منابع مشابه
Securitization and Lending Competition
We study the e¤ects of securitization on interbank lending competition when banks see private signals of local applicants repayment chances. If banks cannot securitize, the outcome is e¢ cient: they lend to their most creditworthy local applicants. With securitization, banks lend also to remote applicants with strong observables in order to lessen the lemons problem they face in selling their ...
متن کاملShocks to Bank Lending , Risk - Taking , Securitization , and their Role for U . S . Business Cycle Fluctuations
Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank lending and risk-taking shocks, in contrast...
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Most females mate with many males. This can be costly, but the benefits to females are often unclear. A new study raises the possibility that females could benefit through an unconventional genetic pathway, while also showing that males can inadvertently increase rival males' fitness in surprising ways.
متن کاملReputation and Securitization∗
We analyze a dynamic market with a seller who can make a one-time investment that affects the returns of tradable assets. The potential buyers of the assets cannot observe the seller’s investment prior to trade, nor verify it in anyway after trade. The market faces two types of inefficiency: the ex-ante inefficiency, i.e., the seller’s moral hazard problem; and the ex-post inefficiency, i.e., i...
متن کاملMarket Discipline and Securitization∗
In this paper, I ask whether securitization really contributes to better risksharing. To do this, I first propose an outcome-based formalization of the concept of market discipline. Then, I compare securitization, which consist of the transfer of risk from existing loans, with other mechanisms that differ in the timing of risk-transfer. I find that, for securitization to be an efficient risk-sh...
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 2015
ISSN: 0034-6527,1467-937X
DOI: 10.1093/restud/rdv013