Eintrag weiter verarbeiten
Insolvency frameworks and private debt: an empirical investigation
Gespeichert in:
| Personen und Körperschaften: | , , |
|---|---|
| Titel: | Insolvency frameworks and private debt: an empirical investigation/ Agostino Consolo, Federica Malfa, Beatrice Pierluigi |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2018]
|
| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2189 (October 2018)
|
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | This paper presents new evidence on the importance of insolvency frameworks for private sector debt deleveraging and for the resolution of non-performing loans (NPL). We construct an aggregate insolvency framework index (IFI), which is used as explanatory variable in the empirical analysis. By means of panel estimates over 2003-2016, we show that OECD countries with better IFI deleverage faster and adjust their NPL levels more rapidly than countries with worse IFI. We also show that there is a strong correlation between the level of NPL and IFI, which appears to be state-dependent, i.e. in a situation of high unemployment relative to its historical average the NPL ratio is generally lower for a higher IFI. Finally, our results indicate that better insolvency frameworks lead to faster NPL reductions and to lower NPL increases during economic bad times. |
|---|---|
| Umfang: | 1 Online-Ressource (circa 37 Seiten); Illustrationen |
| ISBN: |
9789289932943
9289932945 |
| DOI: | 10.2866/76311 |