Search results for "Credit"
showing 10 items of 503 documents
Die Grundlagen des Livländischen Boden-Credits: für die Interessenten des Credit-Vereins
1866
Autors uzrādīts teksta beigās.
UN FOCUS SUL MICROCREDITO SOCIALE E IMPRENDITORIALE IN ITALIA NELL'ULTIMO DECENNIO
2015
In questo capitolo si propone un’analisi delle due tipologie di microcredito che nel presente Rapporto sono state definite come microcredito sociale e microcredito imprenditoriale/produttivo, con riferimento all’evoluzione nel periodo 2005-20132 e con attenzione alla differenziazione territoriale.
A simple model of income, aggregate demand and the process of credit creation by private banks
2013
This paper presents a small macroeconomic model describing the main mechanisms of the process of creation by the private banking system. The model is composed of a core unit-where the dynamics of income, credit and aggregate demand are determined-and a set of sectoral accounts that ensure its stock-flow consistency. In order to grasp the role of credit and banks on the functioning of the economic system we make an explicit distinction between planned and realized variables, thanks to which, while maintaining the ex-post accounting consistency, we are able to introduce an ex-ante wedge between current aggregate income and planned expenditure. Private banks are the only economic agents capabl…
Sovereign debt spreads in EMU: The time-varying role of fundamentals and market distrust
2017
Abstract This paper provides further analysis on the determinants of sovereign debt spreads for peripheral Eurozone countries since the start of EMU, paying special attention to episodes that characterized the global financial crisis aftermath starting in 2007. More specifically, the purpose of our research is to disentangle the role of fundamental variables and market perception about variations on risk in order to explain the evolution of sovereign spreads in EMU during the recent crisis. Our results, in line with previous literature, show the importance of three groups of observable variables, namely, changes in risk-aversion of creditors, fiscal indebtedness and liquidity variables. In …
The Impact of Credit on Economic Growth in the Global Crisis Context
2013
Abstract Is there a connection between credit and economic growth in the present economic context? Credit was one of the factors which triggered the global crisis, thus, in the present paper we attempt to show whether there is a connection between credit and economic growth, the economy being unable to develop in the absence of credit. With the aid of a statistic software we have tried to determine the supposed existence of a connection between the GDP, credits offered to public administration and credits offered to households. The results of the analysis show that credits offered to households contribute to a greater extent to the formation of the GDP than credits offered to public adminis…
Efficiency, endogenous and exogenous credit risk in the banking systems of the Euro area
2005
The implantation of the Euro in 11 of the EU states has driven the big banks to expand their presence in other European countries, which may have negative consequences on their credit risk in view of the disadvantages involved in entering new markets. The aim of this study is to analyse the efficiency and the credit risk of the banks of the most important countries of the Euro area, using a one-stage parametric stochastic procedure that allows one to identify whether the behaviour towards risk of the banks analysed was more cautious or more reckless during the period analysed. The results indicate that adjustments for risk are important in the case of profit efficiency but not in the case o…
Why banks are not too big to fail - evidence from the CDS market
2013
This paper argues that bank size is not a satisfactory measure of systemic risk because it neglects aspects such as interconnectedness, correlation, and the economic context. In order to differentiate the effect of bank size from that of systemic importance, we control for systemic risk using the CoVaR measure introduced by Adrian and Brunnermeier (2011). We show that a bank's contribution to systemic risk has a significant negative effect on banks’ credit default swap (CDS) spreads, supporting the too‐systemic‐to‐fail hypothesis. Once we control for systemic risk, bank size (relative to gross domestic product (GDP)) has either no or a positive effect on banks’ CDS spreads. The effect of ba…
Credit market failures and policy
2009
In a simple model of the credit market, based on Stiglitz-Weiss (1981), equilibria are computed and optimal policies to correct market failures are characterized. Some widely applied policies, notably interest-rate subsidies and investment subsidies, are compared to theoretical optimum, and an alternative optimal policy is described which we argue is more robust to model misspecification. An insight on the trade-off between credit policy and infrastructural investment is also offered. A discussion of some aspects of regional policy in Italy's Mezzogiorno is finally presented as an application of the analysis.
An anatomy of financial crises in Norway, 1830-2010
2014
Author's version of an article in the journal: Financial History Review. Also available from the publisher at: http://dx.doi.org/10.1017/S0968565013000279 On the basis of a novel dataset, the article investigates the anatomy of financial crises in Norway from 1830 to 2010. First, nine significant crises are identified. Second, the article examines spillover effects on the real economy. We find a clear but not symmetric relationship. Third, the article investigates key patterns in credit and money volumes. Major financial crises typically occurred after substantial money and credit expansion, causing financial instability.
Transmission of Sovereign Risk in the Euro Crisis
2012
We assess the role of financial linkages in the transmission of sovereign risk in the Euro Crisis. Building on the narrative approach by Romer and Romer (1989), we use financial news to identify structural shocks in a vector autoregressive model of daily sovereign CDS premia for eleven European countries. To estimate how these shocks transmit across borders, we use data on cross-country bank exposures to sovereign debt. Our results indicate that cross-border financial exposures constitute important transmission channels. A 10-percent decrease in the exposure to Greek debt reduces, on average, the transmission rate of sovereign risk by 9.4 percent. Decomposing these effects, we find that exp…