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Journal articles on the topic 'Borrowing and lending constraints'

Author: Grafiati

Published: 4 June 2021

Last updated: 1 February 2022

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1

Lian, Chen, and Yueran Ma. "Anatomy of Corporate Borrowing Constraints*." Quarterly Journal of Economics 136, no. 1 (September 24, 2020): 229–91. http://dx.doi.org/10.1093/qje/qjaa030.

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Abstract Macro-finance analyses commonly link firms’ borrowing constraints to the liquidation value of physical assets. For U.S. nonfinancial firms, we show that 20% of debt by value is based on such assets (asset-based lending in creditor parlance), whereas 80% is based predominantly on cash flows from firms’ operations (cash flow–based lending). A standard borrowing constraint restricts total debt as a function of cash flows measured using operating earnings (earnings-based borrowing constraints). These features shape firm outcomes on the margin: first, cash flows in the form of operating earnings can directly relax borrowing constraints; second, firms are less vulnerable to collateral damage from asset price declines, and fire sale amplification may be mitigated. Taken together, our findings point to new venues for modeling firms’ borrowing constraints in macro-finance studies.

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2

Lochner, Lance J., and Alexander Monge-Naranjo. "The Nature of Credit Constraints and Human Capital." American Economic Review 101, no. 6 (October 1, 2011): 2487–529. http://dx.doi.org/10.1257/aer.101.6.2487.

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We develop a human capital model with borrowing constraints explicitly derived from government student loan (GSL) programs and private lending under limited commitment. The model helps explain the persistent strong positive correlation between ability and schooling in the United States, as well as the rising importance of family income for college attendance. It also explains the increasing share of undergraduates borrowing the GSL maximum and the rise in student borrowing from private lenders. Our framework offers new insights regarding the interaction of government and private lending, as well as the responsiveness of private credit to economic and policy changes. (JEL D14, H52, I22, I23, J24)

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3

Li, Shuyun May. "Optimal lending contracts with long run borrowing constraints." Journal of Economic Dynamics and Control 37, no. 5 (May 2013): 964–83. http://dx.doi.org/10.1016/j.jedc.2013.01.003.

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4

Park, Soojin, and Man Cho. "Welfare Implications of Credit Rationing for Financial Consumers: An Empirical Investigation on the Case of the Korean Residential Mortgage Sector." International Review of Financial Consumers 5, No. 1 Apr 2020 (July 1, 2020): 13–24. http://dx.doi.org/10.36544/irfc.2020.5-1.2.

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Credit rationing through borrowing constraints has long been an important research topic in the literature, in the context of managing financial risks (i.e., financial stability) as well as of expanding financial service to more marginal borrower segments (i.e., financial inclusion). This study empirically investigates the role of borrowing constraints in the residential mortgage lending sector in Korea, by utilizing a discrete tenure choice model to test the constraining effects of two particular lending restrictions on households’ home owning decisions - the wealth and income constraints as measured by the maximum loan-to-value (LTV) ratio and that of debt-to-income (DTI) ratio. Using the household-level micro data from Korea, we report that: the lending restrictions exhibit negative effects on the propensity to own; those constraining effects are also shown to increase for younger borrower cohorts; and, the magnitude of the effect of wealth constraint is larger than that of the income constraint, which is consistent with the findings from the prior studies. Using the empirical findings, we discuss policy implications of relevancy, in particular, as to how to balance between two often competing policy objectives - ensuring financial stability and extending financial inclusion - in the context of the residential mortgage lending sector in Korea.

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5

Dietrich, Diemo, and Achim Hauck. "Interbank borrowing and lending between financially constrained banks." Economic Theory 70, no. 2 (July 29, 2019): 347–85. http://dx.doi.org/10.1007/s00199-019-01220-9.

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6

BOERMANS, MARTIJN A., and DAAN WILLEBRANDS. "FINANCIAL CONSTRAINTS MATTER: EMPIRICAL EVIDENCE ON BORROWING BEHAVIOR, MICROFINANCE AND FIRM PRODUCTIVITY." Journal of Developmental Entrepreneurship 23, no. 02 (June 2018): 1850008. http://dx.doi.org/10.1142/s1084946718500085.

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This paper examines the effect of financial constraints on firm performance using a sample of small business owners who are clients at a microfinance institution (MFI). In developing countries, a lack of access to finance is seen as a key obstacle to successful entrepreneurship and economic growth. However, empirical evidence on this is still fragmented and sparse. This study contributes to the literature by applying an alternative measure of financial constraints based on actual lending and borrowing behavior to test how borrowing affects firm productivity. We use survey data of 615 entrepreneurs from Tanzania to analyze the relationship between financial constraints and labor productivity. Using OLS regression and propensity score matching techniques the results show that financial constraints impede labor productivity and are important barriers to successful entrepreneurship. Further tests suggest financial constraints matter regardless of the measurement method used, thereby comforting researchers in a fragmented field that applies a wide range of financial constraints variables.

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Dräger, Lena, and Christian R. Proaño. "CROSS-BORDER BANKING AND MACROPRUDENTIAL POLICIES IN ASYMMETRIC MONETARY UNIONS." Macroeconomic Dynamics 24, no. 2 (July 17, 2018): 255–90. http://dx.doi.org/10.1017/s1365100518000214.

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Against the background of the emergence of macroeconomic imbalances within the European Monetary Union (EMU), we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the Euro area. For this purpose, we incorporate a union-wide banking sector along the lines in an otherwise standard two-region monetary union DSGE model, accounting for borrowing constraints of entrepreneurs and impatient households and an internal constraint on the bank's leverage ratio. We illustrate in particular how rule-of-thumb lending standards based on the macroeconomic performance of the core region within the monetary union can translate into destabilizing spill-over effects into the other region, resulting in an overall higher macroeconomic volatility. Thereby, we demonstrate a channel through which the financial sector may have exacerbated the emergence of macroeconomic imbalances within the EMU. This effect may be mitigated by macroprudential policies, where especially policies that force the bank's lending standards to be less procyclical prove to be effective in stabilizing output in both regions of the monetary union.

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Marlina, Erwin, and Akhmad Khisni. "The Implementation Of Borrowing Money Agreement With The Guarantee Of Movement Object In PT. Pegadaian (Persero) Branch Of Subang Based On Act No. 42 Of 1999 On Fiduciary." Jurnal Akta 5, no. 4 (December 15, 2018): 929. http://dx.doi.org/10.30659/akta.v5i4.3889.

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The purpose of this research is to know and understand the implementation of the agreement to borrow against moving objects Pegadaian of Subang district connected by Act No. 42 of 1999 on Fiduciary, and the constraints faced by Pegadaian of Subang district in the implementation of the agreement to borrow money secured against moving objects associated with Act No. 42 Of 1999 regarding Fiduciary, and solutions. Based on the results of data analysis can be concluded that: First,Implementation of the Money Lending and Borrowing Agreement with the guarantee of Moving Bodies PT. Pegadaian (Persero) is not in accordance with the provisions of Article 1320 and Article 1338 of the Civil Code, as the substance of the agreement is determined unilaterally by PT. Pegadaian (Persero) and very burdensome customers, whereall costs related to the disbursement of the loan and the auction process is borne by the customer, including if the customer requires registration, fiduciary, but most refused to register fiduciary because of the extra charge (additional costs to be borne by the customer and the need for immediate disbursement of credit requires a long time. this is contrary to Act No. 42 Of 1999 regarding Fiduciary. Secondly, the constraint faced by PT. Pegadaian (Persero) Branch of Subang in the Implementation Agreement with Collateral Borrowing Money on Moving objects are need customers defaulting party (broken promises). One type of breach committed by the debtor PT. Pegadaian (Persero) Branch of Subang is overdue, the delay in the implementation of the payment obligations on time specified in the agreement lending and borrowing. Solution by PT. Pegadaian (Persero) Branch of Subang is doingpersuasive efforts, Somasi (warning), withdrawal and auction the collateral in accordance with Act No. 42 of 1999 on Fiduciary.Keywords: Implementation Agreement; Moving Objects Guarantee; PT Pegadaian.

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9

Deuskar, Prachi, Nitin Kumar, and Jeramia Allan Poland. "Signal on the Margin: Behavior of Levered Investors and Future Economic Conditions*." Review of Finance 24, no. 5 (February 19, 2020): 1039–77. http://dx.doi.org/10.1093/rof/rfaa006.

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Abstract Margin capacity, defined as the aggregate excess debt capacity of investors buying securities on margin, strongly predicts (i) lower S&P 500 returns, (ii) lower growth in aggregate earnings, dividends, employment, and overall economic activity, (iii) higher macro, financial, and policy uncertainty, (iv) lower interest rates, (v) tighter lending standards by banks, and (vi) lower intermediary equity capital. High margin capacity is a precursor, not a response, to borrowing and intermediary constraints and higher volatility. It typically arises when levered investors with profitable past positions limit their leverage. We interpret that it reflects informed investors’ conservatism ahead of bad times.

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Lin, Liqiong, Weizhuo Wang, Christopher Gan, David A. Cohen, and Quang T. T. Nguyen. "Rural Credit Constraint and Informal Rural Credit Accessibility in China." Sustainability 11, no. 7 (April 1, 2019): 1935. http://dx.doi.org/10.3390/su11071935.

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This paper investigates the effects of rural households’ demographic characteristics on formal credit constraint, and explores the relationship between informal and formal lending in rural China. Using 2013 China’s Household Finance survey data, the authors apply probit regression models to investigate the effects of demographic factors on formal credit constraint and the household’s decision to borrow from informal credit sources. In addition, the endogenous switching regression model is applied to evaluate the impact of credit constraint on the welfare of rural farm households. The empirical evidence confirms that age, family size, annual household nonagricultural income, level of education, and history of informal borrowing have significant influence over credit constraint. Moreover, annual household nonagricultural income, the presence of children, borrowing from social networks and monthly communication expenses significantly impact rural households’ decision to utilise informal borrowing. Results from the endogenous switching regression model suggest that credit constraint by formal credit sources has no impact on household consumption.

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Buchuk, David, Borja Larrain, Mounu Prem, and Francisco Urzúa Infante. "How Do Internal Capital Markets Work? Evidence from the Great Recession*." Review of Finance 24, no. 4 (October 18, 2019): 847–89. http://dx.doi.org/10.1093/rof/rfz022.

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Abstract We study the inner workings of internal capital markets during the 2008–09 recession using a unique dataset of loans between business group firms in an emerging market. Intragroup loans increase quickly during the recession. Firms that are more central in the ownership network simultaneously increase lending and borrowing. Acting like simple intermediaries, central firms do not increase net lending. Our results imply that formal control rights are essential for intermediation in internal capital markets, particularly during distress. In line with previous results on winner-picking, receivers of intragroup loans are high-Q, financially constrained firms, which also perform significantly better than providers during the recession.

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Alber, Nader, and Iman S. Youssef. "Capital Structure Determinants: A Cross-Country Analysis." International Business Research 13, no. 5 (April 28, 2020): 95. http://dx.doi.org/10.5539/ibr.v13n5p95.

