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Displaying results 1 to 25 of 65.

  1. Housing and Social Transition in Japan
    Contributor: Hirayama, Yosuke (Publisher); Ronald, Richard (Publisher)
    Published: 2007
    Publisher:  Taylor & Francis

    Bringing together a number of perspectives on the Japanese housing system, Housing and Social Transition in Japan provides a comprehensive, challenging and theoretically developed account of the dynamic role of the housing system during a period of... more

     

    Bringing together a number of perspectives on the Japanese housing system, Housing and Social Transition in Japan provides a comprehensive, challenging and theoretically developed account of the dynamic role of the housing system during a period of unprecedented social and economic change in one of the most enigmatic social, political, and economic systems of the modern world. While Japan demonstrates many of the characteristics of some western housing and social systems, including mass homeownership and consumption-based lifestyles, extensive economic growth and rapid urban modernization has been achieved in balance with traditional social values and the maintenance of the family system. Helpfully divided into three sections, Housing and Social Transition in Japan: explores the dynamics of the development of the housing system in post-war Japan deals with social issues related to housing in terms of social aging, family relations, gender and inequality addresses the Japanese housing system and social change in relation to comparative and theoretical frameworks. As well as providing challenges and insights for the academic community at large, this book also provides a good introduction to the study of Japan and its housing, economic, social and welfare system generally.

     
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  2. Syndicated loans and CDS positioning
    Author: Aldasoro, Iñaki; Barth, Andreas
    Published: [2017]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper analyzes banks' usage of CDS. Combining bank-firm syndicated loan data with a unique EU-wide dataset on bilateral CDS positions, we find that stronger banks in terms of capital, funding and profitability tend to hedge more. We find no... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper analyzes banks' usage of CDS. Combining bank-firm syndicated loan data with a unique EU-wide dataset on bilateral CDS positions, we find that stronger banks in terms of capital, funding and profitability tend to hedge more. We find no evidence of banks using the CDS market for capital relief. Banks are more likely to hedge exposures to relatively riskier borrowers and less likely to sell CDS protection on domestic firms. Lead arrangers tend to buy more protection, potentially exacerbating asymmetric information problems. Dealer banks seem insensitive to firm risk, and hedge more than non-dealers when they are more profitable. These results allow for a better understanding of banks' credit risk management.

     
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    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295210455
    Other identifier:
    hdl: 10419/193565
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 58 (November 2017)
    Subjects: bank; public policy; loan; credit institution; financial services; syndicated loans; CDS; speculation; capital regulation; EMIR; cross-border lending; asymmetric information
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  3. Macroprudential policy with liquidity panics
    Author: Garcia-Macia, Daniel; Villacorta, Alonso
    Published: [2016]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    We analyze the optimality of macroprudential policies in an environment where the role of the banking sector is to efficiently allocate liquid assets across firms. Informational frictions in the banking sector can lead to an interbank market freeze.... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We analyze the optimality of macroprudential policies in an environment where the role of the banking sector is to efficiently allocate liquid assets across firms. Informational frictions in the banking sector can lead to an interbank market freeze. Firms react to the breakdown of the banking system by inefficiently accumulating liquid assets by themselves. This reduces the demand for bank loans and bank profits, which further disrupts the financial sector and increases the probability of a freeze, inducing firms to hoard even more liquid assets. Liquidity panics provide a new rationale for stricter liquidity requirements, as this policy alleviates the informational frictions in the banking sector and paradoxically can end up increasing aggregate investment. On the contrary, policies encouraging bank lending can have the opposite effect.

