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  1. Why did public banks lend more during the Global Financial Crisis?
    Author: Bosshardt, Joshua; Cerutti, Eugenio M.
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led public banks to better maintain... more

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    During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led public banks to better maintain lending during the GFC. Using a novel bank-level dataset covering 25 emerging market economies, we show that public banks lent relatively more during the GFC because they pursued an objective of helping to stabilize the economy, rather than because they had superior fundamentals or access to public or depositors' funding. Nonetheless, their countercyclical behavior seems unique to the GFC rather than a regular characteristic of public banks before and after the GFC

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513546049
    Other identifier:
    Series: IMF working paper ; WP/20, 84
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Liquidity regulation and bank risk taking on the horizon
    Author: Bosshardt, Joshua; Kakhbod, Ali; Saidi, Farzad
    Published: 16 January 2023
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17811
    Subjects: bank risk taking; insurance sector; LCR
    Scope: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  3. The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts
    Author: Bosshardt, Joshua; Di Maggio, Marco; Kakhbod, Ali; Kermani, Amir
    Published: July 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically... more

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    This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically restrictions on the debt-to-income (DTI) ratio, account for the majority of the decline in mortgages. These effects are even more pronounced for young and middle-income borrowers who find themselves excluded from the credit market. Also, regions with historically high DTI ratios exhibited greater reductions in mortgage originations, house prices, and consumption

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31464
    Subjects: Geldpolitik; Geldpolitische Transmission; Kreditgeschäft; Kreditmarkt; Hypothek; Verteilungswirkung; General; Monetary Policy, Central Banking, and the Supply of Money and Credit; Monetary Policy; Household Finance; Household Saving, Borrowing, Debt, and Wealth
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  4. The bank liquidity channel of financial (in)stability
    Author: Bosshardt, Joshua; Kakhbod, Ali; Saidi, Farzad
    Published: August 2021
    Publisher:  ECONtribute, Bonn

    We examine the system-wide effects of liquidity regulation on banks’ balance sheets. In the general equilibrium model, banks have to hold liquid assets, and choose among illiquid assets varying in the extent to which they are difficult to value... more

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    We examine the system-wide effects of liquidity regulation on banks’ balance sheets. In the general equilibrium model, banks have to hold liquid assets, and choose among illiquid assets varying in the extent to which they are difficult to value before maturity, e.g., structured securities. By improving the liquidity of interbank markets, tighter liquidity requirements induce banks to invest in such complex assets. We evaluate the welfare properties of combining liquidity regulation with other financial-stability policies, and show that it can complement ex-ante policies, such as asset-specific taxes, whereas it can undermine the benefits of ex-post interventions, such as quantative easing.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/244342
    Series: ECONtribute discussion paper ; no. 108
    Subjects: liquidity regulation; securitization; interbank markets; financial stability; quantitative easing
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  5. The bank liquidity channel of financial (in)stability
    Author: Bosshardt, Joshua; Kakhbod, Ali; Saidi, Farzad
    Published: 09 August 2021
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16438
    Subjects: liquidity regulation; Securitization; Interbank Markets; Financial Stability; Quantitativeeasing
    Scope: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  6. The Value of Intermediaries for GSE Loans
    Author: Bosshardt, Joshua; Kakhbod, Ali; Kermani, Amir
    Published: August 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We analyze the costs and benefits of intermediaries for government-sponsored enterprise (GSE) mortgages using regulatory data. We find evidence of lenders pricing for observable and unobservable default risk independently from the GSEs. These... more

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    We analyze the costs and benefits of intermediaries for government-sponsored enterprise (GSE) mortgages using regulatory data. We find evidence of lenders pricing for observable and unobservable default risk independently from the GSEs. These findings are explained using a model of competitive lending in which lenders have skin-in-the-game and acquire information beyond the GSEs' underwriting criteria, but also charge markups. We find that most borrowers are better off in a counterfactual in which the GSEs' underwriting criteria are implemented passively. Finally, the observed differences between banks and nonbanks are more consistent with differences in their skin-in-the-game rather than screening quality

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31575
    Subjects: Bank; Öffentliches Unternehmen; Kreditgeschäft; Hypothek; Informeller Finanzsektor; USA; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Household Finance
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  7. Why did public banks lend more during the Global Financial Crisis?
    Author: Bosshardt, Joshua; Cerutti, Eugenio M.
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led public banks to better maintain... more

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    During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led public banks to better maintain lending during the GFC. Using a novel bank-level dataset covering 25 emerging market economies, we show that public banks lent relatively more during the GFC because they pursued an objective of helping to stabilize the economy, rather than because they had superior fundamentals or access to public or depositors' funding. Nonetheless, their countercyclical behavior seems unique to the GFC rather than a regular characteristic of public banks before and after the GFC

     
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