The Resource Financial intermediation and the great recession : microeconomic and macroeconomic issues, Tommaso Oliviero

Financial intermediation and the great recession : microeconomic and macroeconomic issues, Tommaso Oliviero

Label
Financial intermediation and the great recession : microeconomic and macroeconomic issues
Title
Financial intermediation and the great recession
Title remainder
microeconomic and macroeconomic issues
Statement of responsibility
Tommaso Oliviero
Creator
Contributor
Subject
Language
eng
Summary
This thesis consists of three manuscripts that analyze the role of financial intermediation in the Great Recession from both a microeconomic and macroeconomic perspective. Although these papers differ in the adopted methodologies, they share the idea that, to evaluate the real effects of the last recession, we need a deeper study of financial intermediation. The first chapter of this thesis is joint work with L. D'Aurizio and L. Romano. It documents the credit allocation by Italian banks following the failure of Lehman Brothers. The empirical analysis reveals that Italian family firms experienced a significantly smaller contraction in granted loans than non-family firms. It is showed that the difference in the amount of credit granted to family and non-family firms is related to an increased role for soft information in Italian banks' operations. The second chapter, joint work with D. Menno, quantifies the welfare effects of the drop in aggregate house prices for leveraged and un-leveraged households in the Great Recession. It features a dynamic general equilibrium model calibrated to the U.S. economy and simulates the 2007-2009 Great Recession as a contemporaneous shock to the financial intermediation sector and aggregate income. The estimates show that borrowers lost significantly more in terms of welfare than savers. In counter-factual experiments it has showed that this loss is larger the higher the households' leverage. The third chapter documents the relation between bank performance in the 2007-2008 financial crisis and CEO monetary incentives in a cross-country analysis. Results suggest that the sensitivity of CEOs' stock-option portfolios to share prices (option delta) in 2006 have strong predictive power for ex-post bank performance. By exploiting the cross-country variability in financial regulation, results show that incentives to take risk given by stock options are stronger in countries with explicit deposit insurance and weaker restrictions on bank investments
Member of
Cataloging source
IT-FiEUI
http://library.link/vocab/creatorName
Oliviero, Tommaso
Date time place
Defence date: 20 March 2014
Dissertation note
Thesis (Ph. D.)--European University Institute (ECO), 2014.
Index
no index present
Literary form
non fiction
Nature of contents
theses
http://library.link/vocab/relatedWorkOrContributorName
European University Institute
Series statement
  • EUI PhD theses
  • EUI theses
http://library.link/vocab/subjectName
  • Intermediation (Finance)
  • Banks and banking
  • Financial crises
Label
Financial intermediation and the great recession : microeconomic and macroeconomic issues, Tommaso Oliviero
Link
http://hdl.handle.net/1814/31157
Instantiates
Publication
Note
Examining Board: Professor Nicola Pavoni, Università Bocconi (Supervisor); Professor Árpád Ábrahám, European University Institute; Professor Hans Degryse, University of Leuven; Professor Steven Ongena, University of Zurich
Bibliography note
Includes bibliographical references (pages 119-120)
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb17525147
Dimensions
30 cm.
Extent
v, 132 pages
Media category
unmediated
Media MARC source
rdamedia.
Media type code
n
System control number
(OCoLC)881304733
Label
Financial intermediation and the great recession : microeconomic and macroeconomic issues, Tommaso Oliviero
Link
http://hdl.handle.net/1814/31157
Publication
Note
Examining Board: Professor Nicola Pavoni, Università Bocconi (Supervisor); Professor Árpád Ábrahám, European University Institute; Professor Hans Degryse, University of Leuven; Professor Steven Ongena, University of Zurich
Bibliography note
Includes bibliographical references (pages 119-120)
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb17525147
Dimensions
30 cm.
Extent
v, 132 pages
Media category
unmediated
Media MARC source
rdamedia.
Media type code
n
System control number
(OCoLC)881304733

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