     
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    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295081543
    Other identifier:
    hdl: 10419/193531
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 24 (September 2016)
    Subjects: banking policy; money-market liquidity; aid to undertakings; market; financial market; bond; investment; loan
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  4. In-depth review 2024
    The Netherlands
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of the Netherland's vulnerabilities related to high private debt levels and a large current account surplus, which has crossborder relevance, and possibly newly emerging risks. This year's IDR, which... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
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    This in-depth review (IDR) analyses the evolution of the Netherland's vulnerabilities related to high private debt levels and a large current account surplus, which has crossborder relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the Dutch economy and its interlinkages with the other EU Member States, these vulnerabilities have a cross-border relevance.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137758
    Other identifier:
    Series: Array ; 274 (March 2024)
    Subjects: economic forecasting; macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; EU Member State; Netherlands; report
    Scope: 1 Online-Ressource (circa 32 Seiten)
  5. In-depth review 2024
    Romania
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Romania's vulnerabilities related to large government and external deficits, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)published in... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Romania's vulnerabilities related to large government and external deficits, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137765
    Other identifier:
    Series: Array ; 275 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; wage cost; tax system; economic forecasting; Romania; report
    Scope: 1 Online-Ressource (circa 32 Seiten)
  6. In-depth review 2024
    Sweden
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Sweden's vulnerabilities related to the real estate market and high private debt and - possibly - newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Sweden's vulnerabilities related to the real estate market and high private debt and - possibly - newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Sweden's economy contracted in 2023 due to rising interest rates and high inflation and is set to broadly stabilise in 2024. High inflation and the subsequent monetary policy tightening, combined with the prevalence of variable interest rates and high household debt, pushed down household consumption and housing construction. Housing construction in the rental sector also suffered from the stricter financial conditions for commercial real estate (CRE) companies. Overall investment is estimated to have decreased by 1.2% in 2023, driven by a decline in housing construction.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137789
    Other identifier:
    Series: Array ; 277 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; energy policy; economic forecasting; Sweden; report
    Scope: 1 Online-Ressource (circa 26 Seiten)
  7. In-depth review 2024
    Cyprus
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review analyses the evolution of Cyprus's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in... more

    Access:
    Verlag (kostenfrei)
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review analyses the evolution of Cyprus's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified in previous years, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268042489
    Other identifier:
    Series: Array ; 273 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; monetary policy; debt; banking; economic forecasting; Cyprus; report
    Scope: 1 Online-Ressource (circa 34 Seiten)
  8. In-depth review 2024
    Spain
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Spain's vulnerabilities related to high private, government and external debt, which have cross-border relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert... more

    Access:
    Verlag (kostenfrei)
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Spain's vulnerabilities related to high private, government and external debt, which have cross-border relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the Spanish economy and its interlinkages with the other EU Member States, these vulnerabilities have a cross-border relevance. The Spanish economy is estimated to have expanded by 2.5% in 2023 and is projected to continue to grow in 2024, albeit at a slower pace than last year. The strong growth outturn posted in 2023 was underpinned by the very positive labour market developments and the pick-up of wages sustaining private consumption, as well as the positive contribution from net exports and public consumption. Real GDP growth is forecast to moderate in 2024 to 1.7%, according to the Commission's Winter 2024 Interim Forecast, due to the weaker economic situation in Spain's main trading partners and to the lagged impact of recent years' interest rate hikes on aggregate demand. Consumption and investment, driven respectively by further real purchasing power gains for households, and the continued implementation of Spain's Recovery and Resilience Plan (RRP), are set to be the main drivers of r economic expansion. GDP growth is expected to accelerate again in 2025, to 2.0%. Headline inflation decelerated to 3.4% in 2023, largely thanks to the continued drop in energy prices throughout the year. Underlying price pressures eased gradually in 2023, to 5.8% on average, as the pass-through of high energy prices to other items, especially food and services, showed signs of fading only from the last quarter of 2023 onwards. Harmonised Index of Consumer Prices (HICP) inflation is set to decline further this year, to 3.2% on average (with underlying inflation projected to be 3.3%), despite the upward pressure of the expected phasing out of most government measures implemented to mitigate the impact of high energy prices.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268042472
    Other identifier:
    Series: Array ; 272 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; inflation; labour market; economic growth; economic forecasting; Spain; report
    Scope: 1 Online-Ressource (circa 28 Seiten)
  9. In-depth review 2024
    Slovakia
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the extent of Slovakia's vulnerabilities related to cost competitiveness, external accounts, house prices and household debt. Last year, an in-depth review was undertaken for Slovakia, and the Commission concluded... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the extent of Slovakia's vulnerabilities related to cost competitiveness, external accounts, house prices and household debt. Last year, an in-depth review was undertaken for Slovakia, and the Commission concluded that Slovakia was not experiencing imbalances, as its vulnerabilities seemed overall contained in the near future and were expected to ease as economic conditions normalised. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)published in November 2023, again examines these, and any newly emerging vulnerabilities, and their implications.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137772
    Other identifier:
    Series: Array ; 276 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; competitiveness; economic independence; economic forecasting; Slovakia; report
    Scope: 1 Online-Ressource (circa 34 Seiten)
  10. In-depth review 2024
    Greece
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Greece's vulnerabilities related to high government and external debt, a high ratio of non-performing loans in the context of low potential growth and a high unemployment rate, and possibly newly... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Greece's vulnerabilities related to high government and external debt, a high ratio of non-performing loans in the context of low potential growth and a high unemployment rate, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137826
    Other identifier:
    Series: Array ; 281 (April 2024)
    Subjects: macroeconomics; euro area; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; loan; Greece
    Scope: 1 Online-Ressource (circa 38 Seiten)
  11. In-depth review 2024
    Hungary
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Hungary's vulnerabilities related to very strong price pressures, significant external and government financing needs exacerbated by policy inconsistencies, and possibly newly emerging risks. This... more

    Access:
    Verlag (kostenfrei)
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Hungary's vulnerabilities related to very strong price pressures, significant external and government financing needs exacerbated by policy inconsistencies, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137895
    Other identifier:
    Series: Array ; 284 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; wage cost; Hungary
    Scope: 1 Online-Ressource (circa 42 Seiten)
  12. In-depth review 2024
    Portugal
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Portugal's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published... more

    Access:
    Verlag (kostenfrei)
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Portugal's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137901
    Other identifier:
    Series: Array ; 285 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; interest; Portugal
    Scope: 1 Online-Ressource (circa 26 Seiten)
  13. In-depth review 2024
    France
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of France's vulnerabilities related to high government debt and competitiveness, in a context of low productivity growth, which carry cross-border relevance, and possibly newly emerging risks. This... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of France's vulnerabilities related to high government debt and competitiveness, in a context of low productivity growth, which carry cross-border relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the French economy and its interlinkages with the other Member States, these vulnerabilities have a cross-border relevance.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137833
    Other identifier:
    Series: Array ; 282 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; competitiveness; economic growth; labour market; economic recovery; France
    Scope: 1 Online-Ressource (circa 32 Seiten)
  14. In-depth review 2024
    Italy
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Italy's vulnerabilities related to high government debt and weak productivity growth, in a context of labour market fragilities and some weaknesses in financial markets, and possibly newly emerging... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
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    This in-depth review (IDR) analyses the evolution of Italy's vulnerabilities related to high government debt and weak productivity growth, in a context of labour market fragilities and some weaknesses in financial markets, and possibly newly emerging risks. Italy was identified with excessive imbalances in 2023, over the last annual cycle of surveillance under the Macroeconomic Imbalance Procedure. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the Italian economy and its interlinkages with the other EU Member States, these vulnerabilities have a cross-border relevance.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137840
    Other identifier:
    Series: Array ; 283 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; price of energy; food expenditure; Italy
    Scope: 1 Online-Ressource (circa 32 Seiten)
  15. Greece's loan facility
    facilitating corporate investment through NextGenerationEU
    Author: Antal, Judit; Sfakianakis, Manos; Pfeiffer, Philipp; Llobell, Eduardo
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    The Greek economy has experienced low levels of corporate investment for many years. The Loan Facility is a component of Greece's Recovery and Resilience Plan (RRP), in the context of the EU-wide NextGenerationEU initiative. Worth about EUR 18... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 289
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    The Greek economy has experienced low levels of corporate investment for many years. The Loan Facility is a component of Greece's Recovery and Resilience Plan (RRP), in the context of the EU-wide NextGenerationEU initiative. Worth about EUR 18 billion, it is the largest measure funded by the EU across all RRPs in terms of percentage of national GDP. The instrument was designed to tackle this critical issue of low investment by facilitating lending to the corporate sector. This paper presents the main features of the Loan Facility from its launch in mid-2022 to the first quarter of 2024. During this period, the loans issued in this context accounted for more than one fifth of new corporate lending in Greece. We find that the terms of the Loan Facility are more favourable than market terms, which has contributed to mitigate the impact of rising interest rates and to support corporate credit demand. We estimate the price (interest rate) advantage at an average of 4.1 percentage points, which is higher for small and medium-sized enterprises (SMEs). The paper also gives a first assessment of the instrument's economic impact based on data available and simulations, by using the European Commission's QUEST model. Simulations suggest a sizable positive impact in Greece: private investment may increase significantly and the cumulative impact on GDP between 2022 and 2030 is estimated to reach 5.3% compared to a no-Loan-Facility scenario. The overall impact remains dependent on the pursuit of favourable framework conditions, such as sustained demand. Further structural improvements in investment conditions would be important to prolong the legacy of the Loan Facility beyond its lifetime.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268018255
    Other identifier:
    Series: Array ; 207 (July 2024)
    Subjects: Recovery and Resilience Facility; access to financing; macroeconomic impact; QUEST III model; investment; loan; corporate finance; economic coercion; economic support; economic recovery; community resilience; religious discrimination; Greece
    Scope: 1 Online-Ressource (circa 28 Seiten)
  16. Green-supporting factors, brown-penalising factors and the prudential framework a theoretical approach
    Author: Castrén, Olli; Russo, Riccardo
    Published: [2024]
    Publisher:  European Banking Authority, Paris, France

