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Bank Credit Cycles

G. B. Gorton and Ping He.

in The Review of Economic Studies

October 2008; p ublished online October 2008 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Prices, Business Fluctuations, and Cycles; Banking. 16461 words.

A bank determines whether potential borrowers are creditworthy, that is, whether they meet the bank's credit or lending standards. In making this determination, each bank is in competition...

Go to »  abstract

Bank lending and monetary transmission in the euro area

Roberto A. De Santis and Paolo Surico.

in Economic Policy

July 2013; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 12777 words.

To what extent does the availability of credit depend on monetary policy? And, does this relationship vary with bank characteristics? Based on a common source of balance sheet data for the...

The bank lending channel: lessons from the crisis

Leonardo Gambacorta and David Marques-Ibanez.

in Economic Policy

April 2011; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 18327 words.

The 2007–2010 financial crisis highlighted the central role of financial intermediaries’ stability in buttressing a smooth transmission of credit to borrowers. While results from the years...

Bank Liquidity, Interbank Markets, and Monetary Policy

Xavier Freixas, Antoine Martin and David Skeie.

in The Review of Financial Studies

August 2011; p ublished online April 2011 .

Journal Article. Subjects: Banking; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit. 16661 words.

A lesson of the recent financial crisis is that the interbank market is crucial for banks facing uncertainty regarding their liquidity needs. This article studies the efficiency of the...

Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades

Manuel Adelino and Miguel A. Ferreira.

in The Review of Financial Studies

July 2016; p ublished online January 2016 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Banking; Investment Banking; Financial Regulation; National Budget, Deficit, and Debt. 16940 words.

We study the causal effect of bank credit rating downgrades on the supply of bank lending. The identification strategy exploits the asymmetric impact of sovereign downgrades on the ratings...

Bank ratings: what determines their quality?

Harald Hau, Sam Langfield and David Marques-Ibanez.

in Economic Policy

April 2013; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 18466 words.

This paper examines the quality of credit ratings assigned to banks by the three largest rating agencies. We interpret credit ratings as relative assessments of creditworthiness, and define...

Bank Risk-taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards

Angela Maddaloni and José-Luis Peydró.

in The Review of Financial Studies

June 2011; p ublished online June 2011 .

Journal Article. Subjects: Economics; Banking; Financial Regulation; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit. 19069 words.

Using a unique dataset of the Euro-area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards for household and corporate loans....

Banking: A New Monetarist Approach

Chao Gu, Fabrizio Mattesini, Cyril Monnet and Randall Wright.

in The Review of Economic Studies

April 2013; p ublished online January 2013 .

Journal Article. Subjects: Microeconomics; Banking; Money and Interest Rates; Macroeconomics and Monetary Economics. 14097 words.

We develop a model where: (i) banks take deposits and make investments; (ii) their liabilities facilitate third-party transactions. Other models have (i) or (ii), not both, although we...

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Banking crisis management in the EU: an early assessment

Jean Pisani-Ferry and André Sapir.

in Economic Policy

April 2010; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 12744 words.

For well over a decade many observers had warned that the European Union was ill-prepared in case of a financial storm because its market integration far outpaced its policy integration....

Banking Sector Efficiency in Sub-Saharan Africa

François Boutin-Dufresne, Oral Williams and Tomasz A. Zawisza.

in Journal of African Economies

June 2015; p ublished online October 2014 .

Journal Article. Subjects: Banking; Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 10779 words.

This paper examines the determinants of net interest margins (NIMs) in four regional blocks in Sub-Saharan Africa (SSA). Using bank-level data, we find that countries with a high level of...

Banking strategy and credit expansion: a post-Keynesian approach

Antonio J. Alves, Gary A. Dymski and Luiz-Fernando de Paula.

in Cambridge Journal of Economics

May 2008; p ublished online December 2007 .

Journal Article. Subjects: General Aggregative Models; Prices, Business Fluctuations, and Cycles; Banking; Money and Interest Rates. 11944 words.

This paper aims to clarify the relationship between individual banks and banking industry behaviour in credit expansion. The authors argue that the balance sheet structure of an individual...

Go to »  abstract

Beyond Eurosclerosis

Tito Boeri and Pietro Garibaldi.

in Economic Policy

July 2009; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 17067 words.

Europe no longer suffers from Eurosclerosis; unemployment, notably long-term unemployment, had decreased substantially for more than a decade. Mobility across labour market states increased...

Blessing or curse? Foreign and underground demand for euro notes

Kenneth Rogoff.

in Economic Policy

April 1998; p ublished online July 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 0 words.

SUMMARY

Public finance solutions to the European unemployment problem?

Developing countries may hold as much as 25-30% of the $1.3 trillion OECD...

Budgetary risks from real estate and stock markets

Felix Eschenbach and Ludger Schuknecht.

in Economic Policy

July 2004; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 13329 words.

Fiscal revenues and government expenditures are affected by asset price changes in ways that are not accounted for by standard cyclical‐adjustment methods. Revenues are influenced by...

Can budget institutions counteract political indiscipline?

Stefania Fabrizio and Ashoka Mody.

in Economic Policy

October 2006; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 18699 words.

The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics...

Can training and employment subsidies combat European unemployment?

Jochen Kluve and Christoph M. Schmidt.

in Economic Policy

October 2002; p ublished online July 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 16210 words.

Active policy evaluation

Problems, methods and results

European countries with poorly performing labour markets and labour market institutions conducive to high...

Capital access bonds: contingent capital with an option to convert

Patrick Bolton and Frédéric Samama.

in Economic Policy

April 2012; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 18809 words.

This paper argues that there is a Coasean bargain available to banks, long-term investors, and bank regulators around a particular form of “contingent capital”. By purchasing rights to...

Capital deepening and wage differentials: Germany versus US

Winfried Koeniger and Marco Leonardi.

in Economic Policy

January 2007; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 19292 words.

In flexible labour markets, capital increases the productivity of skilled workers more than that of unskilled workers, and in the US faster investment is associated with wider wage...

Capital quality improvement and the sources of economic growth in the euro area

Plutarchos Sakellaris and Focco Vijselaar.

in Economic Policy

April 2005; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 15535 words.

Sources of growth

Europe's growth slowed in the 1990s, reinforcing the overall impression of a need to catch up with the US regarding standards of living. In reaction, EU leaders...

The case for GDP‐indexed bonds

Eduardo Borensztein and Paolo Mauro.

in Economic Policy

April 2004; p ublished online August 2014 .

Journal Article. Subjects: Economic Growth and Aggregate Productivity; Financial Regulation; Health, Education, and Welfare; Labour and Demographic Economics; Macroeconomics and Monetary Economics; Public Economics; Regional Government Analysis. 21886 words.

GDS-indexed bonds

This paper seeks to revive the case for countries to insure against economic growth slowdowns by issuing bonds indexed to the rate of growth of GDP. We show that...