Annual Conference

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International Macroeconomics, Money & Banking

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May 2014

Using unique micro data compiled from the real estate registry in Japan, we examine more than 400,000 loan-to-value (LTV) business loan ratios to draw implications for caps on LTV ratios as a macroprudential policy measure. We find that the LTV ratio exhibits counter-cyclicality, behavior that would...
Keywords: LTV ratios, Pro-cyclicality, Macroprudential Policy, Bubble
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Adverse housing market events can affect credit conditions not only by hurting the financial fundamentals of banks, but may also by changing the lending behaviors of individual loan officers. In this paper, we test the latter mechanism by analyzing loan-level mortgage applications from 2008 to 2016 ...
Keywords: mortgage lending, foreclosure, risk
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

In summer 2011, elevated sovereign risk in Eurozone peripheral countries increased the solvency risk of Eurozone banks, precipitating a run on their short-term debt. We assess the effectiveness of different European Central Bank (ECB) interventions that followed – lender of last resort vs. buyer o...
Keywords: Money market funds, repos, bank risk, sovereign debt, ECB
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

Would the crisis have happened if Lehman Brothers had been Lehman Sisters? Evidence on population gender differences in risk-aversion suggest not. Consistent with the idea that female managers need not be more risk-averse than men, we find that listed banks with more female directors did not engage ...
Keywords: Women, Gender, Risk Aversion, Selection, Risk, Crisis, Banks, Board of Directors
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Senior Fellows/Fellows

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Senior Fellows/Fellows

We examine China's Targeted Poverty Alleviation Program in a hierarchical central-local-corporation tripartite collaboration framework. It started in 2014 but made only slow progress initially. To help accelerate the program, the central government permitted full tax deductions for corporate anti-po...
Keywords: central-local-governments and corporate collaboration, political economy of poverty alleviation, corporate anti-poverty spending, tax deductions
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