A Model of Housing and Credit Cycles with Imperfect
... housing cycle. In addition, they …nd a nonnegligible spillover e¤ect from housing markets to consumption over the whole sample and increasing importance of the e¤ect in the recent housing cycle. The transmission mechanism of the model is consistent with their …ndings. The paper relates to the litera ...
... housing cycle. In addition, they …nd a nonnegligible spillover e¤ect from housing markets to consumption over the whole sample and increasing importance of the e¤ect in the recent housing cycle. The transmission mechanism of the model is consistent with their …ndings. The paper relates to the litera ...
Wealth Inequalities across Generations
... In detail, total financial assets encompass deposit account and risky assets (bonds, stocks and funds), while non financial assets encompass principal residence and investments in real estate. Total debt encompasses home secured debt (principal residence mortgage, other property mortgage and other h ...
... In detail, total financial assets encompass deposit account and risky assets (bonds, stocks and funds), while non financial assets encompass principal residence and investments in real estate. Total debt encompasses home secured debt (principal residence mortgage, other property mortgage and other h ...
The determinants of long-term debt issuance by European banks
... period (Chart 1). Also banks in Spain expanded their recourse to long-term debt financing from just 5% at end-June 2003 to 12% at end-August 2007, after which it fell to 9% at end-June 2013. At the same time, banks in France maintained a relative stable share of around 10% during the same period, wh ...
... period (Chart 1). Also banks in Spain expanded their recourse to long-term debt financing from just 5% at end-June 2003 to 12% at end-August 2007, after which it fell to 9% at end-June 2013. At the same time, banks in France maintained a relative stable share of around 10% during the same period, wh ...
Analyzing and Forecasting the Canadian
... to one. As in Macklem (1994) and Pichette and Tremblay (2003), we find that consumption is much more sensitive to changes in human wealth than non-human wealth. In LENS, projections for nonhuman wealth depend on business and residential capital stocks, government debt, and household debt. House pric ...
... to one. As in Macklem (1994) and Pichette and Tremblay (2003), we find that consumption is much more sensitive to changes in human wealth than non-human wealth. In LENS, projections for nonhuman wealth depend on business and residential capital stocks, government debt, and household debt. House pric ...
Moody`s Credit AssessmentTM Expanding Credit Horizons
... service that helps investors, asset managers, pension funds, private wealth managers, commercial banks, non-bank financial institutions, rating advisors and risk managers better understand, estimate and benchmark the fundamental credit risk of companies that are generally not rated by global credit ...
... service that helps investors, asset managers, pension funds, private wealth managers, commercial banks, non-bank financial institutions, rating advisors and risk managers better understand, estimate and benchmark the fundamental credit risk of companies that are generally not rated by global credit ...
Some Indicators of a Firm`s Risk and Debt Capacity
... than ICT'.FOR). For each firm, and in different economic environments, the relative importance of the various factors will differ. However, the manager should ensure that all the important factors have been analyzed. The first factor, flexibility, refers to the future financing options for managemen ...
... than ICT'.FOR). For each firm, and in different economic environments, the relative importance of the various factors will differ. However, the manager should ensure that all the important factors have been analyzed. The first factor, flexibility, refers to the future financing options for managemen ...
Portugal: Ex Post Evaluation of Exceptional Access Under the
... since the onset of the sovereign debt crisis, as market access has been restored, fiscal and current account balances have improved, and unemployment, though still high, has fallen substantially. Directors noted, however, that notwithstanding the progress, the recovery is moderating and risks are ti ...
... since the onset of the sovereign debt crisis, as market access has been restored, fiscal and current account balances have improved, and unemployment, though still high, has fallen substantially. Directors noted, however, that notwithstanding the progress, the recovery is moderating and risks are ti ...
Rebalancing the housing and mortgage markets – critical issues
... And a discussion about what is a desirable future state for both the housing and mortgage market, given the appetite for economic growth and market stability, competition and limiting risk for borrowers and lenders and ensuring that any future market is sustainable through the economic cycle. IMLA i ...
... And a discussion about what is a desirable future state for both the housing and mortgage market, given the appetite for economic growth and market stability, competition and limiting risk for borrowers and lenders and ensuring that any future market is sustainable through the economic cycle. IMLA i ...
Corporate Finance
... If you cannot find investments that make your minimum acceptable rate, return the cash to owners of your business ...
... If you cannot find investments that make your minimum acceptable rate, return the cash to owners of your business ...
St. Kitts and Nevis
... Stand-By Arrangement in July 2014, with purchases of 532 percent of quota fully repaid as of end-April 2016. In 2015, economic activity remained robust and there was a sizeable fiscal surplus. This surplus, however, was significantly weaker than in recent years, owing to a slowdown in receipts from ...
... Stand-By Arrangement in July 2014, with purchases of 532 percent of quota fully repaid as of end-April 2016. In 2015, economic activity remained robust and there was a sizeable fiscal surplus. This surplus, however, was significantly weaker than in recent years, owing to a slowdown in receipts from ...
13 Fiscal Monitor Fiscal Adjustment in an Uncertain World
... the IMF staff regarding macroeconomic assumptions. The medium-term fiscal projections incorporate policy measures that are judged by the IMF staff as likely to be implemented. For countries supported by an IMF arrangement, the medium-term projections are those under the arrangement. In cases in whic ...
