Incomplete credit markets and monetary policy
Sign Up to like & getrecommendations! Published in 2019 at "Journal of Economic Dynamics and Control"
DOI: 10.1016/j.jedc.2019.03.005
Abstract: We study monetary policy when private credit markets are incomplete. The macroeconomy we study has a large private credit market, in which participant households use non-state contingent nominal contracts (NSCNC). A second, small group of… read more here.
Keywords: monetary policy; private credit; rule; credit markets ... See more keywords
Spillovers across European sovereign credit markets and role of surprise and uncertainty
Sign Up to like & getrecommendations! Published in 2019 at "Applied Economics"
DOI: 10.1080/00036846.2019.1659930
Abstract: ABSTRACT We identify the network structure of spillovers and time-varying spillover intensities across European sovereign credit markets proposing a novel Copula-Granger causality based structural vector auto-regressive (SVAR) approach. Via the proposed framework, we examine the… read more here.
Keywords: credit; surprise uncertainty; sovereign credit; across european ... See more keywords
‘Impending Ruin’ or ‘Remarkable Wealth’? The Role of Private Credit Markets in the 18th-Century Cape Colony
Sign Up to like & getrecommendations! Published in 2018 at "Journal of Southern African Studies"
DOI: 10.1080/03057070.2018.1403218
Abstract: Credit markets develop hand in hand with a market economy. Pre-industrial credit markets, like credit (and capital) markets today, developed in order to smooth consumption, ease trade, and enable long-term investment. Yet in the 18th-century… read more here.
Keywords: credit; 18th century; colony; cape colony ... See more keywords
The Effects of Competition in Consumer Credit Markets
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DOI: 10.1093/rfs/hhaa035
Abstract: This paper finds that banks and nonbanks respond differently to increased competition in consumer credit markets. Increased competition and a greater threat of failure induces banks to specialize in relationship business lending, and surviving banks… read more here.
Keywords: credit; consumer credit; competition consumer; competition ... See more keywords
Trust and Law in Credit Markets
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DOI: 10.1111/ecca.12400
Abstract: This study examines the coevolution of trust and legal institutions in a model of competitive credit markets plagued by asymmetric information. When entrepreneurs' relative payoff to productive activities versus cheating is private information, uncivic ones,… read more here.
Keywords: trust law; credit; law credit; credit markets ... See more keywords
Price discovery and persistent arbitrage violations in credit markets
Sign Up to like & getrecommendations! Published in 2019 at "Financial Management"
DOI: 10.1111/fima.12261
Abstract: This paper investigates price violations in credit markets using a data sample spanning from 2002 to 2016. We find that price violations are highly persistent during the crisis period, particularly for speculative‐grade bonds. There is… read more here.
Keywords: violations credit; price; credit markets; arbitrage ... See more keywords
Debt/credit, money and social relationships in the underground credit markets of Soweto, South Africa
Sign Up to like & getrecommendations! Published in 2019 at "Social Science Information"
DOI: 10.1177/0539018419851767
Abstract: This article engages with contemporary debates about debt and money from the vantage point of an ethnographic study of unregulated, small-scale moneylending business who continues to operate in the township of Soweto’s poorer neighbourhoods. Following… read more here.
Keywords: social relationships; credit; underground credit; money ... See more keywords
Nobel Lecture: Banking, Credit, and Economic Fluctuations
Sign Up to like & getrecommendations! Published in 2023 at "American Economic Review"
DOI: 10.1257/aer.113.5.1143
Abstract: Credit markets, including the market for bank loans, are characterized by imperfect and asymmetric information. These informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is unusually… read more here.
Keywords: lecture banking; banking credit; credit; credit markets ... See more keywords
Measuring bank efficiency and market power in the household and corporate credit markets considering credit risks
Sign Up to like & getrecommendations! Published in 2018 at "Acta Oeconomica"
DOI: 10.1556/032.2018.68.2.1
Abstract: The aim of this paper is to estimate the efficiency of Hungarian banks with several models and to calculate the Lerner index for both the household and the corporate credit market. We apply stochastic frontier… read more here.
Keywords: credit; market; household corporate; efficiency ... See more keywords
Access and participation of rural households to the credit markets in Meghalaya
Sign Up to like & getrecommendations! Published in 2017 at "Economic Affairs"
DOI: 10.5958/0976-4666.2017.00021.3
Abstract: Low credit participation rate and inadequate access to credit facilities is a common occurrence in developing economies. The study examines participation and access to credit in the rural households of Meghalaya using primary data collected… read more here.
Keywords: participation rural; credit; participation; rural households ... See more keywords