Author(s):Tobias Berg, Andreas Fuster, Manju Puri Date:October 2021 Abstract: In this paper, we review the growing literature on FinTech lending – the provision of credit facilitated by technology that improves the customer-lender interaction or lenders’ screening and monitoring of borrowers. FinTech lending has grown rapidly, though in developed economies like the U.S. it still only[…]
Author(s): Joel F. Houston, Jongsub Lee, and Felix Suntheim Date: October 2017 Abstract: We show that banks with shared social connections partner more often in the global syndicated loan market and that central banks in the network play dominant roles in various interbank transactions, indicating that social connections facilitate business connections. However, more centralized banks[…]
Author(s): Katharina Bergant and Kristin Forbes Date: October 2021 Abstract: This paper uses the initial phase of the COVID-19 pandemic to examine how macroprudential frameworks developed over the past decade performed during a period of heightened financial and economic stress. It discusses a new measure of the macroprudential stance that better captures the intensity of[…]
Author(s): Ambrogio Cesa-Bianchi and Fernando Eguren-Martin Date: July 2021 Abstract: Within-firm variation of corporate bond spreads around the Covid-19 outbreak shows that US dollar‑denominated bonds experienced larger increases in spreads relative to non-dollar bonds, especially at short maturities. Differently, in the non-dollar sample it was the spreads of longer maturity bonds that widened more markedly.[…]
Author(s): Silvia Miranda-Agrippino, Hélène Rey Date: September 2021 Abstract: We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows with commodity[…]
Author(s): Eva Schliephake, Joel Shapiro Date: September 2021 Abstract: We examine a model in which depositor learning exacerbates bank runs. Informed depositors can quickly withdraw when the bank has low-quality assets. Uninformed depositors may decide to wait, which allows them to learn by observing informed depositors’ actions. However, learning that the bank has low-quality assets[…]
Author(s): Andrew Metrick and Paul Schmelzing Date: September 2021 Abstract: We present a new database of banking-crisis interventions since the 13th century. The database includes 1886 interventions in 20 categories across 138 countries, covering interventions during all of the crises identified in the main banking-crisis chronologies, while also cataloguing a large number of interventions outside[…]
Author(s): Galina Hale and Luciana Juvenal Date: September 2021 Abstract: At the onset of the COVID-19 economic crisis, as in other crisis episodes, the flight to safety was accompanied by a rapid appreciation of “safe haven” currencies. We quantify currency-induced balance sheet effects for total external positions as well as for individual asset classes using[…]
Author(s): M. Ayhan Kose, Franziska L. Ohnsorge, Carmen M. Reinhart and Kenneth S. Rogoff Date: September 2021 Abstract: Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of[…]
Author(s): Hans Degryse, Roman Goncharenko, Carola Theunisz, Tamas Vadasz Date: September 2021 Abstract: We investigate whether and how the environmental consciousness (greenness for short) of firms and banks is reflected in the pricing of bank credit. Using a large international sample of syndicated loans over the period 2011-2019, we find that firms are indeed rewarded[…]