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Transformation Needed 转换需要
Credit and Capital Markets Pub Date : 2020-04-01 DOI: 10.3790/ccm.53.2.285
Simone Westerfeld, Beatrix Wullschleger
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引用次数: 0
Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 1 信贷与资本市场——《Kredit und Kapital》：第53卷第1期
Credit and Capital Markets Pub Date : 2020-01-01 DOI: 10.3790/ccm.53.1
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 1","authors":"","doi":"10.3790/ccm.53.1","DOIUrl":"https://doi.org/10.3790/ccm.53.1","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46574399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit and Capital Markets – Kredit und Kapital: Volume 52, Issue 4 信贷和资本市场-信贷和资本:第52卷，第4期
Credit and Capital Markets Pub Date : 2019-10-01 DOI: 10.3790/ccm.52.4
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引用次数: 0
Optimal Monetary Policy with Staggered Wage and Price Contracts 交错工资与价格契约下的最优货币政策
Credit and Capital Markets Pub Date : 2019-10-01 DOI: 10.3790/CCM.52.4.537
J. Christopher, W. H. Dale
{"title":"Optimal Monetary Policy with Staggered Wage and Price Contracts","authors":"J. Christopher, W. H. Dale","doi":"10.3790/CCM.52.4.537","DOIUrl":"https://doi.org/10.3790/CCM.52.4.537","url":null,"abstract":"Abstract\u0000 We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional variances of the output gap, price inflation, and wage inflation. Monetary policy cannot achieve the Pareto-optimal equilibrium that would occur under completely flexible ­wages and prices; that is, the model exhibits a tradeoff in stabilizing the output gap, price inflation, and wage inflation. We characterize the optimal policy rule for reasonable calibrations of the model. We also find that strict price inflation targeting generates relatively large welfare losses, whereas several other simple policy rules perform nearly as well as the optimal rule.\u0000 JEL Classification: E31; E32; E52","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79010048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
50. Konstanzer Seminar zur Geldtheorie und Geldpolitik 2019 2019 年第 50 届康斯坦茨货币理论与政策研讨会
Credit and Capital Markets Pub Date : 2019-10-01 DOI: 10.3790/ccm.52.4.619
Dähne Lisa
{"title":"50. Konstanzer Seminar zur Geldtheorie und Geldpolitik 2019","authors":"Dähne Lisa","doi":"10.3790/ccm.52.4.619","DOIUrl":"https://doi.org/10.3790/ccm.52.4.619","url":null,"abstract":"<jats:p />","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79650878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Introduction: 50 Years of Konstanz Seminars on Monetary Theory and Policy 导言：康斯坦茨货币理论与政策研讨会 50 周年
Credit and Capital Markets Pub Date : 2019-10-01 DOI: 10.3790/ccm.52.4.451
Jürgen von Hagen, Keith Kuester
{"title":"Introduction: 50 Years of Konstanz Seminars on Monetary Theory and Policy","authors":"Jürgen von Hagen, Keith Kuester","doi":"10.3790/ccm.52.4.451","DOIUrl":"https://doi.org/10.3790/ccm.52.4.451","url":null,"abstract":"<jats:p />","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84197291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Capital User’s Perspective on Crowdfunding Efficiency 资本使用者视角下的众筹效率
Credit and Capital Markets Pub Date : 2019-08-01 DOI: 10.2139/ssrn.2824988
O. Chuprinin, M. Hu, C. Kang
{"title":"A Capital User’s Perspective on Crowdfunding Efficiency","authors":"O. Chuprinin, M. Hu, C. Kang","doi":"10.2139/ssrn.2824988","DOIUrl":"https://doi.org/10.2139/ssrn.2824988","url":null,"abstract":"Using bid-level data from a large U.S. peer-to-peer lending platform, we document that an average lender has strong herding tendencies: capital flow to a listing increases exponentially as the listing attracts more capital. However, loans funded in explosive bidding auctions do not show superior performance, suggesting that herding does not improve capital allocation efficiency. Rather, herders amplify the effect of random early bidding on the listing's funding success and skew capital allocation in the cross-section of listings. In particular, all else equal, listings started at times of exogenously lower lender activity on the platform are less likely to be funded. In investor heterogeneity analysis, we find that propensity to follow or lead is a persistent investor characteristic and that leaders realize better performance. Overall, this study highlights an important non-fundamental factor of capital allocation in transparent credit markets.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88613350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Credit and Capital Markets – Kredit und Kapital: Volume 52, Issue 3 信贷与资本市场——《Kredit und Kapital》：第52卷第3期
Credit and Capital Markets Pub Date : 2019-07-01 DOI: 10.3790/ccm.52.3
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 52, Issue 3","authors":"","doi":"10.3790/ccm.52.3","DOIUrl":"https://doi.org/10.3790/ccm.52.3","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45900074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Impact of Socio-Economic and Demographic Factors on the Use of Digital Access to Financial Services 社会经济和人口因素对数字金融服务使用的影响
Credit and Capital Markets Pub Date : 2019-07-01 DOI: 10.3790/ccm.52.3.295
Alexander Conrad, Doris Neuberger, F. Peters, Fabian Rösch
{"title":"The Impact of Socio-Economic and Demographic Factors on the Use of Digital Access to Financial Services","authors":"Alexander Conrad, Doris Neuberger, F. Peters, Fabian Rösch","doi":"10.3790/ccm.52.3.295","DOIUrl":"https://doi.org/10.3790/ccm.52.3.295","url":null,"abstract":"Abstract\u0000 This paper investigates which socio-economic and demographic factors influence the demand for digital access to financial services. For this purpose, customer data from all public savings banks in Germany are linked with socio-economic and demographic data at regional level. As a result, attributes can be identified that promote a so-called informational divide. The risk of such a divide is comparatively high in rural, sparsely populated areas with a high average age of the population and in regions with a relatively low average formal education level. Here, people could lose access to basic financial services as a basis for economic and social participation as a result of ongoing digitisation.\u0000 JEL Classification: G21, L32, L38, L86, O33, R12, R20, R51","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85609498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Regulatory Capital Management: Fair Value Measurement and Regulatory Capital Ratios 监管资本管理:公允价值计量与监管资本比率
Credit and Capital Markets Pub Date : 2019-07-01 DOI: 10.3790/ccm.52.3.375
Felix Krauß
{"title":"Regulatory Capital Management: Fair Value Measurement and Regulatory Capital Ratios","authors":"Felix Krauß","doi":"10.3790/ccm.52.3.375","DOIUrl":"https://doi.org/10.3790/ccm.52.3.375","url":null,"abstract":"Abstract The calculation of the regulatory capital ratios according to the Capital Requirements Regulation (CRR) is based on the IFRS consolidated financial statements. Therefore, banks are able to influence their regulatory capital ratios through discretionary powers when measuring with fair values according to IFRS 13. This paper analyzes the effects that discretionary fair value changes have on the regulatory capital ratios. Furthermore, the impact of the prudent valuation according to article 105 CRR on the regulatory capital ratios is examined. While the results depend on a multitude of factors and vary from case to case, there are situations in which the same fair value change of an identical financial asset can have opposing effects on certain regulatory capital ratios depending on bank specific factors like its regulatory capitalization or its tax rate. As a result, decreasing fair values can in some circumstances lead to higher regulatory capital ratios and thus, indicate a greater solvency. In order to identify possible conflicts of interest, the effects of fair value changes on the comprehensive income are also included in the analysis because the comprehensive income serves as an important target figure for banks in addition to the regulatory capital ratios. JEL Classification: F380, G380, M410, M480","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73904341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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