scholarly journals The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles

2014 ◽  
Author(s):  
Effi Benmelech ◽  
Ralf R. Meisenzahl ◽  
Rodney Ramcharan
Keyword(s):  
Financial Crisis ◽  
The Real ◽  
Real Effects

scholarly journals The real effects of financial constraints: Evidence from a financial crisis

2010 ◽  
Vol 97 (3) ◽  
pp. 470-487 ◽  
Author(s):  
Murillo Campello ◽  
John R. Graham ◽  
Campbell R. Harvey
Keyword(s):  
Financial Crisis ◽  
Financial Constraints ◽  
The Real ◽  
Real Effects

The Real Effects of the Financial Crisis on the Small- and Medium-Sized Enterprises

2017 ◽  
Vol 2017 (1) ◽  
pp. 12058
Author(s):  
Siraz Zubair ◽  
Rezaul Kabir ◽  
Xiaohong Huang
Keyword(s):  
Financial Crisis ◽  
The Real ◽  
Real Effects

Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide

2012 ◽  
Vol 50 (1) ◽  
pp. 128-150 ◽  
Author(s):  
Gary Gorton ◽  
Andrew Metrick
Keyword(s):  
Financial Crisis ◽  
Short Term ◽  
The Real ◽  
International Agencies ◽  
Real Effects ◽  
Reading List ◽  
Debt Markets

All economists should be conversant with “what happened?” during the financial crisis of 2007–09. We select and summarize sixteen documents, including academic papers and reports from regulatory and international agencies. This reading list covers the key facts and mechanisms in the build-up of risk, the panics in short-term-debt markets, the policy reactions, and the real effects of the financial crisis. (JEL E32, E44, E52, G01, G21, G28)

scholarly journals The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles*

2016 ◽  
Vol 132 (1) ◽  
pp. 317-365 ◽  
Author(s):  
Efraim Benmelech ◽  
Ralf R. Meisenzahl ◽  
Rodney Ramcharan
Keyword(s):  
Financial Crisis ◽  
Automobile Industry ◽  
Credit Markets ◽  
The United States ◽  
Short Term ◽  
Data Set ◽  
The Real ◽  
Real Effects ◽  
Car Sales ◽  
Aggregate Effect

Abstract Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of nonbank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we find that the collapse of the asset-backed commercial paper market reduced the financing capacity of such nonbank lenders as captive leasing companies in the automobile industry. As a result, car sales in counties that traditionally depended on nonbank lenders declined sharply. Although other lenders increased their supply of credit, the net aggregate effect of illiquidity on car sales is large and negative. We conclude that the decline in auto sales during the financial crisis was caused in part by a credit supply shock driven by the illiquidity of the most important providers of consumer finance in the auto loan market. These results also imply that interventions aimed at arresting illiquidity in short-term credit markets might have helped contain the real effects of the crisis.

scholarly journals The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles

2016 ◽  
Author(s):  
Efraim Benmelech ◽  
Ralf Meisenzahl ◽  
Rodney Ramcharan
Keyword(s):  
Financial Crisis ◽  
The Real ◽  
Real Effects
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