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Impact of credit derivatives on bank...

Yunus, Farah.

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Impact of credit derivatives on bank monitoring.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Impact of credit derivatives on bank monitoring./
Author:	Yunus, Farah.
Description:	159 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2994.
Contained By:	Dissertation Abstracts International66-08A.
Subject:	Business Administration, Banking. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3187418
ISBN:	9780542288920

Impact of credit derivatives on bank monitoring.
Yunus, Farah.

Impact of credit derivatives on bank monitoring. - 159 p.

Source: Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2994.

Thesis (Ph.D.)--City University of New York, 2005.

The development of new financial markets is often viewed as unambiguously beneficial, because market efficiency is improved by the offering of new financial securities that span all possible state space opportunities. In this paper, I show that this may not be the case if the introduction of a new market undermines the operation of an existing one. I examine the bank loan market in a world with fairly priced credit derivatives. I show that in a single period setting, the introduction of credit derivatives markets undermines the monitoring equilibrium in the bank loan market and induces banks to shirk. Subsequently, I show that banks' incentives to monitor loans are restored in a multi-period setting, where banks extract high rents by developing reputations as active monitors. However, since bank monitoring is unobservable, the resulting reputation equilibrium is not stable as banks build and burn their reputations over time.

ISBN: 9780542288920Subjects--Topical Terms:

1018458
Business Administration, Banking.

Impact of credit derivatives on bank monitoring.
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100 1 $a Yunus, Farah. $3 1919936
245 1 0 $a Impact of credit derivatives on bank monitoring.
300 $a 159 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2994.
500 $a Adviser: Linda Allen.
502 $a Thesis (Ph.D.)--City University of New York, 2005.
520 $a The development of new financial markets is often viewed as unambiguously beneficial, because market efficiency is improved by the offering of new financial securities that span all possible state space opportunities. In this paper, I show that this may not be the case if the introduction of a new market undermines the operation of an existing one. I examine the bank loan market in a world with fairly priced credit derivatives. I show that in a single period setting, the introduction of credit derivatives markets undermines the monitoring equilibrium in the bank loan market and induces banks to shirk. Subsequently, I show that banks' incentives to monitor loans are restored in a multi-period setting, where banks extract high rents by developing reputations as active monitors. However, since bank monitoring is unobservable, the resulting reputation equilibrium is not stable as banks build and burn their reputations over time.
590 $a School code: 0046.
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0770
710 2 0 $a City University of New York. $3 1018111
773 0 $t Dissertation Abstracts International $g 66-08A.
790 1 0 $a Allen, Linda, $e advisor
790 $a 0046
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3187418