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Credit Booms And Lending Standards
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Book Synopsis Credit Booms and Lending Standards by : Mr.Luc Laeven
Download or read book Credit Booms and Lending Standards written by Mr.Luc Laeven and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-04-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying market structure mattered, with entry of new, large lenders triggering declines in lending standards by incumbent banks. Finally, lending standards declined more in areas with higher mortgage securitization rates. The results are consistent with theoretical predictions from recent financial accelerator models based on asymmetric information, and shed light on the relationship between credit booms and financial instability.
Book Synopsis Lending Standards and Output Growth by : Divya Kirti
Download or read book Lending Standards and Output Growth written by Divya Kirti and published by International Monetary Fund. This book was released on 2018-03-05 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: While some credit booms are followed by economic underperformance, many are not. Can lending standards help separate good credit booms from bad credit booms contemporaneously? To observe lending standards internationally, I use information from primary debt capital markets. I construct the high-yield (HY) share of bond issuance for a panel of 38 countries. The HY share is procyclical, suggesting that lending standards in bond markets are extrapolative. Credit booms with deteriorating lending standards (rising HY share) are followed by lower GDP growth in the subsequent three to four years. Such booms deserve attention from policy makers.
Download or read book IMF Working Papers written by Luc Laeven and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Lending Standards, Credit Booms, and Monetary Policy by : Elena Afanasyeva
Download or read book Lending Standards, Credit Booms, and Monetary Policy written by Elena Afanasyeva and published by . This book was released on 2015 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policies for Macrofinancial Stability by : Mr.Bas B. Bakker
Download or read book Policies for Macrofinancial Stability written by Mr.Bas B. Bakker and published by International Monetary Fund. This book was released on 2012-06-07 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis.
Book Synopsis An Anatomy of Credit Booms by : Mr.Marco Terrones
Download or read book An Anatomy of Credit Booms written by Mr.Marco Terrones and published by International Monetary Fund. This book was released on 2008-09-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits. Micro data show a strong association between credit booms and leverage ratios, firm values, and banking fragility. We also find that credit booms are larger in emerging economies, particularly in the nontradables sector; most emerging markets crises are associated with credit booms; and credit booms in emerging economies are often preceded by large capital inflows but not by financial reforms or productivity gains.
Book Synopsis What Fuels the Boom Drives the Bust by : Jihad Dagher
Download or read book What Fuels the Boom Drives the Bust written by Jihad Dagher and published by International Monetary Fund. This book was released on 2011-09-01 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank lenders increased in virtually all US counties during the boom. We then exploit the heterogeneity in the market share of independent lenders across counties as of 2005 and show that higher market participation by these lenders is associated with increased foreclosure filing rates at the onset of the housing downturn. We carefully control for counties' economic, demographic, and housing market characteristics using both parametric and semi-nonparametric methods. We show that this relation between the pre-crisis market share of independents and the rise in foreclosure is more pronounced in less regulated states. The macroeconomic consequences of our findings are significant: we show that the market share of these lenders as of 2005 is also a strong predictor of the severity of the housing downturn and subsequent rise in unemployment. Overall our findings lend support to the view that more stringent regulation could have averted some of the volatility on the housing market during the recent boom-bust episode.
Book Synopsis Lending Standards and Ouptup Growth by : Divya Kirti
Download or read book Lending Standards and Ouptup Growth written by Divya Kirti and published by . This book was released on 2018 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: While some credit booms are followed by economic underperformance, many are not. Can lending standards help separate good credit booms from bad credit booms contemporaneously? To observe lending standards internationally, I use information from primary debt capital markets. I construct the high-yield (HY) share of bond issuance for a panel of 38 countries. The HY share is procyclical, suggesting that lending standards in bond markets are extrapolative. Credit booms with deteriorating lending standards (rising HY share) are followed by lower GDP growth in the subsequent three to four years. Such booms deserve attention from policy makers.
Book Synopsis Exploring the Balance Between Increased Credit Availability and Prudent Lending Standards by : United States. Congress. House. Committee on Financial Services
Download or read book Exploring the Balance Between Increased Credit Availability and Prudent Lending Standards written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2009 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credit Booms and Macroeconomic Dynamics by : Mr.Marco Arena
Download or read book Credit Booms and Macroeconomic Dynamics written by Mr.Marco Arena and published by International Monetary Fund. This book was released on 2015-01-22 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a comprehensive database on bank credit, covering 135 developing countries over the period 1960–2011, we identify, document, and compare the macro-economic dynamics of credit booms across low- and middle-income countries. The results suggest that while the duration and magnitude of credit booms is similar across country groups, macro-economic dynamics differ somewhat in low-income countries. We further find that surges in capital inflows are associated with credit booms. Moreover, credit booms associated with banking crises exhibit distinct macroeconomic dynamics, while also reflecting a potentially large deviation of credit from country fundamentals. These results suggest that low-income countries should remain mindful of the inter-linkages between financial liberalization, increased cross-border banking activities, and rapid credit growth.
Book Synopsis The Riskiness of Credit Allocation and Financial Stability by : Mr.Luis Brandao-Marques
Download or read book The Riskiness of Credit Allocation and Financial Stability written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2019-09-27 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson (2013)’s ISS indicator, helps predict downside risks to GDP growth and systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a measure of corporate vulnerability and of investor sentiment. Economic forecasters wrongly predict a positive association between the riskiness of credit allocation and future growth, suggesting a flawed expectations process.
Book Synopsis Lending Booms and Lending Standards by : Giovanni Dell'Ariccia
Download or read book Lending Booms and Lending Standards written by Giovanni Dell'Ariccia and published by . This book was released on 2005 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding the Securitization of Subprime Mortgage Credit by : Adam B. Ashcraft
Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
Book Synopsis Credit Booms and Lending Standars by : Giovanni Dell'Ariccia
Download or read book Credit Booms and Lending Standars written by Giovanni Dell'Ariccia and published by . This book was released on 2008 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bank Lending Standards Over the Cycle by : Gabriel Jiménez
Download or read book Bank Lending Standards Over the Cycle written by Gabriel Jiménez and published by . This book was released on 2018 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that bank lending standards are influenced by macroeconomic conditions. We use monthly data from the Banco de España Central Credit Register, which allow us to monitor all loan applications made by non-financial firms to non-current banks from 2002 to 2015. To test the pro-cyclicality of banks' appetite for risk, we investigate how two firm characteristics (ex-ante credit risk and productivity) interacting with two macroeconomic indicators (business cycle and the monetary policy stance) affect the probability of granting a loan. In order to enhance identification we account for unobserved heterogeneity by means of firm and banktime fixed effects. Our findings indicate that banks soften their credit standards during booms or when monetary policy is loose to harden them during busts or when short-term interest rates increase. This pattern is especially relevant in the case of firms' productivity, which might partly explain the dismal evolution of aggregate productivity in Spain during the pre-crisis period. Finally, we also find that these results are more pronounced among less capitalized, less liquid and more profitable banks.
Author :United States. Congress Publisher :Createspace Independent Publishing Platform ISBN 13 :9781983736209 Total Pages :212 pages Book Rating :4.7/5 (362 download)
Book Synopsis Exploring the Balance Between Increased Credit Availability and Prudent Lending Standards by : United States. Congress
Download or read book Exploring the Balance Between Increased Credit Availability and Prudent Lending Standards written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-11 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring the balance between increased credit availability and prudent lending standards : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Eleventh Congress, first session, March 25, 2009.
Book Synopsis Capital Markets and Financial Intermediation by : Colin Mayer
Download or read book Capital Markets and Financial Intermediation written by Colin Mayer and published by Cambridge University Press. This book was released on 1995-09-29 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial intermediation is currently a subject of active research on both sides of the Atlantic. The integration of European financial markets, in particular, highlights several important issues. In this volume, derived from a joint CEPR conference with the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from Europe and North America review 'state-of-the-art' theories of banking and financial intermediation and discuss their policy implications. The principal focus is on the risks of increased competition, the appropriate regulation of banks, and the differences between Anglo-American and Continental European forms of financial markets. Relationship banking, stock markets and banks, banking and corporate control, financial intermediation in Eastern Europe, monetary policy and the banking system, and financial intermediation and growth are also discussed.
