![Title of presentation](http://s1.studyres.com/store/data/013602047_1-f9f84215a214631f1d5a52a9a02f938a-300x300.png)
Title of presentation
... Average expected net yield (seasoned) of largest 5-y platforms in each region: local currency (dotted) and swapped into USD (solid) ...
... Average expected net yield (seasoned) of largest 5-y platforms in each region: local currency (dotted) and swapped into USD (solid) ...
News, Housing Boom-Bust Cycles, and Monetary Policy May 2014
... and preferences that incorporate a weak wealth e↵ect on labor supply are used to generate positive comovement. Christiano et. al. (2008) study a sticky wage model with a monetary authority that targets inflation. When there is positive productivity news, the central bank’s policy can keep inflation ...
... and preferences that incorporate a weak wealth e↵ect on labor supply are used to generate positive comovement. Christiano et. al. (2008) study a sticky wage model with a monetary authority that targets inflation. When there is positive productivity news, the central bank’s policy can keep inflation ...
Pension Liabilities: Fear Tactics and Serious Policy
... assessing their funding situation. This paper argues that pension funds should adopt a funding principle that is consistent with a return on holdings conditional on the state of the market. As will be shown, the expected “conditional rate of return” used in making this assessment will vary depending ...
... assessing their funding situation. This paper argues that pension funds should adopt a funding principle that is consistent with a return on holdings conditional on the state of the market. As will be shown, the expected “conditional rate of return” used in making this assessment will vary depending ...
Three Essays on The Term Structure of Interest Rates
... The result in this paper is in sharp contrast to the conventional view that shortterm capital is more internationally mobile than long-term capital. The 1960’s Operation Twist, in which the Federal Reserve and the Treasury attempted to raise the short-term rate relative to the long-term interest rat ...
... The result in this paper is in sharp contrast to the conventional view that shortterm capital is more internationally mobile than long-term capital. The 1960’s Operation Twist, in which the Federal Reserve and the Treasury attempted to raise the short-term rate relative to the long-term interest rat ...
Debt, Recovery Rates and the Greek Dilemma - Eureka
... obligations radically changed, and, therefore, credit-spreads rose steeply. In addition, a temporary relative decline in productive efficiency, moved the economy from growth and stability to contraction and instability. In our model, we capture these effects by supporting two steady state equilibria ...
... obligations radically changed, and, therefore, credit-spreads rose steeply. In addition, a temporary relative decline in productive efficiency, moved the economy from growth and stability to contraction and instability. In our model, we capture these effects by supporting two steady state equilibria ...
The countercyclical capital buffer in Spain: an
... Failing to use the buffer when the systemic risks it is targeting materialise would reduce the CCB’s effectiveness and increase procyclicality. Naturally, the release would only be possible if the CCB was correctly accumulated in anticipation to a downturn. The countercyclical capital requirement is ...
... Failing to use the buffer when the systemic risks it is targeting materialise would reduce the CCB’s effectiveness and increase procyclicality. Naturally, the release would only be possible if the CCB was correctly accumulated in anticipation to a downturn. The countercyclical capital requirement is ...
Risks in Hedge Fund Strategies: Case of Convertible Arbitrage
... equity risk. The credit arbitrage strategy, PCASc, is designed to create a long credit spread position while retaining neutrality to interest rate and equity risks. It is designed to capture value from over/under priced credit risk inherent in the CBs. The volatility arbitrage strategy, PCASv, seek ...
... equity risk. The credit arbitrage strategy, PCASc, is designed to create a long credit spread position while retaining neutrality to interest rate and equity risks. It is designed to capture value from over/under priced credit risk inherent in the CBs. The volatility arbitrage strategy, PCASv, seek ...
The effect of interest rates on commercial real estate prices: the case
... companies have been supported by the establishment of dozens of innovation and technology hubs over the last three years. These hubs provide collaborative work spaces for entrepreneurs and investors and are at the heart of Africa‘s emerging technology clusters, which include those in Nairobi, Lagos ...
... companies have been supported by the establishment of dozens of innovation and technology hubs over the last three years. These hubs provide collaborative work spaces for entrepreneurs and investors and are at the heart of Africa‘s emerging technology clusters, which include those in Nairobi, Lagos ...
102finalmc
... 4. Megasoft wants to finance the purchase of new equipment for developing security software called Doors, but they have limited internal funds. Megasoft will likely a. demand loanable funds by buying bonds. b. demand loanable funds by selling bonds. c. supply loanable funds by buying bonds. d. suppl ...
... 4. Megasoft wants to finance the purchase of new equipment for developing security software called Doors, but they have limited internal funds. Megasoft will likely a. demand loanable funds by buying bonds. b. demand loanable funds by selling bonds. c. supply loanable funds by buying bonds. d. suppl ...
A Model of Housing and Credit Cycles with Imperfect
... UK B152TT. E-mail address: [email protected]. Tel: (+44) 121 4145620. ...
... UK B152TT. E-mail address: [email protected]. Tel: (+44) 121 4145620. ...
Parameter Uncertainty and the Credit Risk of Collateralized Debt
... Modeling dependence in realized defaults among groups of credit exposures is critical for portfolio credit risk management. Normal copula models describe default dependence using systems of correlated normal latent credit factors. Copula-based models have become popular over the last decade both bec ...
... Modeling dependence in realized defaults among groups of credit exposures is critical for portfolio credit risk management. Normal copula models describe default dependence using systems of correlated normal latent credit factors. Copula-based models have become popular over the last decade both bec ...
Rebalancing the housing and mortgage markets – critical issues
... Buy to ease the constraints and to support more higher loan to value lending. Subject to the final detail of this scheme which are due later in 2013 lenders will respond to this new initiative but it will still be within the credit quality parameters that have been established under the MMR. Indeed ...
... Buy to ease the constraints and to support more higher loan to value lending. Subject to the final detail of this scheme which are due later in 2013 lenders will respond to this new initiative but it will still be within the credit quality parameters that have been established under the MMR. Indeed ...
Working Paper Series - Federal Reserve Bank of Richmond
... pay interest on reserves and the fact that the central bank only controls the total amount of monetary assets (currency plus reserves) but does not control the split between the two (an endogenous variable in the model). When the central bank pays interest on reserves at the market rate and the capi ...
... pay interest on reserves and the fact that the central bank only controls the total amount of monetary assets (currency plus reserves) but does not control the split between the two (an endogenous variable in the model). When the central bank pays interest on reserves at the market rate and the capi ...
Basel III Pillar 3 Regulatory Capital Disclosure Report 12.31.15
... raise supervisory concerns. It is the policy of the Federal Reserve Board that a savings and loan holding company like Synchrony should generally pay dividends on common stock only out of earnings, and only if prospective earnings retention is consistent with the company’s capital needs and overall ...
... raise supervisory concerns. It is the policy of the Federal Reserve Board that a savings and loan holding company like Synchrony should generally pay dividends on common stock only out of earnings, and only if prospective earnings retention is consistent with the company’s capital needs and overall ...
Risk premia in general equilibrium
... fail, however, when it comes to the effects of uncertainty. This paper contributes to the literature on the determinants of the risk premium, that is the rewards that investors demand for bearing particular risks (Campbell 2000). There has been a long discussion since Rietz (1988) proposed the ‘rare ...
... fail, however, when it comes to the effects of uncertainty. This paper contributes to the literature on the determinants of the risk premium, that is the rewards that investors demand for bearing particular risks (Campbell 2000). There has been a long discussion since Rietz (1988) proposed the ‘rare ...
Equilibrium existence in the international asset and good
... more risk. The second one rests on the existence of exchange rates that prevent agents from buying some consumption good from one country and reselling to another to make gains. More precisely, on the side of goods, we show the equivalence between the uncovered interest rate parity1 and a no-arbitra ...
... more risk. The second one rests on the existence of exchange rates that prevent agents from buying some consumption good from one country and reselling to another to make gains. More precisely, on the side of goods, we show the equivalence between the uncovered interest rate parity1 and a no-arbitra ...
Inflation and the Price of Real Assets ∗ Monika Piazzesi Martin Schneider
... markets to study the 1970s. The key elements of the model are that households differ by age and wealth and that all credit is nominal, so that inflation matters for bond returns and the cost of borrowing. Our empirical strategy is based on the idea that micro data on household characteristics can be ...
... markets to study the 1970s. The key elements of the model are that households differ by age and wealth and that all credit is nominal, so that inflation matters for bond returns and the cost of borrowing. Our empirical strategy is based on the idea that micro data on household characteristics can be ...
Safe Assets
... as one whose real value is insulated from shocks, including the declines in GDP due to the rare disasters. However, if the GDP process is given, safe assets cannot mitigate overall risk but can only redistribute this risk across agents. In a representative-agent setting, the redistribution of aggreg ...
