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Theory and evidence on the finance-growth relationship : the virtuous and unvirtuous cycles
Lauretta, Eliana; Chaudhry, Sajid M.; Mullineux, Andrew W. - 2016
Since the 1980s, financial crises have tended to reoccur with increasing frequency and growing intensity. They are endogenously generated by the established OTD (Originate-To-Distribute) model within the new finance-growth paradigm. Good finance fosters the correct allocation of financial...
Persistent link: https://www.econbiz.de/10012010378
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Financial Development, Cycles and Income Inequality in a Model with Good and Bad Projects
Bougheas, Spiros; Commendatore, Pasquale; Gardini, Laura; … - 2022
We introduce a banking sector and heterogeneous agents in the Matsuyama et al. (2016) dynamic over-lapping generations neoclassical model with good and bad projects. The model captures the benefits and costs of an advanced banking system which can facilitate economic development when allocates...
Persistent link: https://www.econbiz.de/10014290045
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Big banks and macroeconomic outcomes : theory and cross-country evidence of granularity ; conference paper
Bremus, Franziska; Buch, Claudia M.; Russ, Katheryn Niles; … - 2013
Does the mere presence of big banks affect macroeconomic outcomes? Gabaix (2011) shows that idosyncratic shocks can … models of banking. Using a model with banks of heterogenous size who charge endogenous markups, we show under which … right tail of the bank size distribution follows a power law. Also, the presence of big banks as measured by high market …
Persistent link: https://www.econbiz.de/10010336792
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Financial intermediaries and the macroeconomy : evidence from a high-frequency identification
Ottonello, Pablo; Song, Wenting - 2022 - Last updated: May 20, 2022
We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth on the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings...
Persistent link: https://www.econbiz.de/10013252981
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Fintech entry, firm financial inclusion, and macroeconomic dynamics in emerging economies
Finkelstein Shapiro, Alan; Mandelman, Federico S.; … - 2022
We build a model with a traditional banking system, endogenous entry of firms and fintech intermediaries, and firm heterogeneity in credit access and usage to study the credit-market, macroeconomic, and business cycle implications of the recent sizable growth in the number of fintech...
Persistent link: https://www.econbiz.de/10012813438
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Fintech entry, firm financial inclusion, and macroeconomic dynamics in emerging economies
Finkelstein Shapiro, Alan; Mandelman, Federico S.; … - 2022
Financial inclusion is strikingly low in emerging economies. In only a few years, financial technologies (fintech) have led to a dramatic expansion in the number of non-traditional credit intermediaries, but the macroeconomic and credit-market implications of this rapid growth of fintech are not...
Persistent link: https://www.econbiz.de/10014516215
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The unfolding turmoil of 2007 - 2008 : lessons and responses
Cohen, Benjamin H.; Remolona, Eli M. - 2008
liquidity spiral that has characterized the current crisis, central banks have tried to strike a balance between the importance …
Persistent link: https://www.econbiz.de/10003855412
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Verdict on the Crash : Causes and Policy Implications
Booth, Philip - 2009
This monograph challenges the myth that the recent banking crisis was caused by insufficient statutory regulation of financial markets. Though it finds that statutory regulation failed, and that market participants took more risks than they should have done, it appears that statutory regulation...
Persistent link: https://www.econbiz.de/10013156184
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What is the Social Trade-off of Securitization? A Tale of Financial Innovation
Choi, Bong-Geun - 2019
borrowed funds and increases operation costs on loan assets. In effect, securitization allows banks to increase the asset size …
Persistent link: https://www.econbiz.de/10012864340
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Income redistribution, consumer credit, and keeping up with the riches
Klein, Mathias; Krause, Christopher - 2014
In this study, the relation between consumer credit and real economic activity during the Great Moderation is studied in a dynamic stochastic general equilibrium model. Our model economy is populated by two different household types. Investors, who hold the economy’s capital stock, own the...
Persistent link: https://www.econbiz.de/10010417174