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  1. Loan supply, credit markets and the euro area financial crisis
    Author: Altavilla, Carlo; Darracq Pariès, Matthieu; Nicoletti, Giulio
    Published: October 2015
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We use bank-level information on lending practices from the euro area Bank Lending Survey to construct a new indicator of loans' supply tightening controlling for both macroeconomic and bank-specific factors. Embedding this information as external... more

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    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:
    DS 534 (1861)
    Inter-library loan:
    No inter-library loan

     

    We use bank-level information on lending practices from the euro area Bank Lending Survey to construct a new indicator of loans' supply tightening controlling for both macroeconomic and bank-specific factors. Embedding this information as external instrument in a Bayesian vector autoregressive model (BVAR), we find that tighter bank loan supply to non-financial corporations leads to a protracted contraction in credit volumes and higher bank lending spreads. This fosters firms' incentives to substitute bank loans with market finance, producing a significant increase in debt securities issuance and higher bond spreads. We also show that loans' tightening shocks explain a large fraction of the contraction in real activity and the widening of credit spreads especially over the recession which followed the euro area sovereign debt crisis.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289916745
    Other identifier:
    hdl: 10419/154294
    Series: Working paper series / European Central Bank ; no 1861
    Subjects: euro area; monetary crisis; economic recession; loan; financial market; econometrics; macroeconomics; money market
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. Student debt in selected countries
    = Die Verschuldung von Studierenden in ausgewählten Ländern
    Author: Del Rey, Elena; Schiopu, Ioana
    Published: November 2015
    Publisher:  Publications Office of the European Union, Luxembourg

    Increasing costs of higher education and the expansion of access, together with greater cost-sharing by students and their families, have led to higher indebtedness of former students in many countries. This report reviews the extent of this burden,... more

    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 380 (25)
    Inter-library loan:
    No inter-library loan

     

    Increasing costs of higher education and the expansion of access, together with greater cost-sharing by students and their families, have led to higher indebtedness of former students in many countries. This report reviews the extent of this burden, as well as the available evidence on the impact of graduate indebtedness in selected countries.

     
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789279494093
    Other identifier:
    Series: EENEE analytical report ; no. 25
    Subjects: Studierende; Studienfinanzierung; Private Verschuldung; Kredittilgung; USA; Australien; Kanada; Nordeuropa; Großbritannien; EU-Staaten; higher education; education costs; student; indebtedness; education policy; loan; reimbursement of aid; Erasmus+
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen