6,688 results on '"CREDIT MARKETS"'
Search Results
2. Trust and Lending: An Experimental Study.
- Author
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Hyndman, Kyle, Wu, Jiabin, and Xiao, Steven Chong
- Subjects
TRUST ,LOANS ,BEHAVIORAL economics ,FACILITATED communication ,BOND market - Abstract
This paper investigates the importance and the determinants of trust in a lending situation using a controlled experiment. We find that communication can facilitate collaboration between lenders and borrowers through three channels of trust: (1) an information channel, (2) a preference channel, and (3) a reciprocity channel. Our results highlight the role of trust in mitigating the moral hazard problem in lending. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
3. Getting left behind? The localised consequences of exclusion from the credit market for UK SMEs.
- Author
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Cowling, Marc, Brown, Ross, Liu, Weixi, and Rocha, Augusto
- Subjects
SMALL business ,REGIONAL economic disparities ,INDUSTRIAL surveys ,SALES statistics ,JOB creation - Abstract
Recent research has identified a key subset of the business population that comprises firms who had sought external finance but subsequently withdrew from the credit market completely despite still requiring finance. Utilising the UK's Longitudinal Small Business Survey between 2015 and 2020, we identify the consequences in terms of lost jobs and sales of these small- and medium-sized enterprises (SMEs) dropping out of the credit market for finance. We conduct our analysis at the regional and sub-regional level and found that around 230,000 SMEs have dropped out of the UK credit market and that in many localities this has reduced job creation and sales income growth. We conclude that this exclusionary borrowing behaviour will add further to existing regional and sub-regional economic inequalities in the UK, making the 'levelling up' agenda a very elusive policy objective. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
4. Estimating the impact of the financial cycle on fiscal policy.
- Author
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Soederhuizen, Beau, Teulings, Rutger, and Luginbuhl, Rob
- Subjects
FISCAL policy ,PUBLIC investments ,HIGH-income countries ,BUSINESS cycles ,PUBLIC spending - Abstract
We investigate the impact of the financial cycle on fiscal policy by estimating fiscal multipliers for different types of government spending that are contingent on two states determined by the financial cycle. To obtain our estimates, we extend the threshold VAR method from a single country to a panel of high-income countries. Our results indicate that the multiplier for government investment is affected by the state of the financial cycle: while the initial impact is positive for both states, in an upturn it turns negative, while in a downturn it remains positive. In the case of government consumption, the multiplier does not seem to significantly depend on the financial cycle. However, jointly conditioning on the financial and business cycles produces multipliers of government consumption which vary over the states of both cycles. This contrasts with the results for government investment which are left essentially unchanged by the joint conditioning on the four states defined by both cycles. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
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5. Selection Into Credit Markets: Evidence From Agriculture in Mali.
- Author
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Beaman, Lori, Karlan, Dean, Thuysbaert, Bram, and Udry, Christopher
- Subjects
BOND market ,EMERGING markets ,LOANS ,AGRICULTURE ,AGRICULTURAL credit - Abstract
We use a two‐stage experiment on agricultural lending in Mali to test whether selection into lending is predictive of heterogeneous returns to capital. Understanding this heterogeneity, and the selection process which reveals it, is critical for guiding modeling of credit markets in developing countries, as well as for policy. We find such heterogeneity: returns to capital are higher for farmers who borrow than for those who do not. In our first stage, we offer loans in some villages and not others. In the second stage, we provide cash grants to a random subset of all farmers in villages where no loans were offered, and to a random subset of the farmers who do not borrow in villages where loans were offered. We estimate seasonal returns to the grant of 130% for would‐be borrowers, whereas we find returns near zero for the sample representative of non‐borrowers. We also provide evidence that there are some farmers—particularly those that are poor at baseline—that have high returns but do not receive a loan. [ABSTRACT FROM AUTHOR]
- Published
- 2023
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- View/download PDF
6. Technology diffusion within families: experimental evidence from Nicaragua.
- Author
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Ceballos-Sierra, Federico, Arends-Kuenning, Mary Paula, and Hewey, Anina
- Subjects
AGRICULTURAL technology ,TECHNOLOGY transfer ,INFORMATION dissemination ,BOND market ,INNOVATION adoption ,VOCATIONAL high schools ,COMMUNITIES ,AGRICULTURAL forecasts - Abstract
Different forms of social learning have been explored to act as complements to conventional extension services. This paper examines the possibility of using vocational training to high school students who in turn transfer information to their parents. We conduct a randomized control trial in nine communities in rural Nicaragua and evaluate changes in the knowledge of agricultural technologies, access to credit markets, and technology adoption for parents and students using a difference-in-difference approach. Our results show improvements in knowledge-based outcomes for students and parents, and increased access to credit markets and adoption of agricultural technologies by parents. Given the increase in schooling across developing countries, our results suggest that programs designed around within-family information diffusion can complement more conventional forms of agricultural extension. Little explored channels of information exchange can act as complements or substitutes of conventional extension models, where those are weak or non-existent. This paper is one of the first to explore and evaluate the teacher-student-parent of information exchange as an alternative for agricultural technology diffusion. [ABSTRACT FROM AUTHOR]
- Published
- 2023
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- View/download PDF
7. Accounting for employee flows.
- Author
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Christoffersen, Jeppe, Plenborg, Thomas, and Seitz, Morten Nicklas Bigler
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PANEL analysis ,FINANCIAL performance ,EARNINGS forecasting ,PRICES ,ORGANIZATIONAL performance ,BOND market - Abstract
This paper examines employee flows and the association with firm earnings and interest rates. We use administrative employer–employee matched panel data from Denmark spanning 17 years and hence exploit actual data on employee arrivals (labor inflows) and departures (labor outflows). Three main findings emerge. First, we condition by firms' economic conditions. Departures predict earnings increases for prior‐year loss firms, while they predict earnings decreases for prior‐year profit firms, suggesting that this conditioning can help explain the mixed results in the literature. Arrivals predict earnings increases, though only for prior‐year profit firms. These effects are stronger for high‐paid employees than for low‐paid ones. Second, the effects of departures are generally larger than the effects of arrivals, consistent with departures disrupting operations. Third, we find that lenders price employee flow information but only for departures of high‐paid employees, despite the predictive ability of the flow of other employees for future earnings. Overall our results suggest that employee flows predict firm financial performance but are only partially priced by lenders. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
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8. Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers.
- Author
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Choudhary, M. Ali and Jain, Anil K.
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ECONOMIC development ,RURAL credit ,BOND market ,INFORMATION asymmetry ,EXPERIMENTAL design - Abstract
Credit access is limited in rural areas, especially in developing economies. Using a novel two-stage experimental design in Pakistan, first, we document that bank lending only serves a small fraction of rural credit demand. Second, we test the importance of information and enforcement technology frictions for limiting bank lending by randomly varying loan contractual terms across farmers and find that enforcement technology is the primary friction. Third, using an endline survey, we document that farmers tend to correctly identify the financial consequences of non-repayment. Fourth, our results suggest one possible solution to overcome this financial friction--a motivated and interlinked intermediary and the use of relational contracts. [ABSTRACT FROM AUTHOR]
- Published
- 2022
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9. Data versus Collateral.
- Author
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Gambacorta, Leonardo, Huang, Yiping, Li, Zhenhua, Qiu, Han, and Chen, Shu
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HIGH technology industries ,HOME prices ,BANK loans ,CREDIT ratings ,BUSINESS conditions - Abstract
Using a unique dataset of more than 2 million Chinese firms that received credit from both an important big tech firm (Ant Group) and traditional commercial banks, this paper investigates how different forms of credit correlate with local economic activity, house prices, and firm characteristics. We find that big tech credit does not correlate with local business conditions and house prices when controlling for demand factors, but reacts strongly to changes in firm characteristics, such as transaction volumes and network scores used to calculate firm credit ratings. By contrast, both secured and unsecured bank credit react significantly to local house prices, which incorporate useful information on the environment in which clients operate and on their creditworthiness. This evidence implies that the wider use of big tech credit could reduce the importance of the collateral channel but, at the same time, make lending more reactive to changes in firms' business activity. [ABSTRACT FROM AUTHOR]
- Published
- 2023
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10. ¿UNA MEDIDA IRRELEVANTE? LA REDUCCIÓN DE LA TASA DE CENSOS EN LA CORONA DE ARAGÓN (1750): DEBATES PREVIOS E IMPACTO EN LAS ECONOMÍAS ECLESIÁSTICAS.
- Author
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Sanjuán, Íñigo Ena
- Abstract
Copyright of Hispania: Revista Española de Historia is the property of Consejo Superior de Investigaciones Cientificas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2023
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11. Peer effect and funding success: Analyzing friendship networks in online credit markets.
- Author
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Gao, Hongming, Zhu, Hui, and Ma, Haiying
- Abstract
• This study examines the peer effect in microloan transactions using data from a leading Chinese Peer-to-Peer lending platform. • The finding is supported by both econometric models and explainable machine learning: the likelihood of a borrower's funding success is higher when a greater proportion of their online friends succeed. • Both borrowers' network centrality and digital footprints strengthen this peer effect, suggesting two mechanisms: social learning and informational complementarity. • The peer effect is stronger among borrowers with larger networks, more loan experience, better repayment, and older age. • The research provides new insights into how friendship networks can mitigate information asymmetry in financial markets and guide investment decisions. The challenge of limited information in online credit markets is well-recognized. This study examines the peer effect in microloan transactions using data from a leading Chinese lending platform. Results show that the likelihood of a borrower's funding success is higher when a higher proportion of online friends succeed. Both borrowers' network centrality and digital footprints strengthen this effect, suggesting two mechanisms: social learning and informational complementarity. The peer effect is stronger among borrowers with larger networks, more loan experience, better repayment, and older age. The research provides new insights to mitigate information asymmetry in financial markets and guide investment decisions. [ABSTRACT FROM AUTHOR]
- Published
- 2024
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12. Welfare generosity, credit access and household debt: clarifying relationships through a new welfare-debt typology.
- Author
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Annarelli, Kathleen M.
- Subjects
- *
FIXED effects model , *CONSUMER credit , *WELFARE state , *FINANCIALIZATION - Abstract
This paper contributes to the political economy literature exploring the intersection of the welfare state and financialisation by addressing two important questions that have emerged from recent findings. First, why have both low generosity and high generosity environments been linked to higher levels of household debt? Second, how might this be explained by the variation in the role of debt across these very different contexts? To answer these questions, I develop a typology of Welfare State – Credit Contexts, which emerges from the interaction of two dimensions: welfare generosity and credit access. I test the implications of this model using welfare generosity and household liabilities data for a sample of OECD countries, spanning from the late 1990s to 2010. Using fixed effects models, I find that welfare generosity is negatively related to non-mortgage debt, with evidence that this relationship is conditional on credit access. In contrast, I find mortgage debt is consistently linked to levels of credit accessibility but fail to establish its relationship to welfare generosity. These results demonstrate the need for greater specificity when discussing the relationship between welfare generosity and household debt and for greater attention to the causes and consequences of different types of household debt. [ABSTRACT FROM AUTHOR]
- Published
- 2022
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13. Analyzing the effects of climate risk on discouraged borrowers: Deciphering the contradictory forces.
- Author
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Anastasiou D, Ballis A, Kallandranis C, and Lakhal F
- Abstract
We examine the impact of climate risk on discouraged borrowers among small and medium-sized enterprises (SMEs) in the eurozone, using a unique European Central Bank dataset focusing on the demand side of credit markets. We argue that two opposing channels may exist in this relationship: Either climate risk has a negative effect stemming from increased demand for sustainable or climate-resilient projects that enhance creditworthiness, or climate risk has a positive effect arising from heightened climate uncertainty and risk aversion, leading to credit self-rationing among SMEs. Our findings reveal that heightened climate risk prompts SMEs to self-ration credit, leading to higher probabilities of discouraged borrowers. Our research deepens the understanding of the impact of climate risk on credit-related decisions, stressing the need for proactive measures to integrate climate risk assessments into regulatory frameworks and lending practices. The findings underscore the vulnerability of SMEs to climate risk, emphasizing emphasizing the importance of tailored support mechanisms for economic resilience., (© 2024 The Author(s). Risk Analysis published by Wiley Periodicals LLC on behalf of Society for Risk Analysis.)
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- 2024
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14. Problems of Competition Between Commercial Banks and Technology Companies in the Market of Innovative Products and Services
- Author
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Pashkovskaya, I. V., Kovaleva, N. A., Kacprzyk, Janusz, Series Editor, Gomide, Fernando, Advisory Editor, Kaynak, Okyay, Advisory Editor, Liu, Derong, Advisory Editor, Pedrycz, Witold, Advisory Editor, Polycarpou, Marios M., Advisory Editor, Rudas, Imre J., Advisory Editor, Wang, Jun, Advisory Editor, Popkova, Elena G., editor, and Sergi, Bruno S., editor
- Published
- 2020
- Full Text
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15. Complex dynamics in the market for loans.
- Author
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Mukherji, Nivedita
- Subjects
INTEREST rates ,FINANCIAL institutions ,NONLINEAR equations ,RISK aversion ,BOND market - Abstract
This paper demonstrates that endogenous fluctuations are possible in the market for loans. In the context of a three-period overlapping generations economy, the deposit rates offered to lenders are found to exhibit complex dynamics when financial intermediaries mediate borrowing and lending. Constant relative risk aversion of savers is found to generate a first-order nonlinear equation in the deposit rates. Concavity and convexity assumptions of production and savings functions are found to generate a type of dynamic relationship between the loan rates that is well known in the literature for generating complex dynamics. While the main analysis is conducted with general functions, an example is provided to support the theory presented. [ABSTRACT FROM AUTHOR]
- Published
- 2022
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16. How Credit Markets Substitute for Welfare States and Influence Social Policy Preferences: Evidence from US States.
- Author
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Wiedemann, Andreas
- Subjects
- *
BOND market , *WELFARE state , *SOCIAL policy , *SOCIAL influence , *PUBLIC debts - Abstract
What is the relationship between debt and the welfare state? Recent arguments suggest that credit markets fill gaps left by limited social benefits but often rest on thin empirical grounds. This article makes two contributions to this debate by using micro-level panel data and leveraging variation in welfare state generosity across US states and over time. First, it shows that households that experience unemployment borrow significantly more in states where unemployment benefits are low compared to states where benefits are high. A 10-percentage-point decrease in unemployment replacement rates increases debt levels by about 30 per cent, or $5,300. Secondly, the article documents that rising indebtedness in the context of weak social policies has political consequences and increases support for a stronger safety net. One explanation is that voters seek social protection against downstream debt-induced economic risks. These findings suggest that welfare states can play a critical role in mitigating growing indebtedness. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
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17. Corporate stress and bank nonperforming loans: Evidence from Pakistan.
- Author
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Choudhary, M. Ali and Jain, Anil K.
- Subjects
CORPORATE finance ,BANK loans ,CORPORATE debt ,FINANCIAL leverage ,BANKING industry - Abstract
Using detailed administrative Pakistani credit registry data, we show that banks with low leverage ratios are both significantly slower and less likely to recognize a loan as nonperforming than other banks that lend to the same firm. Moreover, we find suggestive evidence that this lack of recognition impedes loan curing, with banks with low leverage ratios reporting significantly higher final default rates than other banks for the same borrower (even after controlling for differences in loan terms). Our empirical findings are consistent with the theoretical prediction that classifying a nonperforming loan is more expensive for banks with less capital. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
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18. The Intangible Gender Gap: An Asset Channel of Inequality.
- Author
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Avenancio-León, Carlos F. and Shenz, Leslie Sheng
- Subjects
GENDER inequality ,BOND market ,ASSETS (Accounting) ,FINANCE ,LOANS - Abstract
We propose an "asset channel of inequality" that contributes to gender inequities. We establish that industries with low (high) gender pay gaps have high (low) shares of tangible assets. Because asset tangibility determines firms' ability to collateralize assets and borrow, credit conditions affect industries differently. We show that credit expansions further reduce the pay gap in lowpaygap industries while leaving it unaffected in high-pay-gap industries, making low-pay-gap industries more appealing for women. Consequently, gender sorting across industries increases, which then cements gender roles and accentuates workplace gender bias. Ultimately, credit expansions help women "swim upstream" but also reinforce glass ceilings. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
19. Credit Nation: Property Laws and Institutions in Early America
- Author
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Priest, Claire, author and Priest, Claire
- Published
- 2021
- Full Text
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20. CREDIT MARKET CONDITIONS AND AGRICULTURAL PERFORMANCE IN SUB-SAHARAN AFRICA
- Author
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Shuaibu, Mohammed and Nchake, Mamello
- Subjects
Credit markets ,Agricultural industry ,Poverty ,Information management ,Households ,Panel analysis ,Fertilizers ,Workers ,Financial markets ,Business ,Economics ,Business, international ,Regional focus/area studies - Abstract
Agriculture is important for Sub-Saharan African development being a major source of poverty reduction, job and wealth creation. However, limited access to credit due to weak financial systems has over the years remained a major constraint for the sector. Extant studies show mixed and inconclusive results, suggesting that the effect of credit market on agriculture is influenced by other intervening variables. Accordingly, this paper examines the extent to which credit market conditions affect agricultural productivity. The study adopts a model that draws inspiration from a standard agriculture household framework that integrates both consumption and production decisions of farm households. In terms of methodology, the paper departs from existing literature because it gives due consideration to technological heterogeneity across countries. The model is estimated using pooled ordinary least square and fixed effect panel data estimator that accounts for omitted variable bias. The study uses yearly panel data for the period 1990-2015 for West Africa (13), Southern Africa (11), Central Africa (6) and East Africa (5); resulting in 35 Sub-Saharan African countries. The findings reveal that credit market conditions in terms of low lending rates and credit to the private sector are important for agricultural development within the sub-regions considered and this result is consistent after controlling for other important agricultural inputs. The empirical analysis further shows that limited credit access particularly in the East and Central African sub-regions compared to West and Southern Africa inhibits productivity. More so, availability of critical factor inputs such as agriculture equipment, fertilizer, infrastructure and precipitation exert a positive and significant impact on agriculture output. The results unexpectedly reveal that the effect of labor on agriculture output is negative and this outcome is traced to the low productivity of agriculture workers. The results are robust using an alternative estimator (fixed effect) and measure of the dependent variable (cereal yield). The results have important policy implications. First, lowering lending rate is a viable option for improving credit to the sector in addition to enhancing agriculture sector programs. Second, intensification of efforts particularly towards rural infrastructure development and indeed the provision of agriculture support systems that promote all-year farming may be considered. JEL Classifications: G21, G28, Q14 Keywords: Credit Market, Agriculture Productivity, Panel data analysis, Sub-Saharan Africa, INTRODUCTION Agriculture, an important sector in Sub-Saharan Africa (SSA), accounts for 65% employment and 75% domestic trade (Moyo et al., 2015); thus, driving growth and accounting for over 30% of [...]