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This paper examines the capital structure across different countries from 2005 to 2015 in Egypt and other three selected countries namely: Turkey, Brazil and Argentina. The book leverage sensitivity to the explanatory variables (profitability, firm size, tangibility, volatility, GDP growth, inflation and stock market development) was examined. Specifically, this paper documents the determinants of capital structure in Egyptian listed non-financial firms and investigates how capital structure decisions in three other countries who are one-step ahead in terms of economic development entertain any unique features. Profitability was the only variable consistently highly significant with negative coefficient obtained in our regressions for four countries using GMM estimation method. Inconsistency of results for other variables prevailed. Findings reveal that Egyptian firms on average are not highly leveraged due to supply constraints on bank lending and demand constraints on consumer borrowing. The empirical evidence seems reasonably consistent with some versions of capital structure theory and other studies.

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Zhao, Jianmei. "Formal Credit Constraint and Prevalence of Reciprocal Loans in Rural China." Open Economics 4, no. 1 (January 1, 2021): 1–13. http://dx.doi.org/10.1515/openec-2020-0110.

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Abstract The unique feature of the rural credit market in China is the dominance of zero collateral and zero-interest reciprocal lending and its long-term coexistence with the formal loan. This paper investigates the association between formal credit constraint and prevalence of reciprocal loans in rural China. Based on the identification of rural households’ credit constraint status, we examine the effects of credit constraint on the utilization of informal reciprocal loans. We find that formal credit constraint significantly increases rural borrowers’ reliance on reciprocal loans, whereas the “debt of gratitude” imposes an uncertain obligation on rural borrowers, and discourages them from borrowing amongst relatives and friends.

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14

Cordeiro, Rafaela Almeida, Nancy Wong, and Mateus Canniatti Ponchio. "A Gift Economy Perspective on the Cycle of Financial Vulnerability." Journal of Macromarketing 39, no. 1 (October 23, 2018): 25–36. http://dx.doi.org/10.1177/0276146718808569.

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Research on financial vulnerability has largely focused on the relationships between the economic environment, consumer financial activities and indebtedness, limiting our understanding of the role assumed by interpersonal relationships that underlie this socially embedded phenomenon. Using the common Brazilian practices of borrowing–lending amongst family and friends as the research context, we show that these practices can be viewed as a gift guided by the logic of a moral economy. Our findings show that individuals resort to the market economy to maintain a moral economy of credit which can be a blessing (when the extension of financial help to important others alleviates financial vulnerability by negotiating the marketplace) or a curse (when extension of financial help to others leads to one’s own financial constraints). This study illustrates an inverted gift giving process whereby the recipients’ own indulgence is presented as a monadic gift in accessing the dyadic gift giving relationship.

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15

Wang, Haizhi, Desheng Yin, Xiaotian Tina Zhang, and Xinting Zhen. "Whom you borrow from matters: universal banks and firm innovation." Managerial Finance 45, no. 8 (August 12, 2019): 1001–19. http://dx.doi.org/10.1108/mf-06-2018-0263.

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Purpose The purpose of this paper is to empirically investigate universal banks as an important source of external funding and their effects on borrowing firms’ innovation outputs. Design/methodology/approach The authors employ regression analyses including a difference-in-difference approach and a two-sided matching method to ensure the robustness of the findings. The authors further explore some potential channels and boundary conditions for the main findings. Findings The authors find that borrowing from universal banks is negatively associated with the quantity of firm innovation, but not the quality of firm innovation. The authors document that borrowing firms reduce their R&D expenditures and rely more on external partners to produce innovation outputs after loan originations from universal banks. The negative relation between universal bank lending and the quantity of firm innovation is more prominent for unrelated innovation and for financially constrained firms. Research limitations/implications The evidence reveals that universal banks may use their informational advantage and market power to limit their corporate borrowers’ investment in innovation activities. Originality/value The paper extends the line of research on the source of financing and firm innovation, and establishes a robust relationship between capital market and product market.

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Masrukin, Masrukin, and Nur Akhsan Fitriadi. "Implementasi Program Simpan Pinjam Perempuan Di Desa Mendawai Kecamatan Mendawai Kabupaten Katingan." Pencerah Publik 5, no. 1 (April 25, 2018): 29–34. http://dx.doi.org/10.33084/pencerah.v5i1.1007.

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This study focused on implementing the Program of the women's borrow in Mendawai village, Mendawai District, Katingan Regency. The purpose of this research is to know how the implementation of the Save women's Program and the supporting factors and supporters of the women's Save borrow program in the village Mendawai District Mendawai District Katingan. In the study that raised the title of implementation of the women's Save lending Program, the method of research was taken using qualitative methods. The data obtained in this research is gathered through interviews, observations, and documentation. The results showed that in the program of the women's borrowing in Mendawai village, Mendawai District, Katingan District, there are constraints of UPK and the members of the loan. The advice that researchers can give to the parties to the implementation of this female borrow is (1) It is expected to be aware of the constraints in implementing the women's Save (SPP) program for the Women's Save loan ( The SPP) can go well. (2) Hopefully UPK should be able to put the data of each group to the computer so that if the group will make loans in the second period of the community group no longer have to complete the requirements such as the first period (3) be expected For the problem of facility should UPK also pay attention to office conditions as supporting the performance of its members.

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Selim, Mohammad, and M. Kabir Hassan. "Qard-al-Hasan-based monetary policy and the role of the central bank as the lender of last resort." Journal of Islamic Accounting and Business Research 11, no. 2 (January 2, 2020): 326–45. http://dx.doi.org/10.1108/jiabr-12-2017-0190.