    Proposals to include adjustments such as brown penalising and green supporting factors in the prudential regulation are meant to direct bank lending towards environmentally friendly projects. However, such adjustments can blur the lines between... more

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    Signature:
    DS 659
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    Proposals to include adjustments such as brown penalising and green supporting factors in the prudential regulation are meant to direct bank lending towards environmentally friendly projects. However, such adjustments can blur the lines between prudential credit risk assessment and environmental objectives. Favouring green projects, although clearly socially responsible in the long term, may channel bank lending towards excessively risky assets in the short term and provide a distorted picture of the true financial health of the bank. We adopt a principal-agent approach to formalise this trade-off and highlight its impact on bank lending. We also show that - in the presence of investor pressures or uncertainty of green asset returns - banks could decide to redirect lending towards green projects without direct regulatory intervention as formulated in the pillar I framework.

     
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    ISBN: 9789292459765
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    hdl: 10419/306581
    Series: EBA staff paper series ; n. 19 (08/2024)
    Subjects: Prudential policy; climate risks; green finance; Walsh contract; climate change; green economy; monetary policy; financial risk; sustainable development; loan
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  17. IFRS 9 overlays and model improvements for novel risks
    identifying best practices for capturing novel risks in loan loss provisions
    Published: July 2024
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    In recent years, banks have constantly faced new risks that need to be assessed. The COVID-19 pandemic itself revealed that health risks and related restrictions can threaten the solvency of borrowers. After this threat was managed with the help of... more

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    In recent years, banks have constantly faced new risks that need to be assessed. The COVID-19 pandemic itself revealed that health risks and related restrictions can threaten the solvency of borrowers. After this threat was managed with the help of public support, a stream of other novel risks emerged, like energy supply, geopolitical stability, high interest rates, inflation, and climate change. And since the list of such novel risks is unlikely to be exhaustive, it is only reasonable to expect further surprises. This new risk environment poses a significant challenge to banking supervisors, who draw on a traditional supervisory framework largely reliant on historical data series. But such data series lack scope for dealing with risks looming large on the horizon. For this reason, ECB Banking Supervision places a particular focus on supervisory tools and regulations offering a forward-looking perspective. If properly applied, they allow banks to prepare for and cushion against those risks. One of the areas the ECB is looking into is expected loan loss provisioning under IFRS 9. The accounting requirements are principle-based and require comprehensive consideration of forward-looking information. The resulting provisions impact prudential capital ratios, so adequate accounting provisions for novel risks also act as a prudential safeguard should these risks materialise. While the ECB is not an accounting supervisor, it has been granted a prudential mandate to challenge and influence banks' provisioning practices when there is a particular prudential concern about adequate risk coverage. The topic of IFRS 9 provisioning was also mentioned in the ECB's supervisory priorities for 2022-2024.

