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PERSISTDEBT SIGNED

Debt and Persistence of Financial Shocks

Total Cost €

0

EC-Contrib. €

0

Partnership

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 PERSISTDEBT project word cloud

Explore the words cloud of the PERSISTDEBT project. It provides you a very rough idea of what is the project "PERSISTDEBT" about.

causal    supply    data    banking    rights    household    natural    lastly    obtain    costly    experiment    aggregate    cleansing    economic    boom    policies    building    return    severe    recovering    substantially    housing    periods    time    firms    strict    individuals    allocate    productive    predictor    exogenous    persistent    employment    policy    excessive    recessions    overwhelmed    recession    liquidity    benefits    output    allocation    loan    savings    followed    credit    productivity    advantage    negative    shocks    construct    explained    concentrated    randomized    quantification    combination    debt    2007    interaction    variation    sources    levels    datasets    macroprudential    risk    stronger    deleveraging    ratios    content    financial    contraction    stop    spain    plan    lotteries    innovative    literature    beginning    systemic    crises    point    lenders    crisis    effect    ex    historical    ante    buy    consumption    exhaustive    until   

Project "PERSISTDEBT" data sheet

The following table provides information about the project.

Coordinator
UNIVERSIDAD POMPEU FABRA 

Organization address
address: PLACA DE LA MERCE, 10-12
city: BARCELONA
postcode: 8002
website: www.upf.edu

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Spain [ES]
 Total cost 1˙308˙676 €
 EC max contribution 1˙308˙676 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2014-CoG
 Funding Scheme ERC-COG
 Starting year 2015
 Duration (year-month-day) from 2015-07-01   to  2021-06-30

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    UNIVERSIDAD POMPEU FABRA ES (BARCELONA) coordinator 1˙208˙676.00
2    KOBENHAVNS UNIVERSITET DK (KOBENHAVN) participant 100˙000.00

Map

 Project objective

In 2007 the US and Europe were overwhelmed by a banking crisis, which was followed by a severe economic recession. Historical studies show that financial crises are followed by periods of substantially stronger contraction of aggregate output and employment than non-financial recessions. Those studies also point out that the best predictor of financial crises is an ex-ante strong credit boom which, after the beginning of the crisis, followed by negative overall credit growth. Lastly, financial crises take a long time until recovering the pre-crisis levels. Why are the effects of credit shocks so strong and persistent over time? Is this effect explained by costly household deleveraging? What is the effect of household debt on consumption, savings and employment? Are there any benefits of debt in crises? Do some effects of the financial crisis work through a reduction in credit supply to firms and projects with high innovative content and productivity (high overall return, but with high credit and liquidity risk for the lenders)? Or are the cleansing effects in financial crises concentrated on the less productive firms? Can macroprudential policies based on strict control of loan-to-value ratios stop the building up of excessive household debt? We plan to construct several new datasets to study these issues by merging information from different sources. For some issues, like the analysis of the effect of household debt on consumption and employment, we can take advantage of a natural experiment of randomized allocation of debt among individuals derived from the use of lotteries to allocate the rights to buy housing in Spain. In comparison to the existing literature, we can exploit the exogenous variation generated by these lotteries and some other combination of data (including exhaustive credit data) to obtain causal evidence and quantification on the interaction between debt, systemic risk, crises, and the new macroprudential policy.

 Publications

year authors and title journal last update
List of publications.
2020 João Barata R. Blanco Barroso ; Rodrigo Barbone Gonzalez; Jose-Luis Peydró; Bernardus F. Nazar Van Doornik
Countercyclical Liquidity Policy and Credit Cycles: Evidence from Macroprudential and Monetary Policy in Brazil
published pages: , ISSN: , DOI:
2020-03-17
2019 Salih Fendoglu, Eda Gulsen and Jose-Luis Peydró
Global Liquidity and Impairment of Local Monetary Policy
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1680\" 2020-03-17
2019 Carlo Altavilla, Miguel Boucinha, José-Luis Peydró, Frank Smets
Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1684\" 2020-03-17
2019 David Elliott, Ralf Meisenzahl, José-Luis Peydró, Bryce C. Turner
Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1679\" 2020-03-17
2016 José-Luis Peydró
Macroprudential Policy and Credit Supply
published pages: 305-318, ISSN: 2235-6282, DOI: 10.1007/bf03399430
Swiss Journal of Economics and Statistics 152/4 2020-03-17
2018 Peydró J-L, Polo A, Sette E.
Securities Trading and Lending in Banks
published pages: , ISSN: , DOI: 10.1093/oso/9780198815815.003.0022
Finance and investment: the European case (Mayer C, Micossi S, Onado M, Pagano M, Polo A, eds.) 2020-03-17
2019 Sjoerd van Bekkum; Marc Gabarro; Rustom Irani; José-Luis Peydró
Take it to the limit? The effects of household leverage caps
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1692\" 2020-03-17
2018 Puriya Abbassi; Falk Bräuning; Falko Fecht; José Luis Peydró
International Financial Integration, Crises and Monetary Policy: Evidence from the Euro Area Interbank Crises
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1566\" 2020-03-17
2019 Cecilia Dassatti Camors; José Luis Peydró; Francesc Rodriguez-Tous
Macroprudential and Monetary Policy: Loan-level Evidence from Reserve Requirements
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1650\" 2020-03-17
2018 José Luis Peydró; Andrea Polo; Enrico Sette
Monetary Policy at Work: Security and Credit Application Registers Evidence
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1565\" 2020-03-17
2019 Margherita Bottero; Camelia Minoiu; José Luis Peydró, Andrea Polo; Andrea F. Presbitero; Enrico Sette
Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1649\" 2020-03-17
2018 Sebastian Doerr; Stefan Gissler; José Luis Peydró; Hans-Joachim Voth
From Finance to Fascism: The Real Effect of Germany’s 1931 Banking Crisis
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1651\" 2020-03-17
2018 Mircea Epure; Irina Mihai; Camelia Minoiu; José Luis Peydró
Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1590\" 2020-03-17
2017 Gabriel Jiménez, Steven Ongena, José-Luis Peydró, Jesús Saurina
Macroprudential Policy, Countercyclical Bank Capital Buffers, and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments
published pages: 2126-2177, ISSN: 0022-3808, DOI: 10.1086/694289
Journal of Political Economy 125/6 2020-03-17
2018 Rodrigo Barbone Gonzalez; Dmitry Khametshin; José Luis Peydró; Andrea Polo
Hedger of Last Resort: Evidence from Brazil on FX Interventions, Local Credit and Global Financial Cycles
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1648\" 2020-03-17
2017 Gabriel Jiménez; Steven Ongena; José Luis Peydró, Jesús Saurina
Do Demand or Supply Factors Drive Bank Credit, in Good and Crisis Times?
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1567\" 2020-03-17
2018 Carlo Altavilla, Miguel Boucinha, José-Luis Peydró
Monetary Policy and Bank Profitability in a Low Interest Rate Environment
published pages: 531-86, ISSN: 0266-4658, DOI: 10.1093/epolic/eiy013
Economic Policy 33(96) 2020-03-17
2019 BERNARDO MORAIS, JOSÉ-LUIS PEYDRÓ, JESSICA ROLDÁN-PEÑA, CLAUDIA RUIZ-ORTEGA
The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects
published pages: 55-90, ISSN: 0022-1082, DOI: 10.1111/jofi.12735
The Journal of Finance 74/1 2020-03-17
2018 Rustom M. Irani; Rajkamal Iyer; Ralf R. Meisenzahl; José Luis Peydró
The Rise of Shadow Banking: Evidence from Capital Regulation
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1652\" 2020-03-17
2016 Puriya Abbassi, Rajkamal Iyer, José-Luis Peydró, Francesc R. Tous
Securities trading by banks and credit supply: Micro-evidence from the crisis
published pages: 569-594, ISSN: 0304-405X, DOI: 10.1016/j.jfineco.2016.05.005
Journal of Financial Economics 121/3 2020-03-17
2018 Gabriel Jiménez: José Luis Peydró; Rafael Repullo; Jesús Saurina
Burning Money? Government Lending in a Credit Crunch
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1577\" 2020-03-17
2016 Filippo Ippolito, José-Luis Peydró, Andrea Polo, Enrico Sette
Double bank runs and liquidity risk management
published pages: 135-154, ISSN: 0304-405X, DOI: 10.1016/j.jfineco.2015.11.004
Journal of Financial Economics 122/1 2020-03-17
2019 Johannes Bubeck, Angela Maddaloni. José-Luis Peydró
Negative Monetary Policy Rates and Systemic Banks’ Risk-Taking: Evidence from theEuro Area Securities Register
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1678\" 2020-03-17
2019 Ozlem Akin; Nicholas S. Coleman; Christian Fons-Rosen; José Luis Peydró
Political Connections: Evidence from Insider Trading around TARP
published pages: , ISSN: 1755-053X, DOI:
Financial Management (forthcoming) 2020-03-17
2019 Charles Abuka, Ronnie K. Alinda, Camelia Minoiu, José-Luis Peydró, Andrea F. Presbitero
Monetary policy and bank lending in developing countries: Loan applications, rates, and real effects
published pages: 185-202, ISSN: 0304-3878, DOI: 10.1016/j.jdeveco.2019.03.004
Journal of Development Economics 139 2020-03-17
2019 Ozlem Akin; José M. Marín; José Luis Peydró
Anticipating the Financial Crisis: Evidence from Insider Trading in Banks
published pages: , ISSN: , DOI:
\"Economic Working Paper Series, working paper # 1524\" 2020-03-17
2019 Gabriel Jiménez; Atif Mian; José Luis Peydró; Jesús Saurina
The Real Effects of the Bank Lending Channel
published pages: , ISSN: 0304-3932, DOI:
Journal of Monetary Economics (forthcoming) 2020-03-17

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