AI Khwaja… - The Quarterly Journal of Economics, 2005 - qje.oxfordjournals.org
Abstract Corruption by the politically connected is often blamed for economic ills, particularly
in less developed economies. Using a loan-level data set of more than 90,000 firms that
represents the universe of corporate lending in Pakistan between 1996 and 2002, we ...
A Mian… - The Quarterly Journal of Economics, 2009 - qje.oxfordjournals.org
Abstract We conduct a within-county analysis using detailed ZIP code—level data to
document new findings regarding the origins of the biggest financial crisis since the Great
Depression. The sharp increase in mortgage defaults in 2007 is significantly amplified in ...
A Mian - The Journal of Finance, 2006 - Wiley Online Library
How far does mobility of multinational banks solve problems of financial development?
Using a panel of 80,000 loans over 7 years, I show that greater cultural and geographical
distance between a foreign bank's headquarters and local branches leads it to further ...
AI Khwaja… - The American Economic Review, 2008 - ingentaconnect.com
Abstract: We examine the impact of liquidity shocks by exploiting cross-bank liquidity
variation induced by unanticipated nuclear tests in Pakistan. We show that for the same firm
borrowing from two different banks, its loan from the bank experiencing a 1 percent larger ...
JM Liberti… - Review of Financial Studies, 2009 - Soc Financial Studies
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D Acemoglu, M Kremer… - Journal of Law, Economics, …, 2008 - Oxford Univ Press
Abstract We construct a simple career concerns model where high-powered incentives can
distort the composition of effort by inducing excessive signaling. We show that in the
presence of this type of career concerns, markets typically fail to limit competitive ...
AR Mian… - 2009 - nber.org
Page 1. NBER WORKING PAPER SERIES HOUSE PRICES, HOME EQUITY-BASED
BORROWING, AND THE US HOUSEHOLD LEVERAGE CRISIS Atif R. Mian Amir Sufi
Working Paper 15283 http://www.nber.org/papers/w15283 ...
A Mian - Journal of Banking and Finance, 2003 - siteresources.worldbank.org
Abstract How does organizational design shape the behavior of banks? Using a panel data
of over 1,600 banks in 100 emerging economies, we identify the strengths and weaknesses
of the three dominant organizational designs in emerging markets. Private domestic banks ...
AI Khwaja… - Journal of Financial Economics, 2005 - Elsevier
How costly is the poor governance of market intermediaries? Using unique trade level data
from the stock market in Pakistan, we find that when brokers trade on their own behalf, they
earn annual rates of return that are 50-90 percentage points higher than those earned by ...
A Mian, A Sufi… - 2008 - nber.org
We examine the determinants of congressional voting behavior on two of the most
significant pieces of federal legislation in US economic history: the American Housing
Rescue and Foreclosure Prevention Act of 2008 and the Emergency Economic ...
AR Mian… - 2010 - nber.org
Page 1. NBER WORKING PAPER SERIES HOUSEHOLD LEVERAGE AND THE
RECESSION OF 2007 TO 2009 Atif R. Mian Amir Sufi Working Paper 15896
http://www.nber.org/papers/w15896 NATIONAL BUREAU OF ECONOMIC ...
A Mian… - 2010 - papers.ssrn.com
Abstract: We highlight how a micro-level analysis of the Great Recession provides us with
important clues to understand the origins of the crisis, the link between credit and asset
prices, the feedback effect from asset prices to the real economy, and the role of ...
A Mian… - 2010 - nber.org
A key rationale for fiscal stimulus is to boost consumption when aggregate demand is
perceived to be inefficiently low. We examine the ability of the government to increase
consumption by evaluating the impact of the 2009 “Cash for Clunkers” program on short ...
JM Liberti… - The Journal of Finance, 2010 - Wiley Online Library
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[CITATION] Forthcoming. The Consequences of Mortgage Credit Expansion: Evidence from the US Mortgage Default Crisis
A Mian… - Quarterly Journal of Economics, 2009
A Mian, A Sufi… - 2011 - nber.org
A central idea in macroeconomic theory is that negative price effects from the leverage-
induced forced sale of durable goods can amplify negative shocks and reduce economic
activity. We examine this idea by estimating the effect of US foreclosures in 2008 and ...
[CITATION] Uncovering collateral
J Liberti… - Unpublished working paper. University of Chicago, 2005
A Mian, A Sufi… - 2010 - nber.org
We examine how special interests, measured by campaign contributions from the mortgage
industry, and constituent interests, measured by the share of subprime borrowers in a
congressional district, may have influenced US government policy toward the housing ...
A Khawaja… - Cambridge, United States: Harvard …, 2004 - ipl.econ.duke.edu
Abstract Corrupt politicians are often blamed for economic ills, particularly in less developed
economies. Using a loan-level data set containing all corporate loans in Pakistan between
1996 and 2002, we investigate political corruption in banking. Classifying a firm as “ ...
A Mian… - 2006 - nber.org
Do liquidity shocks matter? While even a simpleyes' orno'presents identification challenges,
going beyond this entails tracing how such shocks to lenders are passed on to borrowers,
and whether borrowers can in turn cushion these shocks through the credit market. This ...
AI Khwaja… - 2005 - nber.org
Abstract Do shocks to the supply of a bankps liquidity affect its lending? If so, are client firms
able to compensate or does the shock decrease their total borrowing? Does this in turn lead
to greater firm bankruptcy? Identifying these supply side effects has proven diffi cult ...
[CITATION] Trading in phantom markets: an in-depth exploration of an emerging stock market
AI Khwaja… - Unpublished working paper, Harvard University, 2003
P Bharadwaj, A Khwaja… - Economic and Political Weekly, 2008 - JSTOR
The Partition of India in 1947 along ostensibly religious lines into India, Pakistan, and what
eventually became Bangladesh resulted in one of the largest and most rapid migrations in
human history. In this paper district level census data from archives are compiled to ...
AI Khwaja, A Mian… - Unpublished Manuscript, 2008 - cei.ier.hit-u.ac.jp
Abstract We construct the topology of business networks across the population of firms in
Pakistan, and estimate the value that network membership brings to access to bank credit
and improving financial viability. We link two firms if they have a common director, and find ...
AI Khwaja, A Mian… - 2005 - hks.harvard.edu
Abstract This paper provides a detailed description of the shape and financial importance
networks amongst the universe of firms in an emerging economy where a network link is
defined as board interlocks ie two firms share a common director. We do so by making use ...
P Bharadwaj, A Khwaja… - Cambridge, MA: Harvard …, 2008 - papers.ssrn.com
Abstract: Large scale migrations, especially involuntary ones, can have a substantial impact
on the demographics of both sending and receiving communities. We estimate the impact of
the 1947 Indian subcontinent partition, one of the largest and most rapid population ...
[CITATION] forthcoming. Distance constraints: The limits of foreign lending in poor economies
A Mian - Journal of Finance
G Jimenez, AR Mian,
JL Peydro… - 2010 - nber.org
Page 1. NBER WORKING PAPER SERIES LOCAL VERSUS AGGREGATE LENDING
CHANNELS: THE EFFECTS OF SECURITIZATION ON CORPORATE CREDIT SUPPLY
IN SPAIN Gabriel Jiménez Atif R. Mian José-Luis Peydró Jesús Saurina ...
A Khwaja, A Mian… - 2011 - papers.ssrn.com
Abstract: We construct the topology of business networks across the population of firms in an
emerging economy, Pakistan, and estimate the value that membership in large yet diffuse
networks brings in terms of access to bank credit and improving financial viability. We link ...
[CITATION] forthcoming.“The Political Economy of the US Mortgage Default Crisis”
AR Mian, A Sufi… - American Economic Review
[CITATION] nPrice Manipulation and nPhantomn Markets $ An In $ depth Exploration of a Stock Marketn
AI Khwaja… - 2003 - working paper, University of Chicago
G Jiménez, A Mian,
JL Peydro… - 2010 - papers.ssrn.com
Abstract: We formalize a new methodology for estimating the aggregate firm-level impact of
bank lending channel, and apply it to estimate the effect of securitization on credit supply in
Spain. At the bank level, an increase in banks' ability to securitize real-estate assets leads ...
[CITATION] Forthcoming. House Prices, Home Equity-based Borrowing, and the US Household Leverage Crisis
A Mian… - American Economic Review
[CITATION] Creditor Incentives and Privatization
A Mian - 2001 - Ph. D. Dissertation, MIT
AI Khwaja, A Mian, BH Zia - Harvard University, …, 2007 - siteresources.worldbank.org
Abstract To what extent are banks successful in intermediating the supply of capital to firms?
In this paper we exploit a large and unexpected liquidity upsurge in an emerging economy
that led to a more than halving of domestic lending rates. Specifically, the events of 9/11 ...
[CITATION] The consequences of mortgage credit expansion: Evidence from the 2007 mortgage default crisis
M Atif… - University of Chicago Graduate School of Business, 2008
AI Khwaja… - Journal of Financial Economics, 2003 - fee.uva.nl
Abstract How costly is poor governance of market intermediaries? Using a unique trade
level data set from the stock market in Pakistan, we find that brokers when trading on their
own behalf, manipulate prices and earn rates of return that are 50-90 percentage points ...
A Mian… - Unpublished Manuscripts, 2009 - faculty.chicagobooth.edu
Abstract We present evidence that a primary culprit for the severe US recession of 2007 to
2009 is the dramatic expansion in household leverage from 2002 to 2006. The aggregate
evidence shows that house prices, mortgage default rates, fixed residential investment, ...
AR Mian… - 2012 - nber.org
Page 1. NBER WORKING PAPER SERIES WHAT EXPLAINS HIGH UNEMPLOYMENT?
THE AGGREGATE DEMAND CHANNEL Atif R. Mian Amir Sufi Working Paper 17830
http://www.nber.org/papers/w17830 NATIONAL BUREAU ...
[CITATION] April 2006.“Dollars Dollars Everywhere and Not a Dime to Lend?”
AI Khwaja, A Mian… - World Bank Working Paper. Washington, DC
A Mian… - University of California, Berkeley. October, 2011 - emlab.berkeley.edu
Abstract A negative aggregate demand shock driven by household deleveraging is
responsible for a large fraction of the decline in US employment from 2007 to 2009. The
deleveraging–aggregate demand hypothesis predicts that employment losses in the non- ...
[CITATION] Incentives in Markets
D Acemoglu, M Kremer… - Firms and Govern, 2003
A Mian… - FRBSF Economic Letter, 2011 - faculty.haas.berkeley.edu
The US economic recovery has been weak, especially in employment growth. A
microeconomic analysis of US counties shows that this weakness is closely related to
elevated levels of household debt accumulated during the housing boom. Counties where ...
[CITATION] Price Manipulation and
AI Khwaja… - Phantom” Markets—An In-depth Exploration of a Stock …, 2003
[CITATION] House prices, home equity'based borrowing, and the US household leverage crisis, forthcoming in the American Economic Review
A Mian… - 2010
[CITATION] Do Lender Favor Politically Connected Firms? Renting-seeking in an Emerging Financial Market
AI Khwaja… - University of Chicago, 2004
[CITATION] The Political Economy of the
A Mian, A Sufi… - 2010
[CITATION] Deleveraging, Consumption, and the Economic Slump
A Mian, K Rao… - 2011 - Chicago Booth Working Paper
[CITATION] Distance Constraints: The Limits of Foreign Lending in Poor Economies. University of Chicago Business School
A Mian - 2004 - Mimeo
[CITATION] Government Banks: New Evidence from Emerging Markets, University of Chicago
A Mian… - 2003 - Booth School of Business, Mimeo
[CITATION] Incentives, supervision, and organizational hierarchy: a loan-level analysis of banking
A Mian - 2003 - Working paper, University of …
A Mian, K Rao… - 2011 - papers.ssrn.com
Abstract: The large accumulation of household debt prior to the recession in combination
with the decline in house prices has been the primary explanation for the onset, severity,
and length of the subsequent consumption collapse. Using novel county level retail sales ...
A Mian… - 2012 - papers.ssrn.com
Abstract: We use the Shared National Credit data on syndicate loans to investigate US firms'
refinancing behavior over the last two decades. As credit conditions tighten, refinancing
likelihood goes down and draw down on loan commitments increases sharply. ...
A Mian… - University of California, Berkeley, Working Paper, 2011 - nber.org
ABSTRACT We use the Shared National Credit data on syndicate loans to investigate US
firms' refinancing behavior over the last two decades. As credit conditions tighten,
refinancing likelihood goes down and draw down on loan commitments increases sharply. ...
[CITATION] Do Banks Add Information?
JM Liberti… - Working Paper, Graduate School of
[CITATION] Foreign
A Mian - Private Domestic, and Government Banks: New …, 2003
AI Khwaja, A Mian… - 2007 - cerp.org.pk
Abstract The events of 9/11 led to an unexpected surge of capital into Pakistan. This
provides a rare opportunity to understand the micro'level causes preventing emerging
economies from effectively utilizing liquidity booms. We show that despite the surge of ...
A Mian - 2003 - mailhost.econ.yale.edu
Abstract This paper uses a unique data set that contains detailed information on every
corporate loan outstanding in the banking sector of Pakistan during 2001/2002 (52,000
loans). Using a simple empirical methodology that allows us to separately measure ex- ...
A Mian… - papers.ssrn.com
Abstract: Multiple Listing Systems, sub-prime mortgages and Rent-Control statutes are un-
constitutional and affected the rapid changes in housing prices and housing demand which
occurred in the US between 1995 and 2003. During this period, legal considerations ...
AI Khwaja, A Mian… - 2006 - isb.edu
Abstract The events following 9/11 led to a sudden windfall for Pakistan as capital inflow
surged, aggregate demand shot up, and cost of capital declined sharply. We couple this
natural experiment with loan level data on 23,000 private firms to identify borrowing ...
AI Khwaja… - Annu. Rev. Econ., 2011 - annualreviews.org
We describe recent advances in the study of rent seeking and corruption in financial
markets. We outline three areas of inquiry:(a) conceptualizing rent seeking,(b) identifying
rent-provision channels and their general equilibrium impact, and (c) designing feasible ...
A Mian… - 2009 - papers.ssrn.com
Abstract: I propose a life-cycle model where a finitely lived risk averse agent finances his
housing investment by a fixed rate mortgage contract. The agent is exposed to stochastic
house price and stochastic labor income. After signing the mortgage contract, while ...
AI Khwaja… - 2002 - williams.edu
Abstract We analyze a unique data set containing daily firm-level trades of every broker
trading on the main stock exchange in Pakistan over a 32 month period. A detailed look at
the trading patterns of brokers trading on their own behalf reveals some “strange” patterns ...
AR Mian, A Sufi… - 2012 - nber.org
Page 1. NBER WORKING PAPER SERIES RESOLVING DEBT OVERHANG: POLITICAL
CONSTRAINTS IN THE AFTERMATH OF FINANCIAL CRISES Atif R. Mian Amir Sufi Francesco
Trebbi Working Paper 17831 http://www.nber.org/papers/w17831 ...
[CITATION] Price Manipulation and “Phantom” Markets
AI Khwaja… - 2003
A Mian… - FRBSF Economic Letter, 2011 - frbsf.org
While housing wealth and stock market gains masked the increase in debt from 2001 to
2006, the subsequent collapse of asset prices led to a tremendous increase in the ratio of
total debt to total assets in the US household sector, as shown by the thick red line in ...
A Mian - 2010 - nber.org
This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to
the formal review process of the NBER. This page will be updated as the chapter is revised. ...
This chapter is not currently available on-line. ... Bulletin on Aging and Health Digest — ...
D Van Den Berg, M Adelino, K Gerardi, PS Willen… - Policy, 2009 - richmondfed.org
Topics FAQ Careers Conference Contact Us Follow the Fed. logo. Research: Our
Research Focus; Our Perspective; Economists; Regional Economy; National Economy;
Issues in Financial Regulation; Publications; Maps & Data; ...