     
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    ISBN: 9789289968225
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    Subjects: financial risk; risk management; loan; banking supervision; financial solvency; financial aid; public authorities; energy supply; inflation; geopolitics; interest; climate change; financial supervision; European Central Bank
    Scope: 1 Online-Ressource (circa 22 Seiten)
  18. The impact of lending standards on default rates of residential real estate loans
    Author: Gaudêncio, João; Mazany, Agnieszka; Schwarz, Claudia
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper analyses the impact of lending standards for residential real estate (RRE) loans on default rates, using a novel loan-level dataset from the European DataWarehouse (EDW) that covers eight euro area countries. To the best of the authors'... more

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    This paper analyses the impact of lending standards for residential real estate (RRE) loans on default rates, using a novel loan-level dataset from the European DataWarehouse (EDW) that covers eight euro area countries. To the best of the authors' knowledge, this paper is the first to use, for this purpose, a consistent set of loan-level data on loans originated in multiple euro area countries. Previous literature has used either national loan-level data, which does not allow for cross-country comparisons, or aggregate cross-country data. The dataset is first explored through an extensive descriptive analysis and this is followed by static probit regressions. The findings confirm the key influence of lending standards – in particular, loan-to-value and loan-to-income ratios at origination, original loan maturity and borrower employment status – on loan default rates. The impact of other variables, such as interest rate fixation and payment type, varies depending on the country of loan origination. These results are particularly relevant for microprudential supervisors in their ongoing assessment of banks' credit policies. The highlighted country specificities should be taken into account in macroprudential policymaking.

     
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    ISBN: 9789289936859
    Other identifier:
    hdl: 10419/207606
    Series: Occasional paper series / European Central Bank ; no 220 (March 2019)
    Subjects: loan; real property; financial risk; financial institution; credit; loan defaults; lending standards; residential real estate; loan-level data; default probability
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  19. The impact of credit supply shocks in the euro area
    market-based financing versus loans
    Author: Barauskaite, Kristina; Nguyen, Anh D. M.; Rousová, Linda; Cappiello, Lorenzo
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as... more

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    Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are identified via sign and inequality restrictions. The results suggest that both loan supply and MBF supply play an important role for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is comparable. However, there is heterogeneity across countries. In particular, in Germany and France, the explanatory power of MBF supply shocks exceeds that of loan supply shocks. Since MBF is mostly provided by non-bank financial intermediaries, the findings suggest that strengthening their resilience | such as through an enhanced macroprudential framework | would support GDP growth.

     
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    ISBN: 9789289951227
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    hdl: 10419/264498
    Series: Working paper series / European Central Bank ; no 2673 (June 2022)
    Subjects: debt securities; loan; credit supply; VAR; business cycles; non-bank nancialintermediation
    Scope: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  20. Evolution of Debt Financing Toward Less Regulated Financial Intermediaries
    Author: Erel, Isil; Inozemtsev, Eduard
    Published: [2022]
    Publisher:  SSRN, [S.l.]

    Nonbank lenders have been playing an increasingly important role in the supply of debt financing, especially post Great Recession. These nonbank financial institutions not only participate in syndicated loans to large businesses but also act as... more

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    Nonbank lenders have been playing an increasingly important role in the supply of debt financing, especially post Great Recession. These nonbank financial institutions not only participate in syndicated loans to large businesses but also act as direct lenders to small and mid-sized businesses, providing loans previously were primarily supplied by banks. Moreover, the composition of bondholders has changed, with mutual funds and other less regulated entities having gained nontrivial market shares. What is the extent of nonbank lending? How important are the distortions associated with the varying degrees of regulatory oversight for banks that differentially limit risk-taking across alternative sources of credit? What are the financial stability implications of this transformed landscape of credit markets? This selective review addresses these important questions and also discusses how banks and nonbanks helped provide liquidity to the nonfinancial sector during the COVID-19 pandemic shock

     
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    Series: Fisher College of Business Working Paper ; No. 2022-03-004, 2022
    Subjects: Nonbank; fintech; bank regulation; loan; bond
    Scope: 1 Online-Ressource (72 p)
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    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 6, 2022 erstellt
  21. Problems and opportunities for leveraging SME finance through value chains in Azerbaijan
    Author: Aliyev, Samir
    Published: [2019]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    The paper discusses state, regulative framework, and recent developments in leveraging access to finance for micro, small, and medium-sized enterprises (MSMEs) in the Kyrgyz Republic through global value chain (GVC) examples in the Kyrgyz Republic.... more

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    The paper discusses state, regulative framework, and recent developments in leveraging access to finance for micro, small, and medium-sized enterprises (MSMEs) in the Kyrgyz Republic through global value chain (GVC) examples in the Kyrgyz Republic. Access to finance in the Kyrgyz Republic is growing and demonstrates improvement of financial inclusion of companies SME sector in the Kyrgyz Republic as well as the sector of individual entrepreneurs and peasant farmers. Four selected value chains in agriculture, industry and service sector demonstrate the gaps in the access to finance of the MSME entities in the value chains supply to export markets. Some practical recommendations are proposed, aiming to decrease financial gaps for the SME sector in building resilient global value chain supplies.The paper outlines the contribution of small and medium-sized enterprises (SMEs) to Azerbaijan's economy, their access to finance, and the role of value chains in ensuring financing. The paper preparation process has shown that SMEs mainly benefit from bank loans, whereas there are some institutional, legislative, cultural and geographical factors limiting their access to finance. The low financial literacy rate of SME owner/managers and higher interest rates offered by banks are among the factors restricting SME access to finance. The government has strengthened legislation-in particular relating to institutions-in recent years to improve SME access to finance, but the effectiveness of this move is insufficient. This paper comprises eight sections: The contribution of SMEs to Azerbaijan's economy and the status of the financial sector; the financial inclusivity of SMEs; financial literacy levels; institutional, regulative, gender, cultural factors restricting SME finance; the structure of domestic value chain and Azerbaijan's role in global value chains; financial analysis of value chains; national strategies for SME finance; and key policy recommendations.

     
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    hdl: 10419/222740
    Series: ADBI working paper series ; no. 973 (July 2019)
    Subjects: Azerbaijan; SME; value chains; financial inclusion; financial literacy; loan; bank; financial institution
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  22. The interbank market puzzle
    Author: Allen, Franklin; Covi, Giovanni; Gu, Xian; Kowalewski, Oskar; Montagna, Mattia
    Published: [2020]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This study documents significant differences in the interbank market lending and borrowing levels across countries. We argue that the existing differences in interbank market usage can be explained by the trust of the market participants in the... more

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    This study documents significant differences in the interbank market lending and borrowing levels across countries. We argue that the existing differences in interbank market usage can be explained by the trust of the market participants in the stability of the country's banking sector and counterparties, proxied by the history of banking crises and failures. Specifically, banks originating from a country that has lower level of trust tend to have lower interbank borrowing. Using a proprietary dataset on bilateral exposures, we investigate the Euro Area interbank network and find the effect of trust relies on the network structure of interbank markets. Core banks acting as interbank intermediaries in the network are more significantly influenced by trust in obtaining interbank funding, while being more exposed in a community can mitigate the negative effect of low trust. Country-level institutional factors might partially substitute for the limited trust and enhance interbank activity.

     
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    ISBN: 9789289940177
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    hdl: 10419/228988
    Series: Working paper series / European Central Bank ; no 2374 (February 2020)
    Subjects: Networks; Centrality; Community detection; Interbank market; Trust; banking; institutional cooperation; loan; euro area
    Scope: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  23. Negative monetary policy rates and systemic banks' risk-taking
    evidence from the euro area securities register
    Author: Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis
    Published: [2020]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26... more

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    We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with more customer deposits are negatively affected by negative rates, as they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and dollar-denominated securities. Affected banks also take higher risk in loans.

