquidation value, we evaluate how changes in lenders’ ability to liquidate collateral affect non-mortgage credit provision in the context of personal loan application. The housing policy increases the probability of loans being granted by 6.5%....
Persistent link: https://www.econbiz.de/10013403669
The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a credit allocation rule. Our study covers 35...
Persistent link: https://www.econbiz.de/10014443611
We investigate whether the shape of relations between banks and firms has had a detectable effect in mitigating the credit contraction that followed Lehman's default in September 2008. Using micro data on a large sample of Italian firms, we analyze the relation between firms' debt concentration...
Persistent link: https://www.econbiz.de/10012940493
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