... as one whose real value is insulated from shocks, including the declines in GDP due to the rare disasters. However, if the GDP process is given, safe assets cannot mitigate overall risk but can only redistribute this risk across agents. In a representative-agent setting, the redistribution of aggreg ...
Causes and Consequences of Persistently Low Interest Rates
... long-term advanced economy interest rates, from levels of around 4-6% to close to zero. Although recent falls have been associated with the financial crisis and its aftermath, the decline in yields, particularly for longer-term rates, began in the late 1990s. Moreover, the fall in yields has been as ...
... long-term advanced economy interest rates, from levels of around 4-6% to close to zero. Although recent falls have been associated with the financial crisis and its aftermath, the decline in yields, particularly for longer-term rates, began in the late 1990s. Moreover, the fall in yields has been as ...
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... rather to formulate the alternative pricing benchmark that can be used to estimate the profit margin which can then be used as an alternative to interest rate. To some extent, the juristic opinions on prohibiting and allowing regulatory pricing can be used as a precedent to justify introducing the n ...
... rather to formulate the alternative pricing benchmark that can be used to estimate the profit margin which can then be used as an alternative to interest rate. To some extent, the juristic opinions on prohibiting and allowing regulatory pricing can be used as a precedent to justify introducing the n ...
Banks credit assessment to small businesses
... supervision over the world the Basel Committee on Banking Supervision was founded in 1974, with its main objective to provide international banks with guidelines and recommendations (Bank for International Settlements, 2011a). The first accord published by the Basel Committee where introduced in 198 ...
... supervision over the world the Basel Committee on Banking Supervision was founded in 1974, with its main objective to provide international banks with guidelines and recommendations (Bank for International Settlements, 2011a). The first accord published by the Basel Committee where introduced in 198 ...
NBER WORKING PAPER SERIES SELF-FULFILLING CREDIT MARKET FREEZES Lucian A. Bebchuk Itay Goldstein
... banks have makes an inefficient credit market freeze equilibrium more likely. Such depletion in the financial sector’s capital makes each bank more concerned that operating firms in the economy will not receive sufficient capital and therefore more reluctant to lend the capital it has to operating ...
... banks have makes an inefficient credit market freeze equilibrium more likely. Such depletion in the financial sector’s capital makes each bank more concerned that operating firms in the economy will not receive sufficient capital and therefore more reluctant to lend the capital it has to operating ...
GCD Discount Rate - Global Credit Data
... discount rates in Section 4.2). The objective of the Working Group is the computation of observed LGDs based on the time value of money – here specific ( ...
... discount rates in Section 4.2). The objective of the Working Group is the computation of observed LGDs based on the time value of money – here specific ( ...
Interest Rate Policy and the Inflation Scare Problem
... This article analyzes the disinflation by reviewing the interaction between Federal Reserve policy actions and economic variables such as the long-term bond rate, real GDP growth, and inflation. The period breaks naturally into a number of phases, with the broad contour of events as follows. A perio ...
... This article analyzes the disinflation by reviewing the interaction between Federal Reserve policy actions and economic variables such as the long-term bond rate, real GDP growth, and inflation. The period breaks naturally into a number of phases, with the broad contour of events as follows. A perio ...
Self-Fulfilling Credit Market Freezes
... will make on borrowed capital thus will increase if other operating firms are able to obtain financing. This interdependence can be generated by multiple channels. A firm’s success depends on the success of firms who use its products, of those who supply its inputs, and of those whose employees buy ...
... will make on borrowed capital thus will increase if other operating firms are able to obtain financing. This interdependence can be generated by multiple channels. A firm’s success depends on the success of firms who use its products, of those who supply its inputs, and of those whose employees buy ...
Credit rationing
![](https://commons.wikimedia.org/wiki/Special:FilePath/Loanablefunds.png?width=300)
Credit rationing refers to the situation where lenders limit the supply of additional credit to borrowers who demand funds, even if the latter are willing to pay higher interest rates. It is an example of market imperfection, or market failure, as the price mechanism fails to bring about equilibrium in the market. It should not be confused with cases where credit is simply ""too expensive"" for some borrowers, that is, situations where the interest rate is deemed too high. On the contrary, the borrower would like to acquire the funds at the current rates, and the imperfection refers to the absence of equilibrium in spite of willing borrowers. In other words, at the prevailing market interest rate, demand exceeds supply, but lenders are not willing to either loan more funds, or raise the interest rate charged, as they are already maximising profits.