- Published
- 2020
21. THE GCC FINANCIAL CRISIS: STORY REVEALED (1977-1986)
- Author
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Al-Abduljader, Sulaiman T.
- Subjects
Financial markets ,Ethics ,Emerging markets ,Financial crises ,Public expenditures ,Economic growth ,Legislators ,Public finance ,Email ,Political ethics ,Liquidity (Finance) ,Credit markets ,Business ,Economics ,Business, international ,Regional focus/area studies - Abstract
After more than thirty-five years of the Gulf States' Al Manakh Crisis, the first tangible financial crisis on record for the region, this study revisits in time and investigates the causes and consequences. At a time when the Gulf States were emerging as growing economies from rising petro-dollar revenues, financial markets and institutions collapsed in 1982 due to unregulated credit markets and leveraged speculation in Gulf-based companies resulting in a USD 94 billion of outstanding debt in Kuwait, four times the country's GDP then. The study conducts an empirical investigation of the macroeconomic causes of the financial crisis by estimating a non-linear probit regression using data covering the period 1970-1996 and a qualitative analysis of regulatory evolution in financial markets during the same period and its impact on market development and investor sentiment. The results show that government expenditure is positive and statistically significant. Associating the probability of the crisis with the government expenditure reveals deficiencies in regulatory enforcement, absence of prudent policies and asymmetric long-term behaviours from various stakeholders that remain to date. Moreover, this study is able to draw a few key findings and suggestions necessary to the causes and lessons of the past financial crises. The results supports previous literature that liquidity, or lack of, can significantly impact financial stability. Furthermore, the lack of decisive regulatory action during the three year hype (1979-1982) caused further speculation in which the government had the chance to captivate before spurring out of control. The final set of findings rising from Al Manakh crisis is the unjustified behaviour of investors towards taking extreme measures for rapid accumulation of wealth. This calls for a comprehensive enforcement of code of ethics and conflicts of interest with regards to officials and legislators. The limitations of neoclassical finance on the prevailing moral hazard caused by the past crises and investor sentiment of government dependence on bailout calls for the theoretical frameworks and applications of behavioural finance to better comprehend the intuition of decision makers, regulators and investors. JEL Classifications: E13, E65, N15, N25 Keywords: Financial Crisis, Emerging Markets, Compliance, Financial History Contact author's email address: Al-abduljader.s@gust.edu.kw, INTRODUCTION This paper attempts to shed light on a major financial crisis in 1982 that nearly witnessed the break of Kuwait's banking system after all banks but one recorded significant [...]
- Published
- 2020
22. Intergenerational Transmission
- Author
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Lochner, Lance and Macmillan Publishers Ltd
- Published
- 2018
- Full Text
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23. Peasants
- Author
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Otsuka, Keijiro and Macmillan Publishers Ltd
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- 2018
- Full Text
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24. Effect of Mandatory IFRS Adoption on Accounting-Based Prediction Models for CDS Spreads.
- Author
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Kraft, Pepa, Landsman, Wayne R., and Shan, Zilu
- Subjects
PREDICTION models ,CREDIT default swaps ,INTERNATIONAL Financial Reporting Standards - Abstract
In this study, we examine the effects of mandatory IFRS adoption on accounting-based prediction models of CDS spreads for a sample of 292 firms in 16 countries. In our examination, we estimate the models for both financial and nonfinancial firms before and after mandatory IFRS adoption. We find that mean and median absolute percentage prediction errors are larger for both financial and non-financial firms after mandatory IFRS adoption. We also estimate accounting-based prediction models of CDS spreads separately for financial and non-financial US firms as a benchmark. Although US firms also show an increase in the mean and median absolute percentages of prediction errors over the same period, our findings from regressions that use a difference-in-difference design indicate that the increase is significantly greater for firms in countries that adopted IFRS mandatorily. We also find that in the post-adoption period, prediction errors are larger for firms in countries with weaker institutions such as low levels of property rights and more restrictive access to credit. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
25. The channels of consumption risk-sharing in Korea.
- Author
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Hwang, Sangyeon
- Subjects
BOND market ,MARKETING channels - Abstract
This study investigates intranational risk-sharing behaviour in Korea's 16 province-level regions over the period 2001–2017. Korea's degree of intranational risk-sharing is at an almost perfect level. However, the extent of risk-sharing declines in the period following the subprime crisis. We also find that risk-sharing through the factor markets works well for metropolitan cities while the degree of risk-sharing is much higher for provinces through the fiscal channel and the credit markets. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
26. Good Co(o)p or Bad Co(o)p? Redistribution Concerns and Competition in Credit Markets with Imperfect Information.
- Author
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D'Amato, Marcello, Di Pietro, Christian, Pietroluongo, Mariafortuna, and Sorge, Marco M.
- Subjects
BOND market ,CAPITALISM ,CREDIT control ,COOPERATIVE banking industry ,NONPROFIT organizations - Abstract
Non-profit organizations (NPOs), such as financial cooperatives, have a longstanding tradition in advanced market economies. We develop a model of 'mixed credit markets' where pure for-profit institutions (e.g. commercial banks) can coexist with financial NPOs which feature a concern for inter-member surplus redistribution (e.g. credit cooperatives) and enjoy privileged borrower-specific information vis-à-vis their for-profit peers, while facing higher funding costs. We formally investigate market competition between the two alternative financial organizations both offering contracts whose terms entail cross subsidization. We argue that heterogeneity in organizational models can explain stable coexistence under competitive conditions, and also help us interpret the variety of market outcomes — in terms of e.g. overall coverage and market shares — as documented in modern financial systems. Importantly, the viability of redistribution-oriented NPOs is shown not to rest on under-investment issues or concerns about market power, for they can successfully operate in markets where credit rationing never arises. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
27. Credit markets, strict financial regulation, and the financialization of listed firms.
- Author
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Jiang, Yiyun, Wang, Xiufeng, and Sam, Toong Hai
- Abstract
• We examine the relationship between credit markets and financialization of real firms. • We find that financial strong regulation plays a mediating role in the mechanism of action. • Financial strong regulation strengthens this positive effect. Real entities in China have increasingly shown characteristics of financialization due to the economic crisis and overcapacity. However, there are few scholars to explore the intricacies of the credit market and its influence on corporate financialization, leading to ambiguity in the current comprehension. This paper conducts an empirical analysis to examine the influence of credit markets on corporate financialization based on A-share listed firms spanning 2008 to 2021, providing practical suggestions for businesses. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
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28. Implications of Priority Access in Markets with Experts: Evidence from Online Marketplace Lending.
- Author
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Mahalingam, Anparasan, Alyakoob, Mohammed, and Rahman, Mohammad
- Subjects
PEER-to-peer lending ,INSTITUTIONAL investors ,MARKET design & structure (Economics) ,BUSINESS planning ,DIGITAL technology ,INFORMATION technology ,DECISION making in business - Abstract
Platform governance mechanisms such as market access control help to align all market players towards a specific value proposition. Our study focuses on understanding an important market access control mechanism: platform owners granting priority access to a subset of supply-side complementors to grow the marketplace and remove potential demand-side bottlenecks. We study the interplay between priority access and the variation in expertise of the complementors. Leveraging a randomized priority access given to expert institutional investors in online peer-topeer lending industry, we show that it creates negative spillover effect on the performance of crowd retail investors. We provide evidence in support of two mechanisms in driving the impact of priority access, the intensity of priority access and cream-skimming by institutional complementors, on the retail crowd market. [ABSTRACT FROM AUTHOR]
- Published
- 2020
29. How Does Firms' Innovation Disclosure Affect Their Banking Relationships?
- Author
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Saidi, Farzad and Žaldokas, Alminas
- Subjects
INNOVATIONS in business ,PATENT applications ,BOND market ,CAPITAL market ,CAPITAL costs - Abstract
Firms face a trade-off between patenting, thereby disclosing innovation, and secrecy. We show that this trade-off interacts with firms' financing choices. As a shock to innovation disclosure, we study the American Inventor's Protection Act that made firms' patent applications public 18 months after filing, rather than when granted. We find that such increased innovation disclosure helps firms switch lenders, resulting in lower cost of debt, and facilitates their access to syndicated-loan and public capital markets. Our evidence lends support to the idea that public-information provision through patents and private information in financial relationships are substitutes, and that innovation disclosure makes credit markets more contestable. This paper was accepted by Gustavo Manso, finance. [ABSTRACT FROM AUTHOR]
- Published
- 2021
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30. Remittances and rural credit markets: Evidence from Senegal.
- Author
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Mbaye, Linguère Mously
- Subjects
BOND market ,REMITTANCES ,LOANS ,FOOD consumption ,RURAL geography - Abstract
This study investigates the relationship between remittances and credit markets in Senegal, focusing on rural areas where financial constraints are more challenging. Using a household fixed effects model, the findings show that remittances and credit markets are complements; namely, the receipt of remittances is positively associated with the likelihood of having a loan in a household. This means that migrants can increase the reliability of their family members and close relatives back home through their remittances, insuring them vis‐à‐vis lenders for their credit contracts. They are the collateral or the "element of trust" in the credit contract between the borrower and the lender, representing a potential alternative in case of non‐repayment. This result is robust to alternative models and various robustness tests mitigating the potential endogeneity of remittances. A detailed analysis also shows that the relationship between remittances and credit markets is mainly driven by loans taken for consumption and food, in particular, as well as loans provided by informal institutions. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
31. The Adoption of Internationally Recognized Accounting Standards: Implications for the Credit Markets.
- Author
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Wu, Joanna Shuang and Zhang, Ivy Xiying
- Subjects
ACCOUNTING standards ,CREDIT ratings ,INTERNATIONAL Financial Reporting Standards ,DEBTOR & creditor ,EQUITY (Law) ,GROSS national product - Abstract
We examine whether the adoption of internationally recognized accounting standards is associated with a greater sensitivity of credit ratings to accounting information. We find that credit ratings are significantly more sensitive to the accounting default factor post voluntary International Financial Reporting Standards (IFRS)/U.S. Generally Accepted Accounting Principle (GAAP) adoption. Similar evidence is also found post mandatory IFRS adoption in countries with strong rules of law. Collectively, the above evidence suggests that firms’ incentives to comply are important in determining the consequences of accounting standard changes. [ABSTRACT FROM PUBLISHER]
- Published
- 2014
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32. Local religious beliefs and municipal bond market outcomes
- Author
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Abakah, Alex Annan
- Subjects
Political parties ,Bond issues ,Local government ,Municipal bonds ,Fiscal policy ,Credit markets ,Risk assessment ,Company securities ,Banking, finance and accounting industries ,Business - Abstract
This study investigates whether religion-induced risk aversion affects municipal bond market outcomes from 1990 to 2017. The results indicate that local government bonds issued from U.S. counties with a high Catholic-to-Protestant population ratio have lower credit risk ratings and lower yield spreads, and are less likely to have credit enhancement. The results stand up to additional tests. I control for issuer's county political party affiliation and state term limits, and continue to find significant effects. The effects are not driven by the issuer's county fiscal policies. Furthermore, the effects persist when I use an alternate specification that controls for omitted factors that are time invariant. Overall, my evidence suggests that a bond issuer's religion-induced risk aversion plays a significant role in the pricing of local government bonds., 1 | INTRODUCTION State and local government bonds provide funding for critical infrastructure that affects daily lives. These municipal bonds finance airports, roads and highways, bridges, schools, water and sewer [...]
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- 2020
- Full Text
- View/download PDF
33. Price discovery and persistent arbitrage violations in credit markets
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Lin, Hai, Man, Kasing, Wang, Junbo, and Wu, Chunchi
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Credit markets ,Swaps (Finance) ,Corporate bonds ,Bonds (Securities) ,Financial markets ,Banking, finance and accounting industries ,Business - Abstract
Abstract This paper investigates price violations in credit markets using a data sample spanning from 2002 to 2016. We find that price violations are highly persistent during the crisis period, [...]
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- 2020
- Full Text
- View/download PDF
34. The investment behavior of buyout funds: Theory and evidence
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Ljungqvist, Alexander, Richardson, Matthew, and Wolfenzon, Daniel
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Financial markets ,Private equity ,Leveraged buyouts ,Private equity funds ,Mutual fund managers ,Investment companies ,Credit markets ,Company business management ,Company acquisition/merger ,Banking, finance and accounting industries ,Business - Abstract
Abstract We analyze the determinants of buyout funds' investment decisions. We argue that when there is imperfect competition for private equity funds, the timing of funds' investment decisions, their risk-taking [...]
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- 2020
- Full Text
- View/download PDF
35. Approach Adjusted EBITDA With CAUTION
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Strischek, Dev
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United States. Securities and Exchange Commission ,Financial statements ,Financial analysis ,Accounting departments ,Finance ,Credit markets ,Banking, finance and accounting industries ,Business - Abstract
As the economic expansion has rolled on, a common note of warning from regulators has been expansion of the leveraged loan market and its declining credit standards. Included among the [...]
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- 2020
36. Debt Wars: Who's Winning the Intense Lending Competition?
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Fleming, Sibley
- Subjects
Mortgage backed securities ,Credit markets ,Loans ,Debt financing ,Real estate ,Commercial buildings ,Financial markets ,Architecture and design industries ,Real estate industry - Abstract
With a growing number of new private lenders entering the debt space, the wall of capital for commercial real estate is getting taller and wider. According to JLL's global debt [...]
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- 2020
37. Rising Tides and Rearranging Deckchairs: How Climate Change Is Reshaping Infrastructure Finance and Threatening to Sink Municipal Budgets
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Chung, Christine Sgarlata
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Financial risk -- Environmental aspects -- Management -- Political aspects -- Research -- Economic aspects ,Environmental degradation -- Economic aspects -- Political aspects -- Research -- Environmental aspects ,Local finance -- Environmental aspects -- Management -- Research -- Economic aspects -- Political aspects ,Infrastructure (Economics) -- Environmental aspects -- Finance -- Political aspects -- Research -- Economic aspects ,Securities prices -- Environmental aspects -- Political aspects -- Research -- Economic aspects ,Credit ratings ,Global temperature changes ,Municipal bonds ,Climate change ,Storms ,Finance ,Government securities ,Bonds (Securities) ,Financial markets ,Local government ,Pricing ,Credit markets ,Company business management ,Company financing ,Environmental issues ,Law - Abstract
ABSTRACT The United States relies upon state and local governments to build, operate, maintain, and pay for most non-defense-related public infrastructure. State and local governments, in turn, rely upon the [...]
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- 2020
38. Firms and Labor Markets : Essays in Development Economics
- Abstract
Matching with the Right Attitude: the Effect of Matching Firms with Refugee Workers We study the effect of contact in the workplace on firms' willingness to hire refugees and ultimately on refugees' labor market integration. We run an experiment in Uganda, where treated firms provide an internship of one week to a skilled refugee worker. We find that treated firms hire three times as many refugees than firms in the control group on the long run. Exposure to a refugee led firm managers to update their beliefs about refugees' skills in general. We find that positive matches, i.e., firms with a positive attitude toward refugees who were matched with a refugee with positive attitudes toward locals, resulted in a substantial increase in firms’ willingness to hire a refugee worker, while negative matches decrease firms’ willingness to hire. Our findings show that short-term exposure interventions can result in longer-term increases in employment for disadvantaged groups, but the size of this effect depends on the initial match quality. Can work contact improve social cohesion between refugees and locals? Evidence from an experiment in Uganda Does contact, through direct and indirect exposure in the workplace, promote social cohesion between refugees and natives? We answer to this question through an experiment with refugee and local workers in Uganda. We measure social cohesion through a compound measure incorporating attitudes, implicit and explicit biases and behaviors in real and hypothetical activities. We find that while implicit bias increases, explicit bias decreases for both groups, and behaviours towards the out-group are positive for both groups but differ slightly: natives want to have more refugee business partners and invest more in future businesses, while refugees want to work more for Ugandan firms and invest less in businesses of their own. Do Information Frictions Kill Competition? A Field Experiment On Public Procurement in Uganda We study whether infor
- Published
- 2023
39. Firms and Labor Markets : Essays in Development Economics
- Abstract
Matching with the Right Attitude: the Effect of Matching Firms with Refugee Workers We study the effect of contact in the workplace on firms' willingness to hire refugees and ultimately on refugees' labor market integration. We run an experiment in Uganda, where treated firms provide an internship of one week to a skilled refugee worker. We find that treated firms hire three times as many refugees than firms in the control group on the long run. Exposure to a refugee led firm managers to update their beliefs about refugees' skills in general. We find that positive matches, i.e., firms with a positive attitude toward refugees who were matched with a refugee with positive attitudes toward locals, resulted in a substantial increase in firms’ willingness to hire a refugee worker, while negative matches decrease firms’ willingness to hire. Our findings show that short-term exposure interventions can result in longer-term increases in employment for disadvantaged groups, but the size of this effect depends on the initial match quality. Can work contact improve social cohesion between refugees and locals? Evidence from an experiment in Uganda Does contact, through direct and indirect exposure in the workplace, promote social cohesion between refugees and natives? We answer to this question through an experiment with refugee and local workers in Uganda. We measure social cohesion through a compound measure incorporating attitudes, implicit and explicit biases and behaviors in real and hypothetical activities. We find that while implicit bias increases, explicit bias decreases for both groups, and behaviours towards the out-group are positive for both groups but differ slightly: natives want to have more refugee business partners and invest more in future businesses, while refugees want to work more for Ugandan firms and invest less in businesses of their own. Do Information Frictions Kill Competition? A Field Experiment On Public Procurement in Uganda We study whether infor
- Published
- 2023
40. Firms and Labor Markets : Essays in Development Economics
- Abstract
Matching with the Right Attitude: the Effect of Matching Firms with Refugee Workers We study the effect of contact in the workplace on firms' willingness to hire refugees and ultimately on refugees' labor market integration. We run an experiment in Uganda, where treated firms provide an internship of one week to a skilled refugee worker. We find that treated firms hire three times as many refugees than firms in the control group on the long run. Exposure to a refugee led firm managers to update their beliefs about refugees' skills in general. We find that positive matches, i.e., firms with a positive attitude toward refugees who were matched with a refugee with positive attitudes toward locals, resulted in a substantial increase in firms’ willingness to hire a refugee worker, while negative matches decrease firms’ willingness to hire. Our findings show that short-term exposure interventions can result in longer-term increases in employment for disadvantaged groups, but the size of this effect depends on the initial match quality. Can work contact improve social cohesion between refugees and locals? Evidence from an experiment in Uganda Does contact, through direct and indirect exposure in the workplace, promote social cohesion between refugees and natives? We answer to this question through an experiment with refugee and local workers in Uganda. We measure social cohesion through a compound measure incorporating attitudes, implicit and explicit biases and behaviors in real and hypothetical activities. We find that while implicit bias increases, explicit bias decreases for both groups, and behaviours towards the out-group are positive for both groups but differ slightly: natives want to have more refugee business partners and invest more in future businesses, while refugees want to work more for Ugandan firms and invest less in businesses of their own. Do Information Frictions Kill Competition? A Field Experiment On Public Procurement in Uganda We study whether infor
- Published
- 2023
41. Firms and Labor Markets : Essays in Development Economics
- Abstract
Matching with the Right Attitude: the Effect of Matching Firms with Refugee Workers We study the effect of contact in the workplace on firms' willingness to hire refugees and ultimately on refugees' labor market integration. We run an experiment in Uganda, where treated firms provide an internship of one week to a skilled refugee worker. We find that treated firms hire three times as many refugees than firms in the control group on the long run. Exposure to a refugee led firm managers to update their beliefs about refugees' skills in general. We find that positive matches, i.e., firms with a positive attitude toward refugees who were matched with a refugee with positive attitudes toward locals, resulted in a substantial increase in firms’ willingness to hire a refugee worker, while negative matches decrease firms’ willingness to hire. Our findings show that short-term exposure interventions can result in longer-term increases in employment for disadvantaged groups, but the size of this effect depends on the initial match quality. Can work contact improve social cohesion between refugees and locals? Evidence from an experiment in Uganda Does contact, through direct and indirect exposure in the workplace, promote social cohesion between refugees and natives? We answer to this question through an experiment with refugee and local workers in Uganda. We measure social cohesion through a compound measure incorporating attitudes, implicit and explicit biases and behaviors in real and hypothetical activities. We find that while implicit bias increases, explicit bias decreases for both groups, and behaviours towards the out-group are positive for both groups but differ slightly: natives want to have more refugee business partners and invest more in future businesses, while refugees want to work more for Ugandan firms and invest less in businesses of their own. Do Information Frictions Kill Competition? A Field Experiment On Public Procurement in Uganda We study whether infor
- Published
- 2023
42. Asset holdings, information aggregation in secondary markets and credit cycles
- Abstract
Summary of Banco de España Working Paper no. 2214
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- 2023
43. Bad Times, Good Credit.
- Author
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BECKER, BO, BOS, MARIEKE, and ROSZBACH, KASPER
- Subjects
CREDIT ,COMMERCIAL loans ,CREDIT analysis ,BUSINESS cycles ,CREDIT ratings ,CORPORATE finance - Abstract
Banks' limited knowledge about borrowers' creditworthiness constitutes an important friction in credit markets. Is this friction deeper in recessions, thereby contributing to cyclical swings in credit, or is the friction reduced, as bad times reveal information about firm quality? We test these alternative hypotheses using internal ratings data from a large Swedish cross‐border bank and credit scores from a credit bureau. The ability to classify corporate borrowers by credit quality is greater during bad times and worse during good times. Soft and hard information measures both display countercyclical patterns. Our results suggest that information frictions in corporate credit markets are intrinsically countercyclical and not due to cyclical variation in monitoring effort. The presence of countercyclical information frictions provides a rationale for countercyclical provisions or capital in banks to smooth credit cycles. [ABSTRACT FROM AUTHOR]
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- 2020
- Full Text
- View/download PDF
44. För att bygga, brygga och begrava: Kreditmarknaden i 1600-talets Stockholm och Riksens ständers banks utlåningsverksamhet.
- Author
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PIHL, CHRISTOPHER
- Abstract
Copyright of Historisk Tidskrift is the property of Svenska Historiska Foereningen and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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- 2020
45. Unconventional monetary policy and credit market activity.
- Author
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Medina Guirado, Juan Carlos
- Abstract
Copyright of Estudios Regionales en Economía, Población y Desarrollo is the property of Estudios Regionales en Economia, Poblacion y Desarrollo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2020
- Full Text
- View/download PDF
46. Economic Justice: Confronting Dilemmas.
- Author
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Hahnel, Robin
- Subjects
DISTRIBUTIVE justice ,ECONOMIC models ,LABOR market ,BOND market ,DILEMMA - Abstract
This article uses a simple economic model to study important issues in debates about distributive justice. What role do non-labor productive assets play? What role does private ownership play? What role does scarcity play? What role do credit and labor markets play? The model is used to address these questions, and in the process explain why even if those who acquire scarce productive assets do so fairly, and in a manner that deserves compensation, there is reason to believe (1) that when people own productive assets privately outcomes will become unfair, and (2) credit and labor markets will aggravate inequities. The article concludes that distributive justice requires compensation commensurate with the economic sacrifices people make and acknowledges important challenges that must be overcome to achieve this. [ABSTRACT FROM AUTHOR]
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- 2020
- Full Text
- View/download PDF
47. Spillovers across European sovereign credit markets and role of surprise and uncertainty.
- Author
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Bekiros, Stelios, Hussain Shahzad, Syed Jawad, Jammazi, Rania, and Aloui, Chaker
- Subjects
BOND market ,UNCERTAINTY ,SURPRISE - Abstract
We identify the network structure of spillovers and time-varying spillover intensities across European sovereign credit markets proposing a novel Copula-Granger causality based structural vector auto-regressive (SVAR) approach. Via the proposed framework, we examine the topological and time-varying spillover and contagion between 13 European credit markets, which is found to be consistent with crisis events. The heterogeneity in directional impacts could be useful in revealing contagion effects across the credit markets. We also find that newly proposed surprise and uncertainty indexes, among other macro-economic variables, significantly explain the spillover dynamics. [ABSTRACT FROM AUTHOR]
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- 2020
- Full Text
- View/download PDF
48. Credit allocation in heterogeneous banking systems.
- Author
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D'Amato, Marcello, Di Pietro, Christian, and Sorge, Marco M.
- Subjects
CREDIT control ,BOND market ,TARGET marketing ,FINANCIAL institutions ,INTEREST rates - Abstract
World banking systems are almost invariably populated by relatively diverse financial institutions. This paper studies the operation of credit markets where heterogeneous banks compete for investment projects of varying quality in the presence of informational asymmetries. We emphasize on two dimensions of heterogeneity – access to project-specific information vis-à-vis funding costs – which naturally reflect lenders' comparative disadvantages in the competitive landscape. Two main findings stand out. First, competition across heterogeneous banks can produce multiple equilibria. Thus, economies with similar fundamentals may well display a variety of interest rates and/or market shares for the operating institutions. Second, market failures (overlending) always prove mitigated in heterogeneous banking systems, relative to a world with equally uninformed lenders. This discipline effect however comes with a chance for market fragility, whereby modest changes in the business environment or other fundamentals can trigger large shifts in the price of credit, leading to either highly selective markets or rather ones which overfund ventures of the lowest quality. Extensions of the basic model and some policy implications are also discussed. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
49. Regulation of short-term consumer credits.
- Author
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Takalo, Tuomas
- Subjects
CONSUMER credit ,BOND market ,BEHAVIORAL economics ,INTEREST rates ,GOVERNMENT regulation - Abstract
The regulation of short-term consumer credit markets is heatedly debated around the world. This article uses economic research as a basis for a qualitative assessment of the regulation of the short-term consumer credit market and discusses the experience of the recent regulations implemented in Finland. According to research, the interest rate ceiling is an inefficient way of regulating the short-term consumer credit market. In contrast, the regulations should be based on price transparency and results from behavioral economics. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
50. Essays on Credit Markets in Rural India
- Author
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Surendra, Vaishnavi
- Subjects
Economics ,Agriculture economics ,Credit Markets ,Development Economics ,Gender ,Labor - Abstract
An understanding of household finance in rural communities is vital to poverty reduction strategies in the developing world. Informal moneylenders continue to occupy a large part of the financial landscape in many developing countries, and policy interventions often focus on reducing the need for informal debt. In this dissertation, I focus on rural India, and study the interaction between the formal and informal financial sectors, how credit and savings policies impact local rural labor markets, and how labor market policies impact local credit markets.In the first chapter, I study the relationship between formal and informal credit markets. These two sectors might either compete with each other, or be embedded in a vertical relationship with informal lenders on-lending formal loans, or both. I test this by analyzing whether credit market responses to demand shocks vary across environments with high and low supplies of formal credit. Exploiting rainfall shocks as exogenous changes to household incomes, I find that increases in incomes raise household borrowing from informal sources primarily due to higher borrowing for purchases of durable goods. This increase in borrowing is accompanied by an increase in informal loan interest rates, pointing to a demand response. I then exploit plausibly exogenous variation in formal credit supply, and find that the demand responses previously observed are absent when there are contractions in formal credit, suggesting complementarities between formal and informal credit. I validate this through a qualitative survey of informal moneylenders, who indicate using loans from banks as lending capital. These results suggest that informal moneylenders play an intermediating role between borrowers and formal financial institutions, contributing to their persistence in the credit landscape.In the second chapter, I turn to credit market policy interventions. Federal and state governments in India have relied on women’s self-help groups (SHGs) to provide access to low-cost credit and savings with the dual intent of financial inclusion and women’s empowerment. I focus on one such SHG initiative in the state of Bihar, Jeevika, and exploit the randomized roll-out of the program to evaluate its impact on women’s labor supply. I find that the program had mixed effects across caste categories. Women from more privileged households increased their labor supply, while both women and men from disadvantaged households decreased their labor supply. The decline in labor supply among disadvantaged households is driven by reduced participation in agricultural wage labor, and is associated with an increase in agricultural labor wage rates. These results suggest that better access to finance reduces the need to sell labor as a coping mechanism for women from more vulnerable households; while allowing women from privileged households to increase their participation in more ‘suitable’ occupations.In the third chapter, I explore the credit market impacts of changes in labor markets. In the rural Indian context, both informal loans and participating in casual wage labor allow households to cope with unanticipated income shocks. In 2006, the Government of India introduced the National Rural Employment Guarantee Scheme (NREGS), which guaranteed each rural household 100 days of paid manual wage labor each year — increasing opportunities for these households. I develop a theoretical model of household borrowing, and derive testable predictions of how such an improvement in labor market opportunities might impact a household’s demand for credit, and the interest rates at which informal loans are contracted. I then exploit the staggered nature of the roll-out of this program to test these predictions. I find that access to NREGS allowed households to increase consumption expenditures, but had no significant effects on their informal borrowing. Unsurprisingly, the program also did not impact interest rates or the number of lenders in the informal market. These results, however, reflect short-term effects, and it is likely that over the longer-term, credit market relationships will evolve with the quality of NREGS.
- Published
- 2020
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