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Displaying results 1 to 9 of 9.

  1. Quantifying credit gaps using survey data on discouraged borrowers
    Author: Akbas, Ozan E.; Betz, Frank; Gattini, Luca
    Published: November 2023
    Publisher:  European Investment Bank, Luxembourg

    The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a... 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 429
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    The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a credit allocation rule. Our study covers 35 emerging markets and developing economies and uses the 2018-2020 EBRD-EIB-World Bank Enterprise Survey. We show that on average discouraged firms are less creditworthy than successful applicants. Nonetheless, the share of bankable discouraged firms is large, suggesting inefficient credit rationing. The baseline results point to an aggregate credit gap of 8.4% of GDP with significant variation across countries. SMEs account for more than two-thirds of the total, reflecting both their contribution to economic activity and the fact that they are more likely to be credit-constrained.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789286156212
    Other identifier:
    hdl: 10419/280955
    Edition: This Version: 20 September 2023
    Series: Economics - working papers ; 2023, 06
    Subjects: credit rationing; discouraged borrowers; firm-level data; EMDEs; financial solvency; loan; credit policy; financial market; small and medium-sized enterprises; economic activity; borrowing; economic survey
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  2. Financial shock transmission to heterogeneous firms
    the earnings-based borrowing constraint channel
    Author: Chiţu, Livia; Grothe, Magdalena; Schulze, Tatjana; Van Robays, Ine
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We study the heterogeneous impact of jointly identified monetary policy and global risk shocks on corporate funding costs. We disentangle these two shocks in a structural Bayesian Vector Autoregression framework and investigate their respective... more

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    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    We study the heterogeneous impact of jointly identified monetary policy and global risk shocks on corporate funding costs. We disentangle these two shocks in a structural Bayesian Vector Autoregression framework and investigate their respective effects on funding costs of heterogeneous firms using micro-data for the US. We tease out mechanisms underlying the effects by contrasting financial frictions arising from traditional asset-based collateral constraints with the recent earnings-based borrowing constraint hypothesis, differentiating firms across leverage and earnings. Our empirical evidence strongly supports the earnings-based borrowing constraint hypothesis. We find that global risk shocks have stronger and more heterogeneous effects on corporate funding costs which depend on firms' position within the earnings distribution.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289962254
    Other identifier:
    hdl: 10419/297300
    Series: Working paper series / European Central Bank ; no 2860
    Subjects: corporate spreads; earnings-based borrowing constraint; heterogeneous firms; monetary policy shocks; global risk shocks; monetary policy; loan; financial stability; financial risk; type of business
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  3. Do banks practice what they preach?
    brown lending and environmental disclosure in the euro area
    Author: Gambacorta, Leonardo; Polizzi, Salvatore; Reghezza, Alessio; Scannella, Enzo
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This study examines whether the level of environmental disclosure in banks' financial reports matches less brown lending portfolios. Using granular credit register data and detailed information on firm-level greenhouse gas emission intensities, we... 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:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    This study examines whether the level of environmental disclosure in banks' financial reports matches less brown lending portfolios. Using granular credit register data and detailed information on firm-level greenhouse gas emission intensities, we find a negative relationship between environmental disclosure and brown lending. However, this effect is contingent on the tone of the financial report. Banks that express a negative tone, reflecting genuine concern and awareness of environmental risks, tend to lend less to more polluting firms. Conversely, banks that express a positive tone, indicating lower concern and awareness of environmental risks, tend to lend more to polluting firms. These findings highlight the importance of increasing awareness of environmental risks, so that banks perceive them as a critical and urgent pressing threat, leading to a genuine commitment to act as environmentally responsible lenders.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289962490
    Other identifier:
    hdl: 10419/297312
    Series: Working paper series / European Central Bank ; no 2872
    Subjects: green banking; brown lending; banking; environmental disclosure; environmental risks; climate change; loan; euro area; green economy; environmental risk prevention; bank; credit
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  4. Do debt investors care about ESG ratings?
    Author: Fabisik, Kornelia; Ryf, Michael; Schäfer, Larissa; Steffen, Sascha
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We study the effect of changes in firms' ESG ratings on the cost of debt of U.S. firms using a methodology change of an ESG rating provider. We find that loan spreads of downgraded ESG-rated firms in the secondary corporate loan market increase by... 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
    Inter-library loan:
    No inter-library loan

     

    We study the effect of changes in firms' ESG ratings on the cost of debt of U.S. firms using a methodology change of an ESG rating provider. We find that loan spreads of downgraded ESG-rated firms in the secondary corporate loan market increase by about 10% compared to non-downgraded ESG-rated firms after the methodology change. The effect of ESG rating downgrades is not driven by the increase in the fundamental default risk of firms but rather by the premium charged by investors above the spread for default risk. The effect is stronger for firms that are more financially constrained, firms that are more exposed to ESG and, particularly, climate risk concerns as well as firms that are more held by climate-concerned lenders. We show that also loan spreads of private (unrated) firms in industries affected by ESG rating downgrades increase after the methodology change.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289962551
    Other identifier:
    hdl: 10419/297318
    Series: Array ; no 2878
    Subjects: ESG ratings; Climate finance; Loan spreads; Private firms; climate change; financial risk; financial market; financial services; loan; United States
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  5. Liquidity constraints and demand for maturity the case of mortgages
    Author: Ferrari, Alessandro; Loseto, Marco
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using administrative data on mortgages issued in Italy between 2018 and 2019, this paper estimates loan demand elasticities to maturity and interest rate. We find that households are responsive to both contract terms: a 1% decrease in interest rate... more

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    Resolving-System (kostenfrei)

    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 534
    Inter-library loan:
    No inter-library loan

     

    Using administrative data on mortgages issued in Italy between 2018 and 2019, this paper estimates loan demand elasticities to maturity and interest rate. We find that households are responsive to both contract terms: a 1% decrease in interest rate increases the average loan size by 0.22% whereas a commensurable increase in maturity increases loan demand by 0.30%. This evidence suggests that credit constraints are relevant in this market. Things change substantially when moving along the distribution of contract maturities: short term borrowers are unresponsive to their contract length while maturity elasticities are higher for long term borrowers.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289962247
    Other identifier:
    hdl: 10419/297299
    Series: Working paper series / European Central Bank ; no 2859
    Subjects: household finance; credit demand; maturity; mortgage; mortgage bank; loan; negotiable instrument; household
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  6. "Glossy green" banks
    the disconnect between environmental disclosures and lending activities
    Author: Giannetti, Mariassunta; Jasova, Martina; Loumioti, Maria; Mendicino, Caterina
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using confidential information on banks' portfolios, inaccessible to market participants, we show that banks that emphasize the environment in their disclosures extend a higher volume of credit to brown borrowers, without charging higher interest... more

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    Verlag (kostenfrei)
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    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    Using confidential information on banks' portfolios, inaccessible to market participants, we show that banks that emphasize the environment in their disclosures extend a higher volume of credit to brown borrowers, without charging higher interest rates or shortening debt maturity. These results cannot be attributed to the financing of borrowers' transition towards greener technologies and are robust to controlling for banks' climate risk discussions. Examining the mechanisms behind the strategic disclosure choices, we highlight that banks are hesitant to sever ties with existing brown borrowers, especially if they exhibit financial underperformance.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289962599
    Other identifier:
    hdl: 10419/297322
    Series: Working paper series / European Central Bank ; no 2882
    Subjects: financial institutions; sustainability reporting; strategic disclosure; credit exposure; zombie lending; financial institution; sustainable development; green economy; environmental economics; economic instrument for the environment; loan; bank; adaptation to climate change; sustainable finance
    Scope: 1 Online-Ressource (circa 81 Seiten), Illustrationen
  7. Living in a world of disappearing nature
    physical risk and the implications for financial stability
    Author: Boldrini, Simone; Ceglar, Andrej; Lelli, Chiara; Parisi, Laura; Heemskerk, Irene
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The loss of biodiversity and the degradation of natural ecosystems pose a significant threat to the broader economy and financial stability that central banks and financial supervisors cannot ignore. To gain further insights into the implications of... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    The loss of biodiversity and the degradation of natural ecosystems pose a significant threat to the broader economy and financial stability that central banks and financial supervisors cannot ignore. To gain further insights into the implications of nature and ecosystem service degradation for financial stability, this study assesses the dependencies of euro area non-financial corporations and banks on different ecosystem services. The study then develops a method to capture banks' credit portfolio sensitivity to possible future changes in the provision of ecosystem services. Our results show that 75% of all corporate loan exposures in the euro area have a strong dependency on at least one ecosystem service. We also find that loan portfolios may be significantly affected if nature degradation continues its current trend, with greater vulnerabilities concentrated in certain regions and economic sectors.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289962322
    Other identifier:
    hdl: 10419/283460
    Series: Occasional paper series / European Central Bank ; No 333
    Subjects: biodiversity loss; nature degradation; input-output table; ENCORE,materiality score; economy; impact; nexus; financial stability; risk management; financial risk; environmental risk prevention; economic transition; green economy; biodiversity; degradation of the environment; economic consequence; euro area; loan; input-output analysis
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  8. La introducción del anglicismo berry/berries en el español de Chile: historia, proceso integrativo y consecuencias semánticas
    Author: Sinner, Carsten; Gerding Salas, Constanza
    Published: 2023
    Publisher:  Universitätsbibliothek Leipzig, Leipzig

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    Source: Union catalogues
    Language: Spanish
    Media type: Book
    Format: Online
    Other identifier:
    Parent title: In: Zeitschrift für romanische Philologie. 136(3),S. 789-832. ISSN: 0049-8661
    Other subjects: berry/berries; loan; anglicism; feeling of neologicity; Chilean Spanish; berry/berries; préstamo; anglicismo; sensación de neologicidad; español chileno
    Scope: Online-Ressource
  9. Living in a world of disappearing nature
    physical risk and the implications for financial stability
    Author: Boldrini, Simone; Ceglar, Andrej; Lelli, Chiara; Parisi, Laura; Heemskerk, Irene
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The loss of biodiversity and the degradation of natural ecosystems pose a significant threat to the broader economy and financial stability that central banks and financial supervisors cannot ignore. To gain further insights into the implications of... more

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

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    The loss of biodiversity and the degradation of natural ecosystems pose a significant threat to the broader economy and financial stability that central banks and financial supervisors cannot ignore. To gain further insights into the implications of nature and ecosystem service degradation for financial stability, this study assesses the dependencies of euro area non-financial corporations and banks on different ecosystem services. The study then develops a method to capture banks' credit portfolio sensitivity to possible future changes in the provision of ecosystem services. Our results show that 75% of all corporate loan exposures in the euro area have a strong dependency on at least one ecosystem service. We also find that loan portfolios may be significantly affected if nature degradation continues its current trend, with greater vulnerabilities concentrated in certain regions and economic sectors.

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289962322
    Other identifier:
    hdl: 10419/283460
    Series: Occasional paper series / European Central Bank ; No 333
    Subjects: biodiversity loss; nature degradation; input-output table; ENCORE,materiality score; economy; impact; nexus; financial stability; risk management; financial risk; environmental risk prevention; economic transition; green economy; biodiversity; degradation of the environment; economic consequence; euro area; loan; input-output analysis
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen