... ‘specialness’ of banks in a setting in which there are asymmetries ofinformation. In this setting, according to the ‘signalling hypothesis’, commercial banksspecialise in lending information to problematic ... alsosignificant suggesting the usefulness of including these variables in the regression.24ECB Working PaperSeries No. 398October 2004be to improve revenues derived from including new portfolio ... for Financial Studies Working Paper Series, Johann Wolfgang Goethe University.Berger, A. N., R.J. Herring and G.P. Szego (1995), The role of capital in financialinstitutions, Journal of Banking...
... Differences in the responses in % over 48 months. Positive differences indicate a higher pass-through during the EMU sample 42ECB Working PaperSeries No. 518September 200547ECB Working PaperSeries ... Bold figures indicate rejection that time deposits rates contains no information on lending rates.27ECB Working PaperSeries No. 518September 2005 1. Introduction The pricing of retail ... as determinants of the interest rate pass-through. Since any linear combination of cointegration relations would also be stationary, cointegrating vectors could not be given a direct interpretation...
... building of banks with firms. 13ECB Working PaperSeries No 1395November 2011of analyzing the behavior of one bank we examine the loan making decision of 296 different banks. Finally, we find ... results suggest that relationships of all kinds have inherent private information and are valuable in screening, in monitoring, and in reducing consumers’ incentives to default. ... http://www.ecb.europa.eu/pub/scientific/wps/date/html/index.en.htmlISSN 1725-2806 (online)18ECB Working PaperSeries No 1395November 2011The data set not only contains information on the checking accounts that loan applicants hold at the savings banks, but...
... conventional financial accelerator model. The increase in entrepreneurial bor-rowing in turn requires an increase in bank lending and hence bank leverage, which, in the presence of a leverage constraint ... than in a conventional financial accelerator model. The increase in en-trepreneurial borrowing and leverage associated with the sudden loss of funds increases the external finance premium in ... twiceas big as in a BGG-type model. In line with the existing empirical evidence, an adverseshock to bank net worth of causes a persistent decline of both GDP and in ation. Finally, in 39[23] Hirakata,...
... Central Bank workingpaper series For a complete list of Working Papers published by the ECB, please visit the ECB’s website(http://www.ecb.int)402 “Forecasting euro area inflation using dynamic ... duration as a signal of the individual’s productivity level on which to base their hiring decisions.11ECB Working PaperSeries No. 441February 200545ECB Working PaperSeries No. 441February ... Gruen et all (1999) explains the exogeneity assumptions relevant to the estimation of PhillipsCurves.14ECB Working PaperSeries No. 441February 2005W ORKING PAPER SERIES NO. 441 / FEBRUARY...
... with relative low trading intensity. In contrast to Green(2004) and Cohen and Shin (2003), we include intraday trading intensity in our analysis. We ¯nd8ECB Working PaperSeries No. 432January ... the trading day kicks o® with a relative large spread around 3 basis point in the earlymorning, falling to 2 basis points in the late morning and gradually increasing to 4 basis points in the ... modelling of price and order °ow dynamics by takingtrading intensity and the announcement of news into account. This is the main objective ofthe paper. The investigation of trading surrounding...
... the intensive margin. Second, our tractable frame-work allows us to analyze three different types of financial innovations, and providesinteresting insight into the mechanisms linking lending ... related to this paper is recent work on competitive markets with adverse se-lection. Adams, Eina v, and Levin (2009), Einav, Jenkins, and Levin (2010) and Einav,Jenkins, and Levin (2009) find ... typically data intensive as it involves sta-tistical analysis of large d ata sets. In addition, the cost of maintaining and processingdifferent loan products is also information intensive, so...
... ¯u.10ECB Working PaperSeries No. 407November 2004or fire (R =0)the credit officer accordingly.W ORKING PAPER SERIES NO. 407 / NOVEMBER 2004BANKING CONSOLIDATION AND SMALL BUSINESS LENDINGby ... TakátsAbstractThe paper investigates small business lending as an information problem. It modelsthe effects of information asymmetries within the bank combined with fixed wages. Twokinds of inefficiencies ... tructure is decisive in small business lending.JEL classification: G21, G34, J30Keywords: corporate governance, banking, small business lending, efficiency wage4ECB Working PaperSeries No. 407November...
... still less inter linked32ECB Working PaperSeries No. 527September 2005test abov e, we opt for bootstrapping in blocks because of the nonlineardependencies that might be present in the return ... tp://www.cepr.org/data/Dating/.41ECB Working PaperSeries No. 527September 2005the ones of U S b anks. In addition to th e larger in terbank lending in E urope referred to above, this observation raises again the ... large body of approaches for quanti-fying c redit risk and modeling credit rating m igrations, including J.P. Morgan’sCreditMetrics (1999).7ECB Working PaperSeries No. 527September 2005Section...
... 34?>B8C>AB C> <>=8C>A 10=:4AB WORKING PAPER SERIES NO 845 / DECEMBER 2007RUN-PRONE BANKINGAND ASSET MARKETSby Marie Hoerova35ECB Working PaperSeries No 845December 2007B>;4;H ... 02@D8A4 WORKING PAPER SERIES NO 845 / DECEMBER 2007 In 2007 all ECB publications feature a motif taken from the 20 banknote.RUN-PRONE BANKING AND ASSET MARKETS 1by Marie Hoerova 2This paper ... spiralling liquidity crisis is in place, even solvent institutions may fail. A disruption of the efficient allocation of savings into investment then ensues. Runs are not necessarily a thing of...