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Displaying results 1 to 12 of 12.

  1. 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

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 611
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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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    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
  2. The euro area bank lending survey
    role, development and usein monetary policy preparation
    Author: Köhler-Ulbrich, Petra; Hempell, Hannah S.; Scopel, Silvia
    Published: 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The euro area bank lending survey (BLS) serves as an important tool in the analysis of bank lending conditions in the euro area and across euro area countries, providing otherwise unobservable qualitative information on bank loan demand and supply... more

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    The euro area bank lending survey (BLS) serves as an important tool in the analysis of bank lending conditions in the euro area and across euro area countries, providing otherwise unobservable qualitative information on bank loan demand and supply from/to euro area enterprises and households. Since its introduction in 2003, the BLS has received growing attention and has become of key importance for the analysis and assessment of bank lending conditions in the euro area and at the national level. In particular in the context of the financial crisis, the BLS was used to gather additional information on the impact of the crisis and of the ECB's monetary policy measures on banks' funding situation and bank lending conditions. Following a description of the design and development of the BLS, this paper focuses on the analysis of bank lending supply and demand in the euro area and on their contributing factors. The results of the BLS are put into a wider economic perspective by relating them to other macroeconomic and financial variables. Analyses based on individual bank replies complement the picture further by providing more granular evidence on loan developments. In addition, an overview of the use of the euro area BLS as an analytical tool for investigating bank lending conditions in the euro area is presented.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289923422
    Other identifier:
    hdl: 10419/154632
    Series: Occasional paper series / European Central Bank ; no 179 (September 2016)
    Subjects: euro area; monetary policy; credit; credit institution; loan; financial market
    Scope: 1 Online-Ressource (circa 92 Seiten), Diagramme
  3. Banks' exposure to interest rate risk and the transmission of monetary policy
    Author: Gomez, Matthieu; Landier, Augustin; Sraer, David; Thesmar, David
    Published: [2016]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    We show that the cash-flow exposure of banks to interest rate risk, or income gap, affects the transmission of monetary policy shocks to bank lending and real activity. We first use a large panel of U.S. banks to show that the sensitivity of bank... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 611
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    We show that the cash-flow exposure of banks to interest rate risk, or income gap, affects the transmission of monetary policy shocks to bank lending and real activity. We first use a large panel of U.S. banks to show that the sensitivity of bank profits to interest rates increases significantly with measured income gap, even when banks use interest rate derivatives. We then document that, in the cross-section of banks, income gap predicts the sensitivity of bank lending to interest rates. The effect of income gap is larger or similar in magnitudes to that of previously identified factors, such as leverage, bank size or even asset liquidity. To alleviate the concern that this result is driven by the endogenous matching of banks and firms, we use loan-level data and compare the supply of credit to the same firm by banks with different income gap. This analysis allows us to trace the impact of banks' income gap on firm borrowing capacity, investment and employment, which we find to be significant.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295081406
    Other identifier:
    hdl: 10419/193520
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 13 (June 2016)
    Subjects: banking policy; loan; exchange rate; monetary policy; financial market; macroeconomics; Interest rate risk; monetary policy; bank lending
    Scope: 1 Online-Ressource (circa 62 Seiten)
  4. Bank recapitalizations and lending
    a little is not enough
    Author: Homar, Timotej
    Published: [2016]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper analyzes the effect of bank recapitalizations on lending, funding and asset quality of European banks between 2000 and 2013. Controlling for market implied capital shortfall of banks, we find that banks that receive a sufficiently large... more

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 611
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    This paper analyzes the effect of bank recapitalizations on lending, funding and asset quality of European banks between 2000 and 2013. Controlling for market implied capital shortfall of banks, we find that banks that receive a sufficiently large recapitalization increase lending, attract more deposits and clean up their balance sheets. In contrast, banks that receive a small recapitalization relative to their capital shortfall reduce lending and shrink assets. These results suggest recapitalizations need to be large enough to lead to new lending.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295081437
    Other identifier:
    hdl: 10419/193523
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 16 (June 2016)
    Subjects: banking policy; credit policy; monetary crisis; loan; economic recession; public policy; Bank recapitalization; lending; zombie banks; bank restructuring; banking crisis
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  5. Lenders on the storm of wholesale funding shocks: Saved by the central bank?
    Author: Haan, Leo de; Vermeulen, Philip; End, Jan-Willem van den
    Published: February 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We provide empirical evidence on banks' responses to shocks in wholesale funding, using data of 181 euro area banks over the period August 2007 to June 2013. Banks' adjustments of loan volumes and lending rates in response to funding liquidity shocks... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534 (1884)
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    We provide empirical evidence on banks' responses to shocks in wholesale funding, using data of 181 euro area banks over the period August 2007 to June 2013. Banks' adjustments of loan volumes and lending rates in response to funding liquidity shocks are analysed in a panel VAR framework. The results show that shocks in the securities and interbank markets have significant effects on loan rates and credit supply, particularly of banks in stressed countries. The results also suggest that central bank liquidity has mitigated this effect most clearly on lending volumes. Lending to non-financial corporations is more sensitive to wholesale funding shocks than lending to households. Moreover, bank characteristics matter for monetary transmission: loan growth of large banks that are typically more dependent on wholesale funding and of banks with large exposure to government bonds shows relatively stronger responses to wholesale funding shocks.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289919975
    Other identifier:
    hdl: 10419/154317
    Series: Working paper series / European Central Bank ; no 1884
    Subjects: economic recession; banking policy; loan; money-market liquidity; financial policy; euro area; investment policy; central bank
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  6. What makes a good "Bad Bank"?
    the Irish, Spanish and German experience
    Author: Medina Cas, Stephanie; Peresa, Irena
    Published: 2016
    Publisher:  Publications Office of the European Union, Luxembourg

    This paper examines the experience of three asset management companies (AMCs) or ʽbad banksʼ established in the euro area following the 2008 global financial crisis. Specifically, it studies NAMA, Sareb and FMS Wertmanagement (FMS). These AMCs were... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    EDZ online a
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 289 (36)
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    This paper examines the experience of three asset management companies (AMCs) or ʽbad banksʼ established in the euro area following the 2008 global financial crisis. Specifically, it studies NAMA, Sareb and FMS Wertmanagement (FMS). These AMCs were set up to purchase growing nonperforming loans on banks' balance sheets with the aim of their eventual disposal. The study seeks to identify factors that support an AMC's success. It also analyses the impact of the European regulatory framework, including the Eurostat rules, State-aid regulations and bank resolution rules, on the AMCs' design. It also reflects on the way recent changes to EU bank resolution rules now limit the involvement of State aid in AMCs. The study finds that the type of assets transferred and the macroeconomic environment are crucially important for successful asset disposals. The paper also focuses on additional success factors, such as clean asset documentation, a solid valuation process, efficient asset servicing, a strong legal framework and skilled staff. Though challenges remain, the three AMCs have contributed to banking sector stabilisation as they have been undertaken alongside bank restructuring measures. The financial backing of the authorities, decisive in the cases analysed, has however come at a fiscal cost.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789279544446
    Other identifier:
    Series: Array ; 036 (September 2016)
    Subjects: Bankenkrise; Bad Bank; Erfolgsfaktor; Deutschland; Irland; Spanien; bank; banking policy; loan; monetary crisis; resolution; fiscal policy; State aid; financial institution; Ireland; Spain; Germany
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  7. Mending the broken link
    heterogeneous bank lending and monetary policy pass-through
    Author: Altavilla, Carlo; Canova, Fabio; Ciccarelli, Matteo
    Published: 16 Nov 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We analyse the pass-through of monetary policy measures to lending rates to firms and households in the euro area using a unique bank-level dataset. Bank balance sheet characteristics such as the capital ratio and the exposure to sovereign debt are... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534 (1978)
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    We analyse the pass-through of monetary policy measures to lending rates to firms and households in the euro area using a unique bank-level dataset. Bank balance sheet characteristics such as the capital ratio and the exposure to sovereign debt are responsible for the heterogeneity of pass-through of conventional monetary policy changes. The location of a bank is instead irrelevant. Non-standard measures normalized the capacity of banks to grant loans resulting in a significant compression in lending rates. Banks with a high level of non-performing loans and a low capital ratio were the most responsive to the measures. Finally, we quantify the effects of non-standard policies on the real economic activity using a standard macroeconomic model and find that in absence of these measures both inflation and output would have been significantly lower.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922265
    Other identifier:
    hdl: 10419/154411
    Series: Working paper series / European Central Bank ; no 1978 (November 2016)
    Subjects: Geldpolitische Transmission; Kreditzins; VAR-Modell; Eurozone; monetary policy; euro area; loan; balance sheet; econometrics; money; financial institution
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  8. Bank efficiency and regional growth in Europe
    new evidence from micro-data
    Author: Belke, Ansgar; Haskamp, Ulrich; Setzer, Ralph
    Published: 21 Nov 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper examines whether European regions which incorporate banks with a higher intermediation quality grow faster and are more resilient to negative shocks than its less efficient peers. For this purpose, we measure a bank's intermediation... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534 (1983)
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    This paper examines whether European regions which incorporate banks with a higher intermediation quality grow faster and are more resilient to negative shocks than its less efficient peers. For this purpose, we measure a bank's intermediation quality by estimating its profit and cost efficiency while taking the changing banking environment after the financial crisis into account. Next, we aggregate the efficiencies of all banks within a NUTS 2 region to obtain a regional proxy for financial quality in twelve European countries. Our results show that relatively more profit efficient banks foster growth in their region. The link between financial quality and growth is valid both in the pre-crisis and post-crisis period. These results provide evidence to the importance of swiftly restoring bank profitability in euro area crisis countries through addressing high non-performing loans ratios and decisive actions on bank recapitalization.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922319
    Other identifier:
    hdl: 10419/154416
    Series: Working paper series / European Central Bank ; no 1983 (November 2016)
    Subjects: euro area; economic growth; banking policy; regional policy; loan; European Union
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  9. Interbank loans, collateral and modern monetary policy
    Author: Wolski, Marcin; Leur, Michiel van de
    Published: 12 Sep 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This study develops a novel agent-based model of the interbank market with endogenous credit risk formation mechanisms. We allow banks to exchange funds through unsecured and secured transactions in order to facilitate the ow of funds to the most... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534 (1959)
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    This study develops a novel agent-based model of the interbank market with endogenous credit risk formation mechanisms. We allow banks to exchange funds through unsecured and secured transactions in order to facilitate the ow of funds to the most profitable investment projects. Our model confirms basic stylized facts on (i) bank balance sheet distributions, (ii) interbank interest rates and (iii) interbank lending volumes, for both the secured and the unsecured market segments. We also find that network structures within the secured market segment are characterized by the presence of dealer banks, while we do not observe similar patterns in the unsecured market. Finally, we illustrate the usefulness of our model for analysing a number of policy scenarios.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922074
    Other identifier:
    hdl: 10419/154392
    Series: Working paper series / European Central Bank ; no 1959 (September 2016)
    Subjects: monetary policy; banking policy; banking; loan; macroeconomics; interest; central bank
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  10. Got rejected? Real effects of not getting a loan
    Author: Berg, Tobias
    Published: 13 Sep 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using a lender cut-off rule that generates plausibly exogenous variation in credit supply, I analyze real effects of loan rejections in a sample of small and medium-sized enterprises. I find that loan rejections reduce asset growth, investments, and... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534 (1960)
    Inter-library loan:
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    Using a lender cut-off rule that generates plausibly exogenous variation in credit supply, I analyze real effects of loan rejections in a sample of small and medium-sized enterprises. I find that loan rejections reduce asset growth, investments, and employment, and these effects are concentrated among low liquidity firms. Precautionary savings motives aggravate real effects: firms whose loan applications got rejected increase cash holdings and cut non-cash assets in excess of the requested loan amount. These results point to the amplifying effect of precautionary savings motives in the transmission of credit supply shocks.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922081
    Other identifier:
    hdl: 10419/154393
    Series: Working paper series / European Central Bank ; no 1960 (September 2016)
    Subjects: banking; banking policy; loan; financial institution; financing policy; credit policy
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  11. The euro area bank lending survey
    role, development and usein monetary policy preparation
    Author: Köhler-Ulbrich, Petra; Hempell, Hannah S.; Scopel, Silvia
    Published: 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The euro area bank lending survey (BLS) serves as an important tool in the analysis of bank lending conditions in the euro area and across euro area countries, providing otherwise unobservable qualitative information on bank loan demand and supply... more

