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Author:Berlin, Mitchell 

Conference Paper
Intermediation and vertical integration
AUTHORS: Mester, Loretta J.; Berlin, Mitchell
DATE: 1998-08

Journal Article
Bank credit standards
Banks' lending standards at times seem too stringent and at other times too lax. The pattern seems to indicate that banks lend more easily in good times but tighten credit standards in lean times. But such a lending pattern may also be attributable to changes in borrowers' default risk over the business cycle or changes in the demand for loans, which rises and falls with GDP. Is there a systematic reason why banks might be too lax or too stringent in their lending? Economists have proposed a number of models to explain a bank lending cycle, including changes in bank capital, competition, or herding behavior. In "Bank Credit Standards," Mitchell Berlin discusses these models and the empirical evidence for each.
AUTHORS: Berlin, Mitchell
DATE: 2009-04

Journal Article
Should business bankruptcy be a one-chapter book?
Mitchell Berlin raises the question "Should Business Bankruptcy Be a One-Chapter Book?" The answer, in part, depends on the answers to other questions: What makes more economic sense? A bankruptcy system that auctions a firm's assets and distributes the proceeds among the creditors? Or one that allows the firm to seek to resume business after renegotiations between its stockholders and its creditors? Or is there room?or even a need?for both?
AUTHORS: Berlin, Mitchell
DATE: 2002-07

Journal Article
Trade credit: why do production firms act as financial intermediaries?
Trade credit remains the single largest source of short-term business credit in the United States and other nations around the world. Why do production firms act as financial intermediaries - a role usually reserved for banks? In "Trade Credit: Why Do Production Firms Act as Financial Intermediaries?" Mitchell Berlin focuses on explanations that view trade credit as a method of monitoring and enforcing loan contracts to relatively risky firms. He also examines explanations in which a firm's long-term supply relationship helps it to make better credit decisions than a bank world.
AUTHORS: Berlin, Mitchell
DATE: 2003-07

Journal Article
Summary of workshop on recent developments in consumer credit and payments
On September 24-25, 2009, the Research Department and the Payment Cards Center of the Federal Reserve Bank of Philadelphia held their fifth joint conference to present and discuss the latest research on consumer credit and payments. Sixty participants attended the conference, which included seven research papers on topics such as securitization and distressed loan renegotiation, consumer disclosure, data breaches and identity theft, and the effects of the U.S. financial crisis on global retail lending. In this article, Mitchell Berlin summarizes the papers presented at the conference.
AUTHORS: Berlin, Mitchell
DATE: 2010-01

Journal Article
Dancing with wolves: syndicated loans and the economics of multiple lenders
A firm?s passage from borrowing from a single lender to using multiple lenders is often viewed as an inevitable progression in the life of a firm. While there is a strong element of truth in this view, it is also incomplete. The underlying economics of moving from one lender to many involves more than simply asking whether the firm?s revenues are large enough to cover the costs of adding more lenders or of acquiring a public debt rating. The U.S. syndicated loan market provides a useful laboratory for exploring the economics of multiple lenders. In ?Dancing with Wolves: Syndicated Loans and the Economics of Multiple Lenders,? Mitchell Berlin discusses recent research on the syndicated loan market that has attempted to answer questions related to firms? use of multiple lenders.
AUTHORS: Berlin, Mitchell
DATE: 2007-07

Journal Article
\\"We control the vertical\\": three theories of the firm
The author discusses three broad approaches to vertical integration. He then uses each approach, in turn, to examine the pros and cons of a firm's decision to integrate forward.
AUTHORS: Berlin, Mitchell
DATE: 2001-07

Journal Article
Loan commitments: insurance contracts in a risky world
AUTHORS: Berlin, Mitchell
DATE: 1986-05

Journal Article
True confessions: should banks be required to disclose more?
Mitchell Berlin examines disclosure requirements for banks. Can market participants play a significant role in ensuring that banks limit their risk-taking? Although regulators find this idea increasingly attractive, economists generally have two schools of thought: Such monitoring could substitute for regulatory discipline to a significant extent or the roles of regulators and market participants could be complementary. But to evaluate banks' risk-taking, investors would want good information about a bank's activities and balance sheet. In light of this, would more disclosure by banks be a good thing? While there are no definitive answers to this question, in "True Confessions: Should Banks Be Required to Disclose More?" Berlin reviews some recent economic literature that can offer useful insights to policymakers.
AUTHORS: Berlin, Mitchell
DATE: 2004-10

Journal Article
Can we explain banks' capital structures?
Bank capital has been much in the news during the recent financial crisis. In 2008 and 2009 the U.S. government injected $235 billion of capital into the banking system as part of the Troubled Asset Relief Program (TARP). In 2009, bank regulators carried out a full-scale evaluation of the capital adequacy of 19 large banking organizations, ultimately requiring 10 of these organizations to increase their capital levels. While most commentators agree that regulatory capital levels are too low for large organizations ? especially large organizations that create systemic risks ? financial economists have only recently been paying attention to what factors actually govern banks? capital choices. In ?Can We Explain Banks? Capital Structures?,? Mitchell Berlin discusses how understanding bank capital decisions over the 20-year period prior to the recent crisis can provide insights that may help us to evaluate reform proposals.
AUTHORS: Berlin, Mitchell
DATE: 2011-04

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