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The Economic Effects of a Borrower Bailout : Evidence from an Emerging Market
Authors: ---
Year: 2014 Publisher: Washington, D.C., The World Bank,

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Abstract

This paper studies the credit market implications and real effects of one the largest borrower bailout programs in history, enacted by the government of India against the backdrop of the 2008-2009 financial crisis. The study finds that the stimulus program had no effect on productivity, wages, or consumption, but led to significant changes in credit allocation and an increase in defaults. Post-program loan performance declines faster in districts with greater exposure to the program, an effect that is not driven by greater risk-taking of banks. Loan defaults become significantly more sensitive to the electoral cycle after the program, suggesting the anticipation of future credit market interventions as an important channel through which moral hazard in loan repayment is intensified.


Book
Four essays on asymmetric information in credit markets
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ISBN: 8275530377 Year: 1992 Publisher: Oslo Norges Bank


Book
Public Private Partnerships und öffentliche Verschuldung : PPP-Modelle im Licht deutscher und europäischer Verschuldungsregeln und ihre Transparenz in den öffentlichen Haushalten
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ISBN: 1299418287 3653003830 3631598785 Year: 2010 Publisher: Frankfurt am Main ; New York : P. Lang,

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Public Private Partnerships (PPPs) erfreuen sich in Deutschland wachsender Beliebtheit. Im Rahmen dieser Arbeit wird unter Berücksichtigung kameralistischer und doppischer Haushaltsführung betrachtet, ob die aus ihnen resultierenden Verbindlichkeiten in den öffentlichen Haushalten ausreichend transparent dargestellt werden und ob PPPs in Widerspruch zu den Verschuldungsregeln nach Art. 115 GG, Maastricht und der neuen Schuldenbremse stehen. Als Ergebnis bleibt festzuhalten, dass die transparente Darstellung der Verbindlichkeiten zwar leidet, aus schuldenrechtlicher Sicht allerdings nichts gegen die Durchführung von PPPs einzuwenden ist. Denn schließlich ergeben sich Anlässe zur Kritik aus aufgezeigten Schwächen des Haushalts- und Verschuldungsrechts, welche allerdings nicht zur Argumentation gegen die Durchführung von PPPs herangezogen werden sollten, wenn diese dazu dienen, öffentliche Leistungen wirtschaftlicher zu erbringen.


Book
Controlling credit : central banking and the planned economy in postwar France, 1948-1973
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ISBN: 1108227325 1108246141 1108415016 1108244432 Year: 2018 Publisher: Cambridge : Cambridge University Press,

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It is common wisdom that central banks in the postwar (1945-1970s) period were passive bureaucracies constrained by fixed-exchange rates and inflationist fiscal policies. This view is mostly retrospective and informed by US and UK experiences. This book tells a different story. Eric Monnet shows that the Banque de France was at the heart of the postwar financial system and economic planning, and contributed to economic growth by both stabilizing inflation and fostering direct lending to priority economic activities. Credit was institutionalized as a social and economic objective. Monetary policy and credit controls were conflated. He then broadens his analysis to other European countries and sheds light on the evolution of central banks and credit policy before the Monetary Union. This new understanding has important ramifications for today, since many emerging markets have central bank policies that are similar to Western Europe's in the decades of high growth.


Book
A study of bank behaviour and credit rationing
Author:
ISBN: 9514102770 9789514102776 Year: 1976 Volume: 7 Publisher: Helsinki: Suomalainen tiedeakatemia,


Book
Concentration Risk in Credit Portfolios
Authors: ---
ISBN: 9783540708704 9783540708698 Year: 2009 Publisher: Berlin Heidelberg Springer Berlin Heidelberg

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Modeling and management of credit risk are the main topics within banks and other lending institutions. Historical experience shows that, in particular, concentration of risk in credit portfolios has been one of the major causes of bank distress. Therefore, concentration risk is highly relevant to anyone who wants to go beyond the very basic portfolio credit risk models. The book gives an introduction to credit risk modeling with the aim to measure concentration risks in credit portfolios. Taking the basic principles of credit risk in general as a starting point, several industry models are studied. These allow banks to compute a probability distribution of credit losses at the portfolio level. Besides these industry models the Internal Ratings Based model, on which Basel II is based, is treated. On the basis of these models various methods for the quantification of name and sector concentration risk and the treatment of default contagion are discussed. The book reflects current research in these areas from both an academic and a supervisory perspective


Book
Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database
Authors: --- --- --- --- --- et al.
ISBN: 1498304818 149830270X 1498304788 Year: 2019 Publisher: Washington, D.C. : International Monetary Fund,

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This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016. Using these data, we first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, we exploit novel numerical information on loan-to-value (LTV) limits using a propensity-score-based method to address endogeneity concerns. The results point to economically significant and nonlinear effects, with a declining impact for larger tightening measures. Moreover, the initial LTV level appears to matter; when LTV limits are already tight, the effects of additional tightening on credit is dampened while those on consumption are strengthened.

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