     
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    ISBN: 9789289940412
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    hdl: 10419/229012
    Series: Working paper series / European Central Bank ; no 2398 (April 2020)
    Subjects: monetary policy; bank; financial risk; loan; euro area; rates; non-standard monetary policy; reach-for-yield; securities; banks
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  24. Land tenure, access to credit, and agricultural performance of ARBs, farmer beneficiaries, and other rural workers
    Author: Galang, Ivory Myka R.
    Published: December 2020
    Publisher:  Philippine Institute for Development Studies, Quezon City, Philippines

    Policymakers and donors have long viewed credit programs as salient means to develop the agriculture sector, especially the small-farm agriculture. Credit programs in the country have evolved from subsidized directed credit programs to a more... more

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    Policymakers and donors have long viewed credit programs as salient means to develop the agriculture sector, especially the small-farm agriculture. Credit programs in the country have evolved from subsidized directed credit programs to a more market-based approach. There have been little to no studies that examine poor agricultural producers' access to credit and how it affects agricultural performance, especially in the context of Agrarian Reform Beneficiary Organization (ARBO) members. This policy study utilized primary data from the Baseline Survey of Project ConVERGE, a project of the Department of Agrarian Reform, to analyze the borrowing incidence among ARBO member households, particularly those engaged in farm production. It appears from the results of the study that: membership in an ARBO is associated with better credit access; borrowing ARBO agricultural households are better off than nonborrowing ARBO agricultural households; and farmer associations/cooperatives are among the top sources of agricultural credit in the countryside aside from microfinance institutions; and Certificate of Land Ownership Award (CLOA)-holding ARBO agricultural households have higher borrowing incidence than the average ARBO agricultural households. Strengthening the capacity of credit retailers through trainings, especially in leadership and credit management, is needed to further improve their lending performance.

     
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    hdl: 10419/241033
    Series: Discussion paper series / Philippine Institute for Development Studies ; no. 2020, 44 (December 2020)
    Subjects: credit; loan; formal credit; informal credit; CLOA; collective CLOA; individual CLOA; agricultural households; poor; DAR
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  25. Greening the economy
    how public-guaranteed loans influence firm-level resource allocation
    Author: Buchetti, Bruno; Miquel-Flores, Ixart; Perdichizzi, Salvatore; Reghezza, Alessio
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This study investigates the underlying reasons for banks' continued support of fossil fuel-based firms and examines the role of public guaranteed loans (PGLs) in redirecting resources towards greener economic activities, thereby facilitating the... more

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    This study investigates the underlying reasons for banks' continued support of fossil fuel-based firms and examines the role of public guaranteed loans (PGLs) in redirecting resources towards greener economic activities, thereby facilitating the climate transition process. Using a unique pan-European credit register dataset, we combine supervisory bank data with firm-level greenhouse gas emission data and financial information. Our analysis yields three main findings. Firstly, European banks perceive lending to green companies as riskier compared to their brown counterparts, a phenomenon we term as the "green-transition risk." Secondly, we provide evidence that during the COVID-19 pandemic, European banks have strategically leveraged PGLs to channel resources towards environmentally sustainable activities, thereby augmenting the proportion of green loans in their portfolios and partially shifting the inherent "green-transition risk" to European governments and citizens. Lastly, our investigation reveals a banking preference for awarding PGLs to financially robust green firms over less profitable, highly indebted green firms, which could pose significant challenges for green businesses requiring financial support during the COVID-19 crisis.

     
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    ISBN: 9789289963961
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    hdl: 10419/297356
    Series: Working paper series / European Central Bank ; no 2916
    Subjects: Climate Change; Green Lending; Public Guaranteed Loans; Credit Risk; green economy; climate change policy; loan; credit guarantee; aid to undertakings; branch of activity; financial supervision
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen