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  1. ECB corporate QE and the loan supply to bank-dependent firms
    Autor*in: Betz, Frank; De Santis, Roberto A.
    Erschienen: [2019]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Using a representative sample of businesses in the euro area, we show that Eurosystem purchases of corporate bonds under the Corporate Sector Purchase programme (CSPP) increased the net issuance of debt securities, triggering a shift in bank loan... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534
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    Using a representative sample of businesses in the euro area, we show that Eurosystem purchases of corporate bonds under the Corporate Sector Purchase programme (CSPP) increased the net issuance of debt securities, triggering a shift in bank loan supply in favour of firms that do not have access to bond-based financing. Identification comes from matching bank-dependent firms to their lenders and accounting for the effect of CSPP on banks' activity in the syndicated loan market. In a difference-in-differences setting, we show that credit access improved relatively more for firms borrowing from banks relatively more exposed to CSPP-eligible firms. Unlike in previous studies, this result applies regardless of bank balance sheet quality as measured by Tier 1 and NPL ratios.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289938839
    Weitere Identifier:
    hdl: 10419/208348
    Schriftenreihe: Working paper series / European Central Bank ; no 2314 (September 2019)
    Schlagworte: Geldpolitik; Quantitative Lockerung; Unternehmensanleihe; Kreditgeschäft; Eurozone; EU-Staaten; Corporate Sector Purchase Programme CSPP
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  2. How do firms cope with losses from extreme weather events?
    Autor*in: Benincasa, Emanuela; Betz, Frank; Gattini, Luca
    Erschienen: July 2022
    Verlag:  European Investment Bank, Luxembourg

    We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 429
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    We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either replenish damaged capital or to adapt to climate change, firms hit by extreme weather are more likely to invest in long-term assets. In addition, they are more likely to integrate climate-friendly measures in their production processes. Although these firms have higher needs for bank credit, they are not more likely to be credit constrained than the average firm. Nonetheless, they face higher loan rejection rates and they are more leveraged than otherwise comparable firms. This suggests that climate change has the potential to erode the quality of firm balance sheets over time.

     
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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789286153730
    Weitere Identifier:
    hdl: 10419/261495
    Schriftenreihe: Economics - working papers ; 2022, 10
    Schlagworte: Physical climate risk; Extreme weather; Access to credit; Corporate investment
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  3. Access to finance in the Middle East and North Africa
    evidence from the 2019 Enterprise Survey
    Autor*in: Akbas, Ozan; Alper, Koray; Benincasa, Emanuela; Betz, Frank; Davradakis, Emmanouil; Gattini, Luca; Kadereit, Till
    Erschienen: [2022]
    Verlag:  European Investment Bank, [Luxembourg]

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    Sprache: Englisch
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    Format: Online
    ISBN: 9789286153228
    Weitere Identifier:
    Schriftenreihe: Economics
    MENA enterprise survey report working papers ; volume 1
    Schlagworte: Credit constraints; financial autarky; crowding out; physical climate risk
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  4. Structural and cyclical determinants of access to finance
    evidence from Egypt
    Autor*in: Betz, Frank; Ravasan, Farshad R.; Weiss, Christoph T.
    Erschienen: 23 Januar 2020
    Verlag:  European Investment Bank, Luxembourg

    Using panel data on Egyptian firms to explore cyclical and structural determinants of access to finance, we find that firms with more educated and more experienced managers are more likely to open a checking account, often a prerequisite for... mehr

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    EDZ online a
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Using panel data on Egyptian firms to explore cyclical and structural determinants of access to finance, we find that firms with more educated and more experienced managers are more likely to open a checking account, often a prerequisite for obtaining credit. Firms that started operating in the informal sector before registering are less likely to engage with the banking system. Exploiting data on the location of firms and bank branches, we also show that firms located in areas with a greater presence of banks that invest more in government debt are more likely to be credit constrained due to crowding out of the private sector.

     
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    Sprache: Englisch
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    Format: Online
    ISBN: 9789286144882; 9789286144875
    Weitere Identifier:
    hdl: 10419/213425
    Schriftenreihe: Economics - working papers ; 2019, 10
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  5. Stochastische Bevölkerungsprognose für West- und Ostdeutschland
    Autor*in: Lipps, Oliver; Betz, Frank
    Erschienen: 2003
    Verlag:  Universitätsbibliothek Mannheim, Mannheim

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  6. Quantifying credit gaps using survey data on discouraged borrowers
    Autor*in: Akbas, Ozan E.; Betz, Frank; Gattini, Luca
    Erschienen: November 2023
    Verlag:  European Investment Bank, Luxembourg

    The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 429
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    The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a credit allocation rule. Our study covers 35 emerging markets and developing economies and uses the 2018-2020 EBRD-EIB-World Bank Enterprise Survey. We show that on average discouraged firms are less creditworthy than successful applicants. Nonetheless, the share of bankable discouraged firms is large, suggesting inefficient credit rationing. The baseline results point to an aggregate credit gap of 8.4% of GDP with significant variation across countries. SMEs account for more than two-thirds of the total, reflecting both their contribution to economic activity and the fact that they are more likely to be credit-constrained.

     
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    Sprache: Englisch
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    Format: Online
    ISBN: 9789286156212
    Weitere Identifier:
    hdl: 10419/280955
    Auflage/Ausgabe: This Version: 20 September 2023
    Schriftenreihe: Economics - working papers ; 2023, 06
    Schlagworte: credit rationing; discouraged borrowers; firm-level data; EMDEs
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  7. Stochastic population projection for Germany
    Autor*in: Betz, Frank; Lipps, Oliver
    Erschienen: 2004
    Verlag:  MEA, Mannheim

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: MEA discussion papers ; 59
    Schlagworte: Bevölkerungsprognose; Prognoseverfahren; Stochastischer Prozess; Westdeutsche Bundesländer; Ostdeutschland; Deutschland
    Umfang: 18 S, graph. Darst
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  8. Marx vs. Weber
    does religion affect politics and the economy?
    Autor*in: Basten, Christoph; Betz, Frank
    Erschienen: 2011
    Verlag:  European Central Bank, Frankfurt am Main

    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure and for redistribution and intervention in the economy. With a Fuzzy Spatial Regression Discontinuity Design, we exploit a historical... mehr

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure and for redistribution and intervention in the economy. With a Fuzzy Spatial Regression Discontinuity Design, we exploit a historical quasiexperiment in Western Switzerland, where in the 16th century a so far homogeneous region was split and one part assigned to convert to Protestantism. We find that Reformed Protestantism reduces the fraction of citizens voting for more leisure by 13, and that voting for more redistribution and government intervention by respectively 3 and 11 percentage points. These preferences are found to translate into greater income inequality, but we find no robust effect on average income. - Max Weber ; Culture ; Protestant Work Ethic ; Political Preferences ; Regression Discontinuity Design

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/153827
    Schriftenreihe: Working paper series / European Central Bank ; 1393
    Umfang: Online-Ressource, (49 S., 2,17 MB)
  9. Beyond work ethic
    religion, individual and political preferences
    Autor*in: Basten, Christoph; Betz, Frank
    Erschienen: 2012
    Verlag:  KOF, Zürich

    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure, and for redistribution and intervention in the economy. We use a Fuzzy Spatial Regression Discontinuity Design to exploit a historical... mehr

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 297 (309)
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    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure, and for redistribution and intervention in the economy. We use a Fuzzy Spatial Regression Discontinuity Design to exploit a historical quasi-experiment in Western Switzerland, where in the 16th century a hitherto homogeneous region was split and one part assigned to adopt Protestantism. We find that Reformed Protestantism reduces referenda voting for more leisure by 12, for redistribution by 7, and for government intervention by 6 percentage points. These preferences translate into higher per capita income as well as greater income inequality.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/80857
    Schriftenreihe: KOF working papers / KOF Swiss Economic Institute, ETH Zurich ; 309
    Schlagworte: Protestantismus; Katholizismus; Regionale Einkommensverteilung; Leistungsmotivation; Freizeitverhalten; Arbeitsethik; Geschichte; Westschweiz; Experiment
    Umfang: Online-Ressource (PDF-Datei: 42 S., 1,09 MB), graph. Darst., Kt.
  10. Collateral regimes and missing job creation in the MENA region
    Autor*in: Betz, Frank; Ravasan, Farshad R.
    Erschienen: 06 July 2016
    Verlag:  European Investment Bank, Luxembourg

    The economies in the Middle East and North Africa have not been able to generate a sufficient number of jobs for a fast growing population. This paper uses data from the MENA Enterprise Survey to investigate the extent to which prevailing collateral... mehr

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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 429 (2016,3)
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    The economies in the Middle East and North Africa have not been able to generate a sufficient number of jobs for a fast growing population. This paper uses data from the MENA Enterprise Survey to investigate the extent to which prevailing collateral practices affect the allocation of credit and firms' ability to expand and create jobs. Using matched bank-firm data to recover banks' collateral policies and exploiting data on the location of firms and bank branches, the paper aggregates the estimated collateral policies into branch-weighted indices that represent collateral practices at the local level. We find that less stringent collateral regimes are conducive to employment growth. Young firms in particular benefit from lower collateral ratios, while a greater willingness to accept movables benefits both young and old firms.

     
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    Weitere Identifier:
    hdl: 10419/144176
    Auflage/Ausgabe: this draft: 20/05/2016
    Schriftenreihe: EIB working papers ; 2016/03
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  11. Systemic risk spillovers in the European banking and sovereign network
    Autor*in: Betz, Frank; Hautsch, Nikolaus; Peltonen, Tuomo; Schienle, Melanie
    Erschienen: January 2016
    Verlag:  KIT, Karlsruher Institut für Technologie, Karlsruhe

    We propose a framework for estimating time-varying systemic risk contributions that is applicable to a high-dimensional and interconnected financial system. Tail risk dependencies and systemic risk contributions are estimated using a penalized... mehr

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    Karlsruher Institut für Technologie, KIT-Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 254 (79)
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    We propose a framework for estimating time-varying systemic risk contributions that is applicable to a high-dimensional and interconnected financial system. Tail risk dependencies and systemic risk contributions are estimated using a penalized two-stage fixed-effects quantile approach, which explicitly links time-varying interconnectedness to systemic risk contributions. For the purposes of surveillance and regulation of financial systems, network dependencies in extreme risks are more relevant than simple (mean) correlations. Thus, the framework provides a tool for supervisors, reflecting the market's view of tail dependences and systemic risk contributions. The model is applied to a system of 51 large European banks and 17 sovereigns during the period from 2006 through 2013, utilizing both equity and CDS prices. We provide new evidence on how banking sector fragmentation and sovereign-bank linkages evolved over the European sovereign debt crisis, and how they are reflected in estimated network statistics and systemic risk measures. Finally, our evidence provides an indication that the fragmentation of the European financial system has peaked.

     
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    Weitere Identifier:
    hdl: 10419/126093
    Schriftenreihe: Working paper series in economics ; No. 79
    Umfang: 1 Online-Ressource (40 Seiten)
  12. Neighbourhood SME financing
    Jordan = Jordanien / lead author: Frank Betz (Economist, European Investment Bank), Geoff Frewer (Deputy Head of Division, European Investment Bank)
    Autor*in: Betz, Frank; Frewer, Geoff
    Erschienen: February 2016
    Verlag:  European Investment Bank, Luxembourg

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/163414
    Übergeordneter Titel: Neighbourhood SME financing - Alle Bände anzeigen
    Schriftenreihe: [Regionale Studien und Rundtischgespräche]
    Schlagworte: Unternehmensfinanzierung; KMU; Jordanien
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen