http://www.bis.org/cbhub/list/author/author_1762/index.rss Research hub papers by author Steven Ongena en http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1488.pdf European Central Bank Working papers by Steven Ongena, Alexander Popov, Gregory F. Udell When the cat's away the mice will play: does regulation at home affect bank risk taking abroad?, 2012-11-05T17:34:59Z This paper provides the first empirical evidence that bank regulation is associated with cross-border spillover effects through the lending activities of large multinational banks. We analyze business lending by 155 banks to 9613 firms in 1976 different localities across 16 countries. We find that lower barriers to entry, tighter restrictions on bank activities, and higher minimum capital requirements in domestic markets are associated with lower bank lending standards abroad. The effects are stronger when banks are less efficiently supervised at home, and are observed to exist independently from the impact of host-country regulation. When the cat's away the mice will play: does regulation at home affect bank risk taking abroad?, 2012-11-05T17:34:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1488.pdf Steven Ongena Gregory F. Udell Alexander Popov Steven Ongena, Alexander Popov, Gregory F. Udell 2012-11-05 European Central Bank Working papers http://www.snb.ch/n/mmr/reference/working_paper_2012_05/source/working_paper_2012_05.n.pdf Swiss National Bank Working Papers by Martin Brown, Steven Ongena and Pinar Yesin Information Asymmetry and Foreign Currency Borrowing by Small Firms 2012-06-28T12:37:59Z We model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs. Under perfect information, if foreign currency funds come at a lower interest rate, all foreign currency earners as well as those local currency earners with high revenues and/or low distress costs choose foreign currency loans. When the banks have imperfect information on the currency and level of firm revenues, even more local earners switch to foreign currency loans, as they do not bear the full cost of the corresponding credit risk. Thus information asymmetry between banks and firms can be a potential driver of "dollarization" in credit markets. Information Asymmetry and Foreign Currency Borrowing by Small Firms 2012-06-28T12:37:59Z Full text http://www.snb.ch/n/mmr/reference/working_paper_2012_05/source/working_paper_2012_05.n.pdf Steven Ongena Pinar Yesin Martin Brown Martin Brown, Steven Ongena and Pinar Yesin 2012-06-28 Swiss National Bank Working Papers F34 F37 G21 G30 http://www.riksbank.se/Documents/Rapporter/Working_papers/2012/rap_wp257_120224.pdf Sveriges Riksbank Working Papers by Geraldo Cerqueiro, Steven Ongena and Kasper Roszbach Collateralization, Bank Loan Rates and Monitoring: Evidence from a Natural Experiment 2012-02-24T17:38:00Z We study a change in the Swedish law that exogenously reduced the value of all outstanding company mortgages, i.e., a type of collateral that is comparable to the floating lien. We explore this natural experiment to identify how collateral determines borrower quality, loan terms, access to credit and bank monitoring of business term loans. Using a differences-in-differences approach, we find that following the change in the law and the loss in collateral value borrowers pay a higher interest rate on their loans, receive a worse quality assessment by their bank, and experience a substantial reduction in the supply of credit by their bank. The reduction in collateral value also precedes a decrease in bank monitoring intensity and frequency of both the collateral and the borrower, consistent with models in which the pledging of risky assets incentivizes banks to monitor. Collateralization, Bank Loan Rates and Monitoring: Evidence from a Natural Experiment 2012-02-24T17:38:00Z Abstract http://www.riksbank.se/en/Press-and-published/Reports/Working-Paper-Series/2012/No-257-Collateralization-Bank-Loan-Rates-and-Monitoring-Evidence-from-a-Natural-Experiment/ Full text http://www.riksbank.se/Documents/Rapporter/Working_papers/2012/rap_wp257_120224.pdf Steven Ongena Geraldo Cerqueiro Kasper Roszbach Geraldo Cerqueiro, Steven Ongena and Kasper Roszbach 2012-02-24 Sveriges Riksbank Working Papers D82 G21 http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2012_02.pdf Czech National Bank Working papers by Adam Geršl, Petr Jakubík, Dorota Kowalczyk, Steven Ongena, José-Luis Peydró Alcalde Monetary Conditions and Banks' Behaviour in the Czech Republic 2012-02-09T12:35:59Z JEL codes: E5, E44, G21 Monetary Conditions and Banks' Behaviour in the Czech Republic 2012-02-09T12:35:59Z Abstract http://www.cnb.cz/en/research/research_publications/cnb_wp/2012/cnbwp_2012_02.html Full text http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2012_02.pdf Adam Geršl Steven Ongena Petr Jakubík Dorota Kowalczyk José-Luis Peydró Alcalde Adam Geršl, Petr Jakubík, Dorota Kowalczyk, Steven Ongena, José-Luis Peydró Alcalde 2012-02 Czech National Bank Working papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1421.pdf European Central Bank Working papers by Martin Brown, Steven Ongena, Alexander Popov, Pinar Yesin Who needs credit and who gets credit in Eastern Europe?, 2012-02-03T17:34:00Z Based on survey data covering 8,387 firms in 20 countries we compare credit demand and credit supply for firms in Eastern Europe to those for firms in selected Western European countries. We find that firms in Eastern Europe have a higher need for credit than firms in Western Europe, and that a higher share of firms is discouraged from applying for a loan. The higher rate of discouraged firms in Eastern Europe is driven more by the presence of foreign banks than by the macroeconomic environment or the lack of creditor protection. We find no evidence that foreign bank presence leads to stricter loan approval decisions. Finally, credit constraints do have a real cost in that firms which are denied credit or discouraged from applying are less likely to invest in R&D and introduce new products. Who needs credit and who gets credit in Eastern Europe?, 2012-02-03T17:34:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1421.pdf Steven Ongena Pinar Yesin Martin Brown Alexander Popov Martin Brown, Steven Ongena, Alexander Popov, Pinar Yesin 2012-02-03 European Central Bank Working papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1362.pdf European Central Bank Working papers by Alper Kara, David Marqués-Ibáñez, Steven Ongena Securitization and lending standards: evidence from the wholesale loan market, 2011-07-20T17:36:00Z We investigate the effect of securitization activity on banks' lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests that securitization activity lead to laxer credit standards. Macroeconomic factors also play a large role explaining the impact of securitization activity on bank lending standards: banks more active in the securitization markets loosened more aggressively their lending standards in the run up to the recent financial crisis but also tightened more strongly during the crisis period. As a continuum of this paper we are examining whether individual loans that are eventually securitized are priced more aggressively by using unique European data on individual loans from all major trustees. Securitization and lending standards: evidence from the wholesale loan market, 2011-07-20T17:36:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1362.pdf Steven Ongena Alper Kara David Marqués-Ibáñez Alper Kara, David Marqués-Ibáñez, Steven Ongena 2011-07-20 European Central Bank Working papers http://www.snb.ch/n/mmr/reference/working_paper_2011_02/source/working_paper_2011_02.n.pdf Swiss National Bank Working Papers by Martin Brown, Karolin Kirschenmann and Steven Ongena Foreign Currency Loans - Demand or Supply Driven? 2011-03-10T17:36:59Z Foreign Currency Loans - Demand or Supply Driven? 2011-03-10T17:36:59Z Full text http://www.snb.ch/n/mmr/reference/working_paper_2011_02/source/working_paper_2011_02.n.pdf Steven Ongena Martin Brown Karolin Kirschenmann Martin Brown, Karolin Kirschenmann and Steven Ongena 2011-03-10 Swiss National Bank Working Papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1252.pdf European Central Bank Working papers by Steven Ongena, Alexander Popov Interbank market integration, loan rates, and firm leverage, Journal of Banking & Finance (forthcoming), 2010-10-01T17:36:59Z We study the effect of interbank market integration on small firm finance in the build-up to the 2007-2008 financial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 firms across 14 European countries between 1998:01 and 2005:12. We account for the selection that arises in the loan request and approval process. Our findings imply that integration of interbank markets resulted in less stringent borrowing constraints and in substantially lower loan rates. The decrease was strongest in markets with competitive banking sectors. We also find that in the most rapidly integrating markets, firms became substantially overleveraged during the build-up to the crisis. Interbank market integration, loan rates, and firm leverage, Journal of Banking & Finance (forthcoming), 2010-10-01T17:36:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1252.pdf Steven Ongena Alexander Popov Steven Ongena, Alexander Popov 2010-10-01 European Central Bank Working papers E51 G15 G21 G34 http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/10/Fic/dt1030e.pdf Bank of Spain Working Papers by Gabriel Jiménez, Steven Ongena, José-Luis Peydró and Jesús Saurina identifying balance-sheet channels with loan applications and granted loans 2010-09-30T17:38:59Z identifying balance-sheet channels with loan applications and granted loans 2010-09-30T17:38:59Z Abstract http://www.bde.es/informes/be/docs/abs2010e.htm#abs1030e Full text http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/10/Fic/dt1030e.pdf José-Luis Peydró Steven Ongena Gabriel Jiménez Jesús Saurina Gabriel Jiménez, Steven Ongena, José-Luis Peydró and Jesús Saurina 2010-09 Bank of Spain Working Papers E32 E44 E5 G21 G28 http://www.snb.ch/n/mmr/reference/working_paper_2010_09/source/working_paper_2010_09.n.pdf Swiss National Bank Working Papers by Martin Brown, Steven Ongena, Alexander Popov and Pinar Yesin Who Needs Credit and Who Gets Credit in Eastern Europe? 2010-07-08T17:40:00Z Who Needs Credit and Who Gets Credit in Eastern Europe? 2010-07-08T17:40:00Z Full text http://www.snb.ch/n/mmr/reference/working_paper_2010_09/source/working_paper_2010_09.n.pdf Steven Ongena Alexander Popov Pinar Yesin Martin Brown Martin Brown, Steven Ongena, Alexander Popov and Pinar Yesin 2010-07-08 Swiss National Bank Working Papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1179.pdf European Central Bank Working papers by Gabriel Jiménez, Steven Ongena, José-Luis Peydró, Jesús Saurina, Credit supply - Identifying balance-sheet channels with loan applications and granted loans, 2010-04-21T17:40:59Z (JEL: E32, E44, E5, G21, G28) To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to applications for the same loan, weak banks are less likely to grant the loan. Our results suggest that firms cannot offset the resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account for unobserved time-varying firm heterogeneity in loan demand and quality. Credit supply - Identifying balance-sheet channels with loan applications and granted loans, 2010-04-21T17:40:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1179.pdf José-Luis Peydró Steven Ongena Gabriel Jiménez Jesús Saurina Gabriel Jiménez, Steven Ongena, José-Luis Peydró, Jesús Saurina, 2010-04-21 European Central Bank Working papers E32 E44 E5 G21 G28 http://www.snb.ch/n/mmr/reference/working_paper_2009_2/source/working_paper_2009_2.n.pdf Swiss National Bank Working Papers by Martin Brown, Steven Ongena and Pinar Yesin Foreign Currency Borrowing by Small Firms 2009-05-28T12:41:59Z Foreign Currency Borrowing by Small Firms 2009-05-28T12:41:59Z Full text http://www.snb.ch/n/mmr/reference/working_paper_2009_2/source/working_paper_2009_2.n.pdf Steven Ongena Pinar Yesin Martin Brown Martin Brown, Steven Ongena and Pinar Yesin 2009-05-28 Swiss National Bank Working Papers F34 F37 G21 G30 http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1023.pdf European Central Bank Working papers by Steven Ongena, Viorel Roscovan Bank loan announcements and borrower stock returns: does bank origin matter? 