The following content has been added at finexpert:

Duff & Phelps

DISTRESSED MARKET REVIEW ISSUE 1

This review contains information about distressed lending, mergers and acquisitions, high yield bond ratings and market updates. >more

Ernst & Young

BANKENBAROMETER DEUTSCHLAND/EUROPA FEBRUAR 2012

A study on current challenges and sentiment in the banking industry (in German). >more

CMS Hasche Sigle & Deutsche Börse

EUROPEAN INVESTORS` EXPOSURE TO CHINESE PRIVATE EQUITY

This study provides insights into what European investors are taking into consideration when deciding to carry out Chinese venture capital and private equity investments. >more

Dahlem Lectures on FACT

Reform of Auditing

June 21, 2012 in Berlin >more

WHICH FINANCIAL FRICTIONS? PARSING THE EVIDENCE FROM THE FINANCIAL CRISIS OF 2007-09

Tobias Adrian, Paolo Colla, and Hyun Song Shin
Federal Reserve Bank of New York Staff Report no. 528
The financial crisis of 2007-09 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence suggests that although bank lending contracted during the crisis, bond fi nancing actually increased to make up much of the gap. This paper reviews both aggregate and micro-level data and highlights the shift in the composition of credit between loans and bonds. Motivated by the evidence, we formulate a model of direct and intermediated credit that captures the key stylized facts. In our model, the impact on real activity comes from the spike in risk premiums rather than the contraction in the total quantity of credit. >more