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Conference Paper
Parameterizing credit risk models rating data: current limits of actuarial approaches

Proceedings , Paper 684

Journal Article
New perspectives on consumer behavior in credit and payments markets

Mitchell Berlin summarizes new research on household finance presented at a joint conference sponsored by the Federal Reserve Bank of Philadelphia's Research Department and Payment Cards Center.
Business Review , Issue 1 , Pages 25-30

Working Paper
On the limitations of government borrowing: a framework for empirical testing: comment

Working Papers in Applied Economic Theory , Paper 87-07

Working Paper
Asset pooling, credit rationing, and growth

I study the effect of improved financial intermediation on the process of capital accumulation by augmenting a standard model with a general contract space. With the extra contracts, intermediaries endogenously begin using ROSCAs, or Rotating Savings and Credit Associations. These contracts allow poor agents, previously credit rationed, access to credit. As a result, agents work harder and total economy-wide output increases; however, these gains come at the cost of increased inequality. I provide sufficient conditions for the allocations to be Pareto optimal, and for there to be a unique ...
Finance and Economics Discussion Series , Paper 1998-52

Journal Article
Sovereign CDS Market: The Role of Dealers in Credit Events

In this paper, we study the credit default swaps (CDS) position of the main dealers in the CDS market close to credit events of sovereign countries. We focus on the credit events of three countries that have faced significant financial distress in the past decade: Argentina, Venezuela, and Ukraine. After introducing the historical background of each country, we find that CDS dealers, defined as the top ten traders of CDS in their respective countries, tend to sell sovereign CDS (hold more negative or less positive positions) when yields/CDS spreads go up. This finding suggests that dealers ...
Economic Quarterly , Volume 3Q , Pages 97-113

Journal Article
Banking 1976--funds available

FRBSF Economic Letter

Working Paper
Endogenous credit limits with small default costs

We analyze an exchange economy of unsecured credit where borrowers have the option to declare bankruptcy in which case they are temporarily excluded from financial markets. Endogenous credit limits are imposed that are just tight enough to prevent default. Economies with temporary exclusion differ from their permanent exclusion counterparts in two important properties. If households are extremely patient, then the first?best allocation is an equilibrium in the latter economies but not necessarily in the former. In addition, temporary exclusion permits multiple stationary equilibria, with both ...
Working Papers , Paper 2012-048

Working Paper
Economic activity and the short-term credit markets: an analysis of prices and quantities

Working Paper Series, Macroeconomic Issues , Paper 93-17

Working Paper
Pawnbroking in America: the economics of forgotten credit market

Research Working Paper , Paper 89-17

Bank loan commitments and the transmission of monetary policy

Research Paper , Paper 9009



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