    Access:
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Location:
    Staats- und Universitätsbibliothek Bremen
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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:
    DS 535 (179)
    Inter-library loan:
    No inter-library loan

     

    The euro area bank lending survey (BLS) serves as an important tool in the analysis of bank lending conditions in the euro area and across euro area countries, providing otherwise unobservable qualitative information on bank loan demand and supply from/to euro area enterprises and households. Since its introduction in 2003, the BLS has received growing attention and has become of key importance for the analysis and assessment of bank lending conditions in the euro area and at the national level. In particular in the context of the financial crisis, the BLS was used to gather additional information on the impact of the crisis and of the ECB's monetary policy measures on banks' funding situation and bank lending conditions. Following a description of the design and development of the BLS, this paper focuses on the analysis of bank lending supply and demand in the euro area and on their contributing factors. The results of the BLS are put into a wider economic perspective by relating them to other macroeconomic and financial variables. Analyses based on individual bank replies complement the picture further by providing more granular evidence on loan developments. In addition, an overview of the use of the euro area BLS as an analytical tool for investigating bank lending conditions in the euro area is presented.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289923422
    Other identifier:
    hdl: 10419/154632
    Series: Occasional paper series / European Central Bank ; no 179 (September 2016)
    Subjects: euro area; monetary policy; credit; credit institution; loan; financial market
    Scope: 1 Online-Ressource (circa 92 Seiten), Diagramme
  12. Credit market competition and liquidity crises
    Author: Carletti, Elena; Leonello, Agnese
    Published: 07 Jul 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We develop a model where banks invest in reserves and loans, and trade loans on the interbank market to deal with liquidity shocks. Two types of equilibria emerge, depending on the degree of credit market competition and the level of aggregate... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534 (1932)
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    We develop a model where banks invest in reserves and loans, and trade loans on the interbank market to deal with liquidity shocks. Two types of equilibria emerge, depending on the degree of credit market competition and the level of aggregate liquidity risk. In one equilibrium, all banks keep enough reserves and remain solvent. In the other, some banks default with positive probability. The latter equilibrium exists when competition is not too intense and high liquidity shocks are not too likely. The model delivers several implications concerning the severity of crises and credit availability along the business cycle.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289921800
    Other identifier:
    hdl: 10419/154365
    Series: Working paper series / European Central Bank ; no 1932 (July 2016)
    Subjects: financial market; banking system; economic cycle; banking policy; financial institution; economic model; loan; money-market liquidity; credit policy
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen