Does mortgage lending impact business credit? Evidence from a new disaggregated bank credit data set

Bezemer, Dirk; Samarina, Anna; Zhang, Lu

doi:10.1016/j.jbankfin.2020.105760

Cited by 16 publications

(7 citation statements)

References 64 publications

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“…With regard to the discussion of the problem of the nature of mortgages, it should be noted that to date, it continues to be generally quite controversial [3]. The first point of view is that the pledge is considered as a real right together with the right of ownership and other rights [4]. It was very widespread in pre-revolutionary Russia.…”

Section: Resultsmentioning

confidence: 99%

Mortgage and mortgage lending as a tool for financial recovery of the modern Russian economy

Rybak

2021

E3S Web Conf.

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The article is devoted to the institutional analysis of the problem of improving the legal regulation of mortgage relations in Russia in modern conditions in the presence of a rather limited financial capacity of the population in modern conditions to purchase real estate or housing. In this regard, the mortgage becomes the most necessary tool to ensure the socio-economic development of society, its stable and sustainable development. The formation of the property base currently generates a corresponding demand in the real estate market, and develops a corresponding interest among consumers in mortgage lending. At the same time, the emerging financial mechanism of mortgages also ensures the formation of the solvency of not only the population, but also other market participants, so that this market segment becomes not only in demand, but also successfully developed. Considering this problem, the author sought to update the scientific, theoretical and practical interest in this topic and to reveal the problems that hinder the development of mortgages as an important factor in the financial recovery of the modern market economy.

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Section: Resultsmentioning

confidence: 99%

Mortgage and mortgage lending as a tool for financial recovery of the modern Russian economy

Rybak

2021

E3S Web Conf.

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“…21 This "debt shift" from business lending to mortgage lending and intrafinance lending has been documented for a large number of countries. 22 In sum, while banks remain the pivotal actors within the financial system, their traditional creditor power vis-à-vis the nonfinancial corporate sector has, at least in relative terms, diminished. 23 Given these developments, how have wealth owners fared?…”

Section: The End Of Exitmentioning

confidence: 99%

Exit, Control, and Politics: Structural Power and Corporate Governance under Asset Manager Capitalism

Braun

2022

Politics & Society

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The power of finance vis-à-vis the nonfinancial sector is changing. Macroeconomic developments and financial innovations have reduced financial actors’ exit options, thus diminishing exit-based structural power. At the same time, shareholdings have become more concentrated in the hands of large asset managers, thus increasing control-based power. This article documents these trends, before examining whether asset managers wield their power and why, despite being universal shareholders, they have not steered corporate behavior toward decarbonization. Rather than assuming orderly, good-faith interactions between shareholders and managers, this article argues that in the United States today, political considerations govern the use of control-based power. Asset managers’ corporate governance policies are subservient to the—increasingly inconsistent—goals of maximizing assets under management while avoiding regulatory backlash. Unlike exit-based power, control-based power is constrained by being highly visible and, therefore, easily politicized.

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“…Indeed, it would be more appropriate to speak of an emerging field concerned with the political economy of finance, in which scholars routinely read and cite each other across disciplinary boundaries. In addition to CPE and IPE, this interdisciplinary field comprises economics (Jordà et al, 2019;Bezemer et al, 2020), economic history (Monnet, 2018;Sissoko, 2019), history (Tooze, 2018;Ogle, 2020), economic sociology (Arjaliès et al, 2017;Quinn, 2019), legal studies (Desan, 2014;Pistor, 2019Pistor, , 2020, and economic geography (Fernandez and Aalbers, 2016;Ouma, 2020).…”

Section: Finance In Comparative and International Political Economy A...mentioning

confidence: 99%

“…Commercial banks tend to hold the majority of the loans they extend on their own balance sheets, although the securitization model -the bundling and selling of mortgage loans in particular -has survived the global financial crisis. The most significant development in bank lending over the past half century has been the shift, across most advanced and some emerging economies, from corporate lending to mortgage lending (Jordà et al, 2016;Bezemer et al, 2020). Investment banks, in addition to also being lenders, specialize in supporting other actors in the creation of financial claims, be it as underwriters of private security listings or as primary dealers for government bonds.…”

Section: Holders Of Financial Claimsmentioning

confidence: 99%

The three phases of financial power: Leverage, infrastructure, and enforcement

Braun¹,

Koddenbrock²

2022

Preprint

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How does global capitalism – a highly unstable system that creates vast inequalities – continue to reproduce itself? Despite the burgeoning literature on financialization, large gaps remain in our understanding of the profitability and concentration of the financial sector, and of its ability to reassert itself after financial crises. This chapter develops a framework for the analysis of the political economy of global finance that centers on the claim relation between creditors and debtors. It foregrounds creation, trading, and enforcement as key stages in the life-cycle of financial claims. At each stage, the conflict between creditors and debtors takes different forms as both sides seek to manipulate the claim relationship to their advantage. However, the two sides in this tussle are not equal. We introduce the concepts of leverage power, infrastructural power and enforcement power as analytical tools to study the inequalities and hierarchies embedded in, and reproduced via, credit-debt relationships in contemporary global financial capitalism.

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Does mortgage lending impact business credit? Evidence from a new disaggregated bank credit data set

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Cited by 16 publications

References 64 publications

Mortgage and mortgage lending as a tool for financial recovery of the modern Russian economy

Mortgage and mortgage lending as a tool for financial recovery of the modern Russian economy

Exit, Control, and Politics: Structural Power and Corporate Governance under Asset Manager Capitalism

The three phases of financial power: Leverage, infrastructure, and enforcement

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