2009-03-04T17:36:00Z (JEL: G21, G32, H11, D80) Banks play a special role as providers of informative signals about the quality and value of their borrowers. Such signals, however, may have a quality of their own as the banks’ selection and monitoring abilities may differ. Using an event study methodology, we study the importance of the geographical origin and organization of the banks for the investors’ assessments of firms’ credit quality and economic worth following loan announcements. Our sample comprises 986 announcements of bank loans to U.S. firms over the period of 1980- 2003. We find that investors react positively to such announcements if the loans are made by foreign or local banks, but not if the loans are made by banks that are located outside the firm’s headquarters state. Investor reaction is, in fact, the largest when the bank is foreign. Our evidence suggest that investors value relationships with more competitive and skilled banks rather than banks that have easier access to private information about the firms. These results are applicable also to the European markets where regulatory and economic borders do not coincide and bank identities and reputation seem to matter a great deal. Bank loan announcements and borrower stock returns: does bank origin matter? 2009-03-04T17:36:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1023.pdf Steven Ongena Viorel Roscovan Steven Ongena, Viorel Roscovan 2009-03-04 European Central Bank Working papers D80 G21 G32 H11 http://www.snb.ch/n/mmr/reference/working_paper_2008_19/source/working_paper_2008_19.n.pdf Swiss National Bank Working Papers by Christian Beer, Steven Ongena and Marcel Peter Borrowing in Foreign Currency: Austrian Households as Carry Trades 2009-01-28T07:16:00Z Borrowing in Foreign Currency: Austrian Households as Carry Trades 2009-01-28T07:16:00Z Full text http://www.snb.ch/n/mmr/reference/working_paper_2008_19/source/working_paper_2008_19.n.pdf Marcel Peter Steven Ongena Christian Beer Christian Beer, Steven Ongena and Marcel Peter 2008-12-18 Swiss National Bank Working Papers http://www.bde.es/informes/be/docs/dt0833e.pdf Bank of Spain Working Papers by Gabriel Jiménez, Steven Ongena, José Luis Peydró and Jesús Saurina Hazardous times for monetary policy: What do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking? (822 KB) 2009-01-27T17:38:59Z Hazardous times for monetary policy: What do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking? (822 KB) 2009-01-27T17:38:59Z Abstract http://www.bde.es/informes/be/docs/abs2008e.htm#abs0833e Full text http://www.bde.es/informes/be/docs/dt0833e.pdf Steven Ongena José Luis Peydró Gabriel Jiménez Jesús Saurina Gabriel Jiménez, Steven Ongena, José Luis Peydró and Jesús Saurina 2008-01 Bank of Spain Working Papers http://www.bundesbank.de/download/bankenaufsicht/dkp/200715dkp_b_.pdf Deutsche Bundesbank Banking Supervision Discussion Papers by Steven Ongena, Günseli Tümer-Alkan, Natalja von Westernhagen Creditor concentration: an empirical investigation 2007-12-07T12:37:00Z Creditor concentration: an empirical investigation 2007-12-07T12:37:00Z Full text http://www.bundesbank.de/download/bankenaufsicht/dkp/200715dkp_b_.pdf Günseli Tümer-Alkan Steven Ongena Natalja von Westernhagen Steven Ongena, Günseli Tümer-Alkan, Natalja von Westernhagen 2007-12 Deutsche Bundesbank Banking Supervision Discussion Papers G21 G32 G33 http://www.ecb.int/pub/pdf/scpwps/ecbwp498.pdf European Central Bank Working papers by Mariassunta Giannetti and Steven Ongena Financial integration and entrepreneurial activity: evidence from foreign bank entry in emerging markets 2005-06-25T07:08:00Z Financial integration and entrepreneurial activity: evidence from foreign bank entry in emerging markets 2005-06-25T07:08:00Z ECB Full text http://www.ecb.int/pub/pdf/scpwps/ecbwp498.pdf Steven Ongena Mariassunta Giannetti Mariassunta Giannetti and Steven Ongena 2005-06 European Central Bank Working papers G21 L11 L14 http://www.federalreserve.gov/pubs/feds/2002/200225/200225pap.pdf Board of Governors of the Federal Reserve System FEDS series by Allen N. Berger, Qinglei Dai, Steven Ongena, and David C. Smith To What Extent Will the Banking Industry Be Globalized? A Study of Bank Nationality and Reach in 20 European Nations 2003-02-05T09:48:00Z To What Extent Will the Banking Industry Be Globalized? A Study of Bank Nationality and Reach in 20 European Nations 2003-02-05T09:48:00Z Abstract http://www.federalreserve.gov/pubs/feds/2002/200225/200225abs.html Full text http://www.federalreserve.gov/pubs/feds/2002/200225/200225pap.pdf Allen N. Berger Steven Ongena David C. Smith Qinglei Dai Allen N. Berger, Qinglei Dai, Steven Ongena, and David C. Smith 2002-05 Board of Governors of the Federal Reserve System FEDS series G15 G21 G28 G34