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Signaling in Credit Markets [PDF]
The Quarterly Journal of Economics, 1988 We show that, under a variety of alternative assumptions about the private information of loan applicants, a competitive market for loans is characterized by screening. Banks separate out loan risks by offering higher loans at higher interest rates.
Milde, Hellmuth, Riley, John
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Information Sharing in Credit Markets
The Journal of Finance, 1993Abstract A large body of literature on credit markets has shown that asymmetric information may prevent the efficient allocation of lending, leading to credit rationing (e.g., Jaffee and Russell (1976), Stiglitz and Weiss (1981)) or to a wedge between lending and borrowing rates (e.g., King (1986)).
JAPPELLI, TULLIO, PAGANO M.
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1999
Abstract One aspect of financial markets that is of great relevance to economic development is the study of credit mechanism design by lenders facing private information. This chapter first develops a model of moral hazard in a rural credit market, beginning with the benchmark case of perfect competition under complete information.
Pranab Bardhan, Christopher Udry
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Abstract One aspect of financial markets that is of great relevance to economic development is the study of credit mechanism design by lenders facing private information. This chapter first develops a model of moral hazard in a rural credit market, beginning with the benchmark case of perfect competition under complete information.
Pranab Bardhan, Christopher Udry
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SSRN Electronic Journal, 2018
Which markets do institutions use to change exposure to credit risk? Using a unique data set of transactions in corporate bonds and credit default swaps (CDS) by large financial institutions, we show that simultaneous transactions in both markets are rare, with an average institution having an 11 percent probability of transacting in both the CDS and ...
Boyarchenko, Nina +2 more
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Which markets do institutions use to change exposure to credit risk? Using a unique data set of transactions in corporate bonds and credit default swaps (CDS) by large financial institutions, we show that simultaneous transactions in both markets are rare, with an average institution having an 11 percent probability of transacting in both the CDS and ...
Boyarchenko, Nina +2 more
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2013
AbstractThe following sections are included:IntroductionThe CDS MarketThe single-name CDSCDS as a measure of credit riskMarket featuresFactors determining the credit spreadBond yield and CDS spreadPricing a CDSMultiname credit derivatives: basket products and CDS indicesCollateralized Debt ObligationCase StudiesForward-looking measures of default ...
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AbstractThe following sections are included:IntroductionThe CDS MarketThe single-name CDSCDS as a measure of credit riskMarket featuresFactors determining the credit spreadBond yield and CDS spreadPricing a CDSMultiname credit derivatives: basket products and CDS indicesCollateralized Debt ObligationCase StudiesForward-looking measures of default ...
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2017
According to a central bank annual report (2015), non-bank lending accounts for 30% of the total bank credit in China. In the same report, there is a discrepancy between the growth of money supply and the growth of credit supply. Given that money creation is owed primarily to bank credit, there is a leak in the money supply.
Dominique De Rambures +1 more
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According to a central bank annual report (2015), non-bank lending accounts for 30% of the total bank credit in China. In the same report, there is a discrepancy between the growth of money supply and the growth of credit supply. Given that money creation is owed primarily to bank credit, there is a leak in the money supply.
Dominique De Rambures +1 more
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SSRN Electronic Journal, 2011
Substantial empirical research has investigated the determinants of credit default swap (CDS) premia. Beside the well-documented impact of implied volatility on spreads only little is known about the informational content of equity option prices to explain the cross-section of CDS spreads. Our study fi lls this gap.
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Substantial empirical research has investigated the determinants of credit default swap (CDS) premia. Beside the well-documented impact of implied volatility on spreads only little is known about the informational content of equity option prices to explain the cross-section of CDS spreads. Our study fi lls this gap.
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2005
AbstractOne of the core assumptions of the neoclassical model is that there is a single market interest rate and every firm invests to the point where their marginal product is equal to this rate. There is a large body of research showing that this neoclassical postulate often does a very poor job of describing reality.
Phillippe Aghion, Abhijit Banerjee
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AbstractOne of the core assumptions of the neoclassical model is that there is a single market interest rate and every firm invests to the point where their marginal product is equal to this rate. There is a large body of research showing that this neoclassical postulate often does a very poor job of describing reality.
Phillippe Aghion, Abhijit Banerjee
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Informal Credit Markets in India
Economic Development and Cultural Change, 1984Informal financial markets, those which are not regulated or monitored by the banking authorities, account for much of business credit in developing countries.' These unregulated, informal credit markets (ICM) are important both in their own right, as part of each country's financial system, and because of their reciprocal relations with growing ...
Timberg, Thomas A, Aiyar, C V
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Market Power in Credit Markets
SSRN Electronic Journal, 2021Manolis Galenianos +2 more
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