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Purpose This paper aims to examine how a central bank (CB) can act as a lender of last resort (LOLR) for both Islamic and conventional interest-based banks by pursuing a Qard-al-Hasan (QH)-based monetary policy (MP). Design/methodology/approach The role of the CB as LOLR under QH-based MP and its effects on major macroeconomic variables, including deposits, loan creation and aggregate expenditures, are examined on theoretical grounds by using the aggregate output and aggregate expenditure model under the framework of Islamic MP. Findings When the CB acts as LOLR by pursuing QH-based MP, it automatically empowers Islamic banks (IBs) by providing access to borrowing funds from the CB on a QH basis. As a result, IBs will not be required to hold billions of dollars as liquid assets against liquidity risks. Thus, the lending capacity of IBs will increase and deposit expansion, loan creation and aggregate expenditures in the economy will all expand. This will in turn increase real GDP and employment while reducing the unemployment rate. Originality/value This is the first paper to analyze CBs acting as LOLR for both IBs and conventional interest-based banks by pursuing a QH-based MP, thus providing equal opportunities and equal access to borrowing facilities from the CB, along with equal partnership and fair competition for all and absolutely no discrimination to anyone. The LOLR service to all banks under QH-based MP will unveil a new horizon of opportunities where all financial institutions are expected to thrive. IBs will escape the constraints of the constant fear of liquidity risks and find a level-playing field.

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Luan, Do Xuan. "Motivation and barriers to access to formal credit of primary cinnamon producers from the perspective of value chain development in Northwestern Vietnam." Journal of Agribusiness in Developing and Emerging Economies 10, no. 2 (December 23, 2019): 117–38. http://dx.doi.org/10.1108/jadee-01-2019-0003.

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Purpose The purpose of this paper is to investigate borrowing motivation, credit access barriers and their impacts on income of smallholder farmers engaging in cinnamon value chain development in Northwestern Vietnam. Design/methodology/approach A multistage sampling technique using a structural questionnaire and in-depth interviews was applied for collecting primary data from farmers and relevant stakeholders. The Propensity Score Matching was employed to analyze access barriers and examine whether relaxing these barriers can improve farmer income. To deal with the issue of model uncertainty and further increase the robustness of results, Bayesian model average and the bootstrapping approach were applied. Findings To fulfill the certain quality standards of cinnamon products which are later used in the medicinal and food industry, farmers as primary producers need credit for intensive investment to increase the value of their products. Still, there are 25.36 percent of farmers who have access constraints to formal credit. In the credit received group, 24.56 percent have not received full credit as demanded. Access problems are relevant to lack of collateral, lack of bank account holdings, inconvenient access to roads, weak chain linkage and limited organic farming. Removing credit access barriers can improve the income for farmers from cinnamon farming activities. Research limitations/implications More detailed information on the conditions under which credit serves a more important role in creating value addition for cinnamon products can help the government establish more effective credit policies. Social implications Great attention should be paid to smallholder farmers as primary producers in the chain for sustainable value chain development in developing and emerging economies. Policy interventions should facilitate access to bank accounts, speed up the process of granting residential land use certificates, certify organic farming and upgrade the road system. Strengthening the chain linkage can enhance smallholder farmers’ capacity to obtain credit through value chain lending development. Originality/value Empirical studies on agricultural credit from the perspective of value chain development remain scarce. A better understanding of credit access constraints allows for the positing of recommendations for policy makers to facilitate value chain lending and a medicinal plant-based agro-forestry system in similar situations.

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Andrade, Philippe, Christophe Cahn, Henri Fraisse, and Jean-Stéphane Mésonnier. "Can the Provision of Long-Term Liquidity Help to Avoid a Credit Crunch? Evidence from the Eurosystem’s LTRO." Journal of the European Economic Association 17, no. 4 (June 11, 2018): 1070–106. http://dx.doi.org/10.1093/jeea/jvy020.

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Abstract We exploit the Eurosystem’s longer-term refinancing operations (LTROs) of 2011–2012 to assess whether a large provision of central bank liquidity to banks during a financial crisis has a positive impact on banks’ credit supply to firms. We control for credit demand by examining firms that borrow from several banks, in addition to controlling for confounding factors at the level of banks. We find that the LTROs enhanced loan supply: according to our baseline estimate, banks borrowing 1 billion euros from the facility increased their loan supply by 186 million euros over one year. We also find that the transmission mostly took place with the first operation of December 2011, in which banks that were more capital constrained bid more. Moreover, we show that the opportunity to substitute long-term central bank liquidity for short-term liquidity enhanced this transmission. Lastly, the operations benefited larger borrowers more and did not lead banks to increase their lending to riskier firms.

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Bangani, Siviwe, Sabelo Chizwina, and Mathew Moyo. "An analysis of interlibrary loan services: a case study of a university in South Africa." Information Discovery and Delivery 46, no. 1 (February 19, 2018): 26–37. http://dx.doi.org/10.1108/idd-08-2017-0059.

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Purpose The landscape of teaching, learning and research has changed requiring the need for diverse information resources. Given the current budgetary constraints and financial conditions prevailing in many universities, sharing of information resources has become a necessity. The Interlibrary Loan (ILL) services have thus become an important service to meet the immediate needs of library users. The aim of this paper is to analyse the ILL services of the North-West University in South Africa from 2006 to 2016. Using statistical data, the paper shows the emerging pattern in borrowing and lending between institutions as well as determines the existence of correlations between borrowing and lending libraries. The results of this study show that ILL amongst libraries has decreased in the past 11 years. A need exists for increased awareness of ILL and there is need for technological innovations that will ensure that library users are able to request for information resources seamlessly. Design/methodology/approach This is a quantitative study that uses ILL data from the North-West University. Data were downloaded from the SABINET ILL system using the three NWU JC codes. They were then collated and uploaded on excel spreadsheets. In the main, the excel spreadsheets were used to interpret the data. Further, the Statistical Package for Social Sciences (SPSS) software, in particular Spearman’s Correlation Analysis, was used to test correlations between data from libraries that requested information resources from NWU and data from libraries that supplied information resources to NWU during this period using Rumsey’s guidelines to interpret the correlations. Findings The findings of the study reveal that ILL among libraries in South Africa had generally declined owing mostly to the proliferation of online resources resulting to changes in user information-seeking behaviour. The decline is despite the challenges of low budgets received by most libraries for the acquisition of information resources. It can also be concluded that public university libraries still value ILL as demonstrated by the high number of items requested from other libraries. The findings also reveal that most ILL activities were conducted by public universities. Research limitations/implications It was not possible to obtain the list of titles that have been requested and also to obtain the user’s details. This would have enabled the authors to determine the type of titles that are being requested, and the users that request them. Practical implications ILL should continue to be enhanced in view of the challenge of dwindling library budgets against the escalating prices of information resources. There is also a need for user education so that they become aware of the ILL service. From experience, library users normally give up once they realize that what they wanted is not available through the local catalogue and this calls for librarians to create an awareness to users that ILL could help solve their frustrations. Social implications These results show that ILL can play a significant role to level the playing field between the well-resourced libraries in urbanized regions or provinces and the poorly resourced ones in rural regions or provinces. This social justice aspect of ILL is probably the reason why better resourced libraries in South Africa have decided to remain in the scheme unlike other countries where better resourced libraries opted out of reciprocal arrangements with small and medium-sized institutions. Originality/value The study adds to a very limited number of studies emanating from Africa. A study of this nature has never been conducted in Africa, as previous studies were nationwide studies. As far as the authors know, this is the first study that uses ILL data to research the impact of the global financial crisis on libraries in Africa.

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Khawaja, M. Idrees, and Sajawal Khan. "Pass-through of Change in Policy Interest Rate to Market Rates." Pakistan Development Review 47, no. 4II (December 1, 2008): 661–74. http://dx.doi.org/10.30541/v47i4iipp.661-674.

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Monetary policy has been aggressively used by the central Bank of Pakistan, in this decade, first to bolster growth and then to contain rampant inflation. Despite the sufficiently tight monetary policy that has remained in vogue in recent times, the inflation is still around 20 percent. This has raised questions about the effectiveness of monetary policy. One possible reason for the lesser effectiveness, if not failure, of monetary policy in taming inflation could be that in recent times, inflation was primarily supply driven and that the monetary tightening was in part offset by fiscal expansion, on the back of heavy bank borrowing by the government. However one cannot rule out the possibility that market imperfections might have also impeded the effectiveness of monetary policy in taming inflation to the desired extent. Incomplete and slow pass through of changes in policy interest rate to deposit rate and lending rate is a kind of imperfection that constrains the effectiveness of monetary policy. This study examines the pass through of policy interest rate to different market rates. Monetary theory predicts that the change in policy interest rate influences the cost capital which in turn influences consumption, savings, investments, and hence output. However if the impact of the change in policy rate on the cost of capital is less than one for one or if the change in policy rate fails to influence the cost capital immediately then the impact on output would become visible only with a certain lag and the impact would be less than one for one. This implies that if for example only 70 percent of the change in policy rate is passed on to cost of capital, then to manage an increase of 100 basis points in cost capital the policy rate should be raised by 143 basis points. This example serves to emphasise that for effective monetary management knowledge of the magnitude of passthrough of policy rate and the lag structure with which the policy rate influences cost of capital is important. Substantive empirical evidence confirms that changes in policy interest rate are transmitted to the output with a certain lag and that the pass-through of changes in policy rate to output or to other elements of the transmission channel may be less than one for one. Given the policy implications of the information, on the magnitude of pass through and the lag structure with which the policy rate influences different market rates, this Paper seeks to measure the pass-through of the changes in six month Treasury bill rate to six month KIBOR, six month weighted average deposit rate and weighted average lending rate. The study is focused on Pakistan.

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Suseno, Brahmantyo Aryo. "Karakteristik Penagihan Secara Bertanggung Jawab Yang Dilakukan Oleh Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi." Jurist-Diction 4, no. 5 (September 1, 2021): 1739. http://dx.doi.org/10.20473/jd.v4i5.29817.

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AbstractOver time, information technology-based lending and borrowing services emerged. This technology-based money lending and borrowing service is not much different from banks, both of which provide money lending and borrowing services. The difference is the emergence of legal subjects and new legal relationships. To find out the legal subject and legal relations in information technology based lending and borrowing services, researchers conducted legal research with Normative research type. Namely by examining and analyzing applicable laws and regulations, explaining and predicting future developments. This research results in the finding that information technology based lending and borrowing services differ from banks due to new parties called Organizers. In addition, the precautionary principle applied to technology-based lending and borrowing services is not the same. This is because the structure of banks with lending and borrowing services based on information technology is not the same.Keywords: Information Technology-Based Lending and Borrowing Services; Billing; Legal Relationship, Principles in Billing.AbstrakSeiring dengan berjalannya waktu muncul layanan pinjam meminjam uang berbasis teknologi informasi. Layanan pinjam meminjam uang berbasis teknologi ini tidak jauh berbeda dengan bank, dimana keduanya menyediakan jasa pinjam meminjam uang. Hal yang menjadi pembeda ialah munculnya subjek hukum dan hubungan hukum baru. Untuk mengetahui subjek hukum dan hubungan hukum dalam layanan pinjam meminjam uang berbasis teknologi informasi, peneliti melakukan penelitian hukum dengan tipe penelitian Normatif. Yaitu dengan menelaah dan menganalisis peraturan perundang-undangan yang berlaku, menjelaskan dan memprediksi perkembangan yang akan datang. Penelitian ini menghasilkan penemuan bahwa layanan pinjam meminjam uang berbasis teknologi informasi berbeda dari bank dikarenakan adanya pihak baru yang disebut dengan Penyelenggara. Selain itu, prinsip kehati-hatian yang diterapkan pada layanan pinjam meminjam uang berbasis teknologi tidaklah sama. Hal ini dikarenakan struktur bank dangan layanan pinjam meminjam uang berbasis teknologi informasi tidaklah sama. Kata Kunci: Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi; Penagihan; Hubungan Hukum; Prinsip Dalam Penagihan.

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Weis, Anne, and Paul Millett. "Lending and Borrowing in Ancient Athens." Classical World 86, no. 3 (1993): 250. http://dx.doi.org/10.2307/4351343.

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Hunter, Virginia, and Paul Millett. "Lending and Borrowing in Ancient Athens." Phoenix 49, no. 1 (1995): 79. http://dx.doi.org/10.2307/1088367.

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MAKIN, TONY. "INTERNATIONAL BORROWING, LENDING AND INTEREST RATES." Economic Papers: A journal of applied economics and policy 16, no. 1 (March 1997): 58–64. http://dx.doi.org/10.1111/j.1759-3441.1997.tb00140.x.

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Hrapovic, Kenan. "Short selling and securities lending/borrowing." Ekonomski anali 56, no. 189 (2011): 117–30. http://dx.doi.org/10.2298/eka1189117h.

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This article analyzes the effectiveness of the short selling ban, and questions it with critiques from comparative empirical data. Authors have argued that the ban on short selling hit trading volumes but did not necessarily reduce market volatility. Today market regulators are seeking to rebuild a short selling policy that allows covered short selling while reducing the risk of market abuse. The reinforced framework must include rules and regulations that increase market efficiency, enhance the visibility of short selling to regulators and to investors, improve regulators? responsiveness to market failures and periods of extreme volatility, and enforce anti-abuse laws consistently and judiciously. Although most regulators have allowed their short sale bans to lapse and seem to be thinking constructively about the form of future regulation, the dust has not settled on the short sale debate. As the events of the year 2010 outline, short selling regulations tend to mirror the capital markets they oversee. The author questions if the capital market in Montenegro is ready to lift the short selling ban and to allow speculative trading again.

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Lieber, Zvi, and Yair E. Orgler. "Optimal borrowing and bank lending policies." Journal of Banking & Finance 10, no. 2 (June 1986): 255–65. http://dx.doi.org/10.1016/0378-4266(86)90009-9.

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Pavlidis, Georgios. "Promoting responsible sovereign lending and borrowing: the role of sovereign wealth funds." Journal of Financial Regulation and Compliance 27, no. 4 (November 11, 2019): 443–52. http://dx.doi.org/10.1108/jfrc-11-2018-0151.

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Purpose This paper aims to investigate the idea of building responsible borrowing and lending into sovereign wealth fund (SWF) decision-making. SWFs, which currently manage US$8 trillion in assets, are influential institutional investors, but their role in sovereign debt markets needs to be further explored. In this context, this paper aims to critically assess the linkages and convergences between the Santiago Principles on SWF and the United Nations Conference on Trade and Development (UNCTAD) principles on responsible sovereign lending and borrowing. Design/methodology/approach This paper draws on legal scholarship, reports, policy papers and other open-source data to explore the role of SWFs in sovereign lending, borrowing and debt restructuring. Findings Building responsible borrowing and lending into SWF decision-making is feasible and justified on the grounds of both ethics and public duty. It is also justified in financial terms because it would protect SWFs from irresponsible lending and borrowing practices at the micro level while contributing to global financial stability at the macro level. Originality/value This is the first comprehensive study to juxtapose two important normative processes, the Santiago Principles and the UNCTAD Principles.

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Stein, Ingrid. "The Price Impact of Lending Relationships." German Economic Review 16, no. 3 (August 1, 2015): 367–89. http://dx.doi.org/10.1111/geer.12057.

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Abstract This study analyzes the impact of bank relationships on a firm’s borrowing costs. We find that a firm’s borrowing costs decrease with relationship strength, proxied by the share of bank debt provided by the lender. Borrowing costs, however, rise with relationship length. While the increase over time is weak on average, bank-dependent borrowers face a substantial premium after several relationship years. Switching the lender initially leads to only a small price discount on average. However, the discount is considerable for borrowers that switch and had a strong relationship with their previous lender. Our results suggest that close lending relationships lead to benefits for the firm, but may also imply hold-up costs in the long term.

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Acolin, Arthur, Jesse Bricker, Paul Calem, and Susan Wachter. "Borrowing Constraints and Homeownership." American Economic Review 106, no. 5 (May 1, 2016): 625–29. http://dx.doi.org/10.1257/aer.p20161084.

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This paper identifies the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual households to become homeowners has not been previously identified. The homeownership rate in 2010-2013 is estimated to be 2.3 percentage points lower than if the constraints were set at the 2001 level.

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Chen, Wei, Yiping Yang, and Hui Ma. "Fuzzy Portfolio Selection Problem with Different Borrowing and Lending Rates." Mathematical Problems in Engineering 2011 (2011): 1–15. http://dx.doi.org/10.1155/2011/263240.

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As we know, borrowing and lending risk-free assets arise extensively in the theory and practice of finance. However, little study has ever investigated them in fuzzy portfolio problem. In this paper, the returns of each assets are assumed to be fuzzy variables, then following the mean-variance approach, a new possibilistic portfolio selection model with different interest rates for borrowing and lending is proposed, in which the possibilistic semiabsolute deviation of the return is used to measure investment risk. The conventional probabilistic mean variance model can be transformed to a linear programming problem under possibility distributions. Finally, a numerical example is given to illustrate the modeling idea and the impact of borrowing and lending on optimal decision making.

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Dempsey, Kyle, and Felicia Ionescu. "Lending Standards and Borrowing Premia in Unsecured Credit Markets." Finance and Economics Discussion Series 2021, no. 037 (June 23, 2021): 1–71. http://dx.doi.org/10.17016/feds.2021.039.

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Using administrative data from Y-14M and Equifax, we find evidence for large spreads in excess of those implied by default risk in the U.S. unsecured credit market. These borrowing premia vary widely by borrower risk and imply a nearly flat relationship between loan prices and repayment probabilities, at odds with existing theories. To close this gap, we incorporate supply frictions – a tractably specified form of lending standards – into a model of unsecured credit with aggregate shocks. Our model matches the empirical incidence of both risk and borrowing premia. Both the level and incidence of borrowing premia shape individual and aggregate outcomes. Our baseline model with empirically consistent borrowing premia features 45% less total credit balances and 30% more default than a model with no such premia. In terms of dynamics, we estimate that lending standards were unchanged for low risk borrowers but tightened for high risk borrowers at the outset of Covid-19. Borrowing premia imply a smaller increase in credit usage in response to a negative shock, which this tightening reduced further. Since spreads on loans of all risk levels are countercyclical, all consumers use less unsecured credit for insurance over the cycle, leading to 60% higher relative consumption volatility than in a model with no borrowing premia.

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Söderholm, Jonas. "Borrowing tools from the public library." Journal of Documentation 72, no. 1 (January 11, 2016): 140–55. http://dx.doi.org/10.1108/jd-01-2015-0010.

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Purpose – The purpose of this paper is to investigate tool lending library patrons’ perception of their tool borrowing, in order to explore the role of a public lending service in the context of their lives. It addresses the research question, why do patrons borrow tools from the library? Design/methodology/approach – A case study was conducted, consisting of semi-structured interviews with patrons of a tool lending library. Led by a phenomenographic approach, the interviews focused on participants’ recounted experiences. Transcripts were structured into major categories and underlying themes. Findings were discussed from a perspective taking departure in Wiegand’s notion of “the library in the life of the user,” and summarized with regards to sustainable community development. Findings – Participants are found to talk about their tool borrowing from two main viewpoints. First, reasons for making the decision. This involves weighing practical considerations, e.g., cost, storage, access, and frequency of use. It also includes ideological motivations, and sympathy with the concept. Second, effects of their borrowing, interpreted as how it enables them. This enablement includes inspiration, learning, support to self-employment, and strengthening of community. Patrons focus on local aspects of social and economic development, rather than global or environmental motivations. Research limitations/implications – A single and in part unique setting was studied. The findings provide foundation for a developed discussion on the societal role of public libraries providing “non-traditional” materials such as tools, with particular regards to community settings and sustainability. Originality/value – Addresses knowledge gaps on borrowing and tool lending libraries.

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Harahap, Nurasiah. "Perlindungan Hukum Pengguna Layanan Teknologi Finansial (Financial Technology) Pinjam Meminjam Uang Berbasis Teknologi Informasi (Peer To Peer Lending)." Jurnal Hukum Kaidah: Media Komunikasi dan Informasi Hukum dan Masyarakat 20, no. 1 (December 2, 2020): 63–82. http://dx.doi.org/10.30743/jhk.v20i1.3260.

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Financial Technology is the implementation and utilization of technology to improve banking and financial services which are generally carried out by startup companies by utilizing the latest software, internet, communication and computing technologies.The research conducted was juridical empirical and normative juridical research, namely field research with interviews as a basis for problem solving and analyzing statutory regulations. The data used are primary and secondary data, then the data collection methods used in this study are library research and field research. The data analysis used is a qualitative method.The results show that the legal protection of users of the Financial Technology (Financial Technology) service of borrowing and borrowing money based on information technology (Peer to Peer Lending) has been carried out by the Financial Services Authority (OJK) and its staff by means of supervision, examination and investigation based on the Financial Services Authority Regulation No. 77 / POJK.01 / 2016 concerning Information Technology-Based Lending and Borrowing Services.The conclusion is that the legal protection of users of the Financial Technology (Financial Technology) service of lending and borrowing money based on information technology (Peer to Peer Lending) can be realized in a preventive and repressive manner. Basically, the Operator does not have direct legal consequences that make risk transfer to the Operator. Keywords: Financial Technology, Peer to Peer Lending, Legal Protection for Users / Consumers.

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Nowak, Adam, Amanda Ross, and Christopher Yencha. "SMALL BUSINESS BORROWING AND PEER-TO-PEER LENDING: EVIDENCE FROM LENDING CLUB." Contemporary Economic Policy 36, no. 2 (September 28, 2017): 318–36. http://dx.doi.org/10.1111/coep.12252.

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36

Harris, Edward M. "Lending and Borrowing - Paul Millett: Lending and Borrowing in Ancient Athens. Pp. xiii + 368. Cambridge University Press, 1991. £40." Classical Review 43, no. 1 (April 1993): 102–7. http://dx.doi.org/10.1017/s0009840x00286009.

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Anbil, Sriya, and Angela Vossmeyer. "The Quality of Banks at Stigmatized Lending Facilities." AEA Papers and Proceedings 109 (May 1, 2019): 506–10. http://dx.doi.org/10.1257/pandp.20191093.