... the IMF staff regarding macroeconomic assumptions. The medium-term fiscal projections incorporate policy measures that are judged by the IMF staff as likely to be implemented. For countries supported by an IMF arrangement, the medium-term projections are those under the arrangement. In cases in whic ...
Financial Leverage and the Leverage Effect
... The leverage effect is that stock volatility is negatively correlated to stock returns—stock volatility tends to increase when stock prices drop. There are two common economic explanations for the leverage effect. The first explanation is based on the relationship between volatility and expected ret ...
... The leverage effect is that stock volatility is negatively correlated to stock returns—stock volatility tends to increase when stock prices drop. There are two common economic explanations for the leverage effect. The first explanation is based on the relationship between volatility and expected ret ...
Introduction
... light of Basel II, but meanwhile it determined excessive indebtedness and lack of liquidity. The basic of all these relationships created between the multidimensional approach of credit-risk models derives from the correlation between credit, equity and business cycle. According to Choe, Masulis and ...
... light of Basel II, but meanwhile it determined excessive indebtedness and lack of liquidity. The basic of all these relationships created between the multidimensional approach of credit-risk models derives from the correlation between credit, equity and business cycle. According to Choe, Masulis and ...
Soft budget constraint but no moral hazard? The Dutch local
... credit rating agencies (Rodden, 2006). There are two reasons for this. First, high levels of intergovernmental grants signal a willingness of the center to fund local public services, which may be in danger in case of local default. Even though subnational governments provide such services, the cent ...
... credit rating agencies (Rodden, 2006). There are two reasons for this. First, high levels of intergovernmental grants signal a willingness of the center to fund local public services, which may be in danger in case of local default. Even though subnational governments provide such services, the cent ...
Can Financing Constraints Explain the Asset Pricing Puzzles in Production Economies? ∗
... feature of the data. In a similar vain, Boldrin, Christiano, and Fisher (2001) show how the combination of preferences for habit formation and adjustment costs to production help to alter both the consumers and producers optimality conditions and therefore match mean returns. Instead of simply inclu ...
... feature of the data. In a similar vain, Boldrin, Christiano, and Fisher (2001) show how the combination of preferences for habit formation and adjustment costs to production help to alter both the consumers and producers optimality conditions and therefore match mean returns. Instead of simply inclu ...
Mortgage Choice Determinants: The Role of Risk and Bank
... measures. We find that income risk increases the probability that the household will take a product which reduces its exposure to payment variability, at least in the first part of the contract; mobility risk leads households to choose more flexible VRM products. The HM and SFRM products help house ...
... measures. We find that income risk increases the probability that the household will take a product which reduces its exposure to payment variability, at least in the first part of the contract; mobility risk leads households to choose more flexible VRM products. The HM and SFRM products help house ...
Patterns of Household Financial Asset Ownership
... showed positive effects on each other. For instance, owning a savings accounts increases the chance of owning checking accounts, and vice versa. Eight pairs (22%) did not affect each other in terms of ownership. Four pairs (11%) negatively influenced the ownership on each other. The remaining two pa ...
... showed positive effects on each other. For instance, owning a savings accounts increases the chance of owning checking accounts, and vice versa. Eight pairs (22%) did not affect each other in terms of ownership. Four pairs (11%) negatively influenced the ownership on each other. The remaining two pa ...
The Trust Indenture Act of 1939 and Out-of
... feature. The troubled issuer can stop making bond payments that it cannot afford, and the bondholders are able to trade in bad debt for the chance to profit from the company’s eventual turnaround. But, unlike our example, a typical workout involves far more than two bondholders, and this creates a s ...
... feature. The troubled issuer can stop making bond payments that it cannot afford, and the bondholders are able to trade in bad debt for the chance to profit from the company’s eventual turnaround. But, unlike our example, a typical workout involves far more than two bondholders, and this creates a s ...
Felonious, Erroneous, It`s All Odious: A Story of Debt Gone Wrong
... specific to odious debt. It concludes by stating why the issue needs to be addressed today. A. An Overview of Sovereign Debt Sovereigns, like corporations, are able to increase their available funds by incurring debt or raising capital. Corporations seek equity by issuing stock.13 Sovereigns, instea ...
... specific to odious debt. It concludes by stating why the issue needs to be addressed today. A. An Overview of Sovereign Debt Sovereigns, like corporations, are able to increase their available funds by incurring debt or raising capital. Corporations seek equity by issuing stock.13 Sovereigns, instea ...
Chile: 2016 Article IV Consultation-Press Release
... Executive Board Assessment2 Executive Directors commended the authorities’ sound macroeconomic management, which has contributed to Chile’s resilience to large terms-of-trade shocks. At the same time, Directors noted that less favorable external conditions, declining trend growth, and an urgent need ...
... Executive Board Assessment2 Executive Directors commended the authorities’ sound macroeconomic management, which has contributed to Chile’s resilience to large terms-of-trade shocks. At the same time, Directors noted that less favorable external conditions, declining trend growth, and an urgent need ...
Household debt
Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries.