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  1. Bank Funding Risk, Reference Rates, and Credit Supply
    Autor*in: Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, Zachry; Yang, Yilin
    Erschienen: February 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until 2022,... mehr

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    Verlag (lizenzpflichtig)
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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    keine Fernleihe

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    keine Fernleihe

     

    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until 2022, this impact was reduced by linking the interest paid on lines to credit-sensitive reference rates such as LIBOR. We show that transition to risk-free reference rates may exacerbate this friction. The adverse impact on credit supply is offset if drawdowns are expected to be left on deposit at the same bank, which happened at some of the largest banks during the COVID recession

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w30907
    Schlagworte: Kreditgeschäft; Interbankenmarkt; Kreditrisiko; Kreditwürdigkeit; Bankrisiko; Geldmarkt; Finanzkrise; Zins; Zinsstruktur; Money and Interest Rates; Interest Rates: Determination, Term Structure, and Effects; General; Financial Crises; Behavioral Finance: Underlying Principles; General; Banks; Depository Institutions; Micro Finance Institutions; Mortgages
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  2. Bank funding risk, reference rates, and credit supply
    Autor*in: Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, Zachry; Yang, Yilin
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debtoverhang cost to bank shareholders. Until 2022,... mehr

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 207
    Fernleihe:
    keine Fernleihe

     

    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debtoverhang cost to bank shareholders. Until 2022, this impact was reduced by linking the interest paid on lines to credit-sensitive reference rates such as LIBOR. We show that transition to risk-free reference rates may exacerbate this friction. The adverse impact on credit supply is offset if drawdowns are expected to be left on deposit at the same bank, which happened at some of the largest banks during the COVID recession.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/272855
    Auflage/Ausgabe: Revised February 2023
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1042 (December 2022)
    Schlagworte: Kreditgeschäft; Interbankenmarkt; Kreditrisiko; Kreditwürdigkeit; Bankrisiko; Geldmarkt; Finanzkrise; bank funding risk; credit supply; reference rates; credit lines; London Interbank Offered Rate (LIBOR); Secured Overnight Financing Rate (SOFR)
    Umfang: 1 Online-Ressource (circa 64 Seiten), Illustrationen