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When the names of banks that borrow from an emergency lending facility are inadvertently leaked, the facility may become stigmatized. We examine how the quality of the borrowing pool of banks changed when stigma was unexpectedly introduced at a once confidential lending facility during the Great Depression. This facility experienced a compositional shift in the quality of its borrowing pool, where only weaker banks that maintained smaller liquidity buffers used the facility, while an alternative confidential facility attracted stronger banks. Our results shed light on how the design of lending facilities may attract certain types of banks.

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Khapko, Mariana, and Marius Zoican. "How Fast Should Trades Settle?" Management Science 66, no. 10 (October 2020): 4573–93. http://dx.doi.org/10.1287/mnsc.2019.3408.

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Recent regulatory and industry initiatives aim to streamline post-trade infrastructures. Does faster settlement benefit markets? We build a model of intermediated trading with imperfectly competitive securities lending. Faster settlement benefits impatient traders but increases borrowing needs. We find that flexible failure-to-deliver penalties reduce this tension, disciplining security lender competition and allowing for real-time settlement. Optimal penalties resemble put options on the lending market: they protect traders against high settlement costs but do not eliminate failures to deliver. Mandating automatic security borrowing to prevent failures to deliver triggers a toxic settlement rat race to lock in low borrowing costs. This paper was accepted by Gustavo Manso, finance.

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Shneiderman, I. M., and A. V. Yarasheva. "Population Borrowing Behavior: Trends and Risks." Voprosy statistiki 26, no. 3 (March 30, 2019): 15–22. http://dx.doi.org/10.34023/2313-6383-2019-26-3-15-22.

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The article deals with current issues related to modern processes of lending to the population in Russia. The article aims to identify possible risks and consequences of over-lending to individuals based on the analysis of statistical data. Research objectives include analysing data dynamics of volume of the issued housing loans for the past 13 years, including mortgage loans; tracing the dynamics of household debt (total and for this type of lending) in rubles and foreign currency in macro-regions (Federal districts) of the Russian Federation; and describing the features and trends of car loans in our country. Results of the study revealed an uneven increase in the amount of debt on loans of the population living in different macro-regions of Russia. The authors concluded that the share of personal debt to credit institutions on mortgages «inside» of housing loan debt from 2006 to 2018 has more than tripled. In general, reasons for changes in the credit behaviour of Russians lie in lowered interest rates and the fear of their future growth, chances of refinancing previously taken loans, concerns about rising inflation, pent-up demand for housing and durable goods. A further increase in the growth of consumer loans and the volume of public debt on them may lead to the overheating of the credit market.

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Gobbo, Francesca. "The Global Politics of Educational Borrowing and Lending." European Educational Research Journal 7, no. 1 (January 2008): 134–47. http://dx.doi.org/10.2304/eerj.2008.7.1.134.

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41

Morris, Ian. "Lending and Borrowing in Ancient Athens. Paul Millett." Classical Philology 88, no. 4 (October 1993): 340–46. http://dx.doi.org/10.1086/367381.

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42

Allen, Franklin. "Repeated principal-agent relationships with lending and borrowing." Economics Letters 17, no. 1-2 (January 1985): 27–31. http://dx.doi.org/10.1016/0165-1765(85)90121-1.

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43

Olson, Dennis, and Jorg Bley. "Asset allocation with differential borrowing and lending rates." International Review of Economics & Finance 17, no. 4 (October 2008): 629–43. http://dx.doi.org/10.1016/j.iref.2007.05.007.

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Avellán, Leopoldo, Arturo J. Galindo, and Giulia Lotti. "Sovereign external borrowing and multilateral lending in crises." International Review of Economics & Finance 74 (July 2021): 206–38. http://dx.doi.org/10.1016/j.iref.2021.01.010.

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45

Jafarey, Saqib, and Sajal Lahiri. ""Export Experience" under Borrowing Constraints." Review of International Economics 12, no. 5 (November 2004): 844–54. http://dx.doi.org/10.1111/j.1467-9396.2004.00485.x.

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46

Curme, Michael A., and William E. Even. "Pension Coverage and Borrowing Constraints." Journal of Human Resources 30, no. 4 (1995): 701. http://dx.doi.org/10.2307/146228.

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47

Paxson, Christina. "Borrowing Constraints and Portfolio Choice." Quarterly Journal of Economics 105, no. 2 (May 1990): 535. http://dx.doi.org/10.2307/2937799.

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48

Kitaura, Koji. "Education, borrowing constraints and growth." Economics Letters 116, no. 3 (September 2012): 575–78. http://dx.doi.org/10.1016/j.econlet.2012.05.053.

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Kunieda, Takuma. "Asset bubbles and borrowing constraints." Journal of Mathematical Economics 44, no. 2 (January 2008): 112–31. http://dx.doi.org/10.1016/j.jmateco.2007.07.002.

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Migiro, Stephen. "Post National Credit Act reckless lending in the South African banking industry." Public and Municipal Finance 6, no. 2 (July 27, 2017): 27–34. http://dx.doi.org/10.21511/pmf.06(2).2017.03.

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One of the main aims of the National Credit Act (NCA) of 2005 in South Africa is to curtail rising consumer over-indebtedness by encouraging credit providers to adopt responsible lending practices. This research study seeks to ascertain whether the NCA’s responsible lending requirements have limited reckless lending by credit providers. Data are collected by a telephonic survey amongst debt counselors and in-depth interviews amongst bank employees. Descriptive statistics are used to analyze data from the descriptive survey, while data from in-depth interviews are analyzed using the thematic approach. Credit providers have divided opinions on whether the NCA limits reckless lending practices. Debt counselors claimed that credit providers are lending irresponsibly. By contrast, insights obtained from bank employees indicate compliance. However, both agree that borrowers are not borrowing responsibly. As a result, consumer education is required to educate consumers on both the benefits and risks of borrowing. It is also recommended that lenders be audited for compliance to the Credit act.

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