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Working paper
Credit Shocks, Employment Protection, and Growth: Firm-Level Evidence from Spain
In: ECB Working Paper No. 2166
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Working paper
Credit Shocks, Employment Protection, and Growth: Firm-Level Evidence from Spain
In: CEPR Discussion Paper No. DP13026
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Debt Overhang and Investment Efficiency
In: CEPR Discussion Paper No. DP12784
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Working paper
Does Private Sector Participation Improve Performance in Electricity and Water Distribution?
In: The World Bank and PPIAF Trends and Policy Options #6
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Unconventional Monetary Policy, Funding Expectations, and Firm Decisions
In: ECB Working Paper No. 2021/2598
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The Invisible Hand of the Government: 'Moral Suasion' During the European Sovereign Debt Crisis
In: De Nederlandsche Bank Working Paper No. 505
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Working paper
The invisible hand of the government: "Moral suasion" during the European sovereign debt crisis
Using proprietary data on banks' monthly securities holdings, we find that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic sovereign bonds in months with relatively high domestic sovereign bond issuance. This effect is stronger for state?owned banks and for banks with low initial holdings of domestic sovereign bonds, and it is not fuelled by Central Bank liquidity provision. Our results point to a "moral suasion" mechanism, and cannot be explained by concurrent risk?shifting, carry?trading, regulatory compliance, or shocks to investment opportunities.
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The Invisible Hand of the Government: 'Moral Suasion' During the European Sovereign Debt Crisis
In: ECB Working Paper No. 1937
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Working paper
Sovereign stress, unconventional monetary policy, and SME access to finance
We investigate the effect of sovereign stress and of unconventional monetary policy on small firms' financing patterns during the euro area debt crisis. We find that after the crisis started, firms in stressed countries were more likely to be credit rationed, both in the quantity and in the price dimension, and to increase their use of debt securities. We also find evidence that the announcement of the ECB's Outright Monetary Transactions Program was followed by an immediate decline in the share of credit rationed firms and of firms discouraged from applying. In addition, firms reduced their use of debt securities, trade credit, and government-subsidized loans. Firms with improved outlook and credit history were particularly likely to benefit from easier credit access.
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Sovereign Stress, Unconventional Monetary Policy, and SME Access to Finance
In: ECB Working Paper No. 1820
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When the Cat's Away the Mice will Play: Does Regulation at Home Affect Bank Risk Taking Abroad?
In: ECB Working Paper No. 1488
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Working paper