A Mian… - Journal of Financial Economics, Forthcoming - papers.ssrn.com
Abstract: How costly is the poor governance of market intermediaries? Using unique trade
level data from the stock market in Pakistan, we find that when brokers trade on their own
behalf, they earn annual rates of return that are 50-90 percentage points higher than those ...
[CITATION] 2. Reducing Foreclosures: No Easy Answers: Comments
C Mayer… - NBER Macroeconomics Annual, 2009
G Jiménez, M Atif,
JL Peydró… - 2011 - papers.ssrn.com
Abstract: While banks may change their credit supply due to bank balance-sheet shocks (the
local lending channel), firms can react by adjusting their sources of financing in equilibrium
(the aggregate lending channel). We provide a methodology to identify the aggregate (firm ...
CL Foote, E Hurst, AR Mian… - The BE Journal of …, 2012 - degruyter.com
Page 1. The BE Journal of Macroeconomics Advances Volume 12, Issue 2 2012 Article 1
EMPIRICAL MACROECONOMICS USING GEOGRAPHICAL DATA Empirical Macroeconomics
Using Geographical Data: Guest Editors' Introduction Christopher L. Foote∗ Erik Hurst† ...
A Mian - 2010 - nber.org
The paper's finding that leverage at the time of origination is not a strong predictor of default
is surprising. One would think that individuals with a higher burden of debt at origination are
more susceptible to economic fluctuations moving forward, and hence more likely to ...
A Mian - Proceedings, 2006 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
The supply and demand side impacts of credit market information - comments. Atif Mian.
Proceedings, 2006, issue Nov. Date: 2006 Track citations by RSS feed. ...
A Mian… - papers.ssrn.com
Abstract: Bank lending traditionally involves the extension of credit that is held by the
originating bank until maturity. Loan sales allow banks to deviate from this pattern by
transferring loans in part or in their entirety from their own books to those of another ...
[CITATION] Trading in Phantom Markets
AI Khwaja… - 2003
AI Khwaja, A Mian… - Review of Financial Studies, 2010 - Soc Financial Studies
Abstract We exploit an unexpected inflow of liquidity in an emerging market to study how
capital is intermediated to firms. We find that backward-looking credit limit constraints
imposed by banks make it difficult for firms to borrow, despite readily available bank ...
A Mian - 2011 - nber.org
This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to
the formal review process of the NBER. This page will be updated as the chapter is revised. ...
This chapter is not currently available on-line. (The paper is new and will be available ...
A Banerjee, S Mullainathan… - 2001 - dspace.mit.edu
Page 1. Three Essays in Governance and Banking by Atif Rehman Mian BS, Massachusetts
Institute of Technology (1996) Submitted to the Department of Economics in partial fulfillment
of the requirements for the degree of Doctor of Philosophy at the ...
JM Liberti… - 2010 - works.bepress.com
Page 1. DePaul University From the SelectedWorks of Jose Liberti January 2010 Online
Appendix to "Collateral Spread and Financial Development" ...
AI Khwaja… - 2005 - 211.167.92.69
Abstract From the great depression to recent recessions in Asia and the US, shocks to the
supply of liquidity in the banking sector have often been blamed for creating and prolonging
economic downturns. However separating the causal impact of such a “credit crunch” from ...
AI Khwaja, A Mian… - 2007 - chicagobooth.edu
Abstract The inability of developing countries to absorb and retain capital has long puzzled
ob) servers. The unanticipated events of 9/11 simultaneously led to a surge in capital flow
into Pakistan, and an increase in aggregate demand. Yet despite rising deposit to loan ...
[CITATION] Three Essays in Governance and Banking
A Mian - 2001 - Massachusetts Institute of …
A Mian… - papers.ssrn.com
Abstract: Central banks should not be in the business of trying to prick asset price bubbles.
Bubbles generally arise out of some combination of irrational exuberance, technological
jumps, and financial deregulation (with more of the second in equity price bubbles and ...
G Jiménez Zambrano, A Mian… - … de trabajo del …, 2011 - dialnet.unirioja.es
Resumen: Mientras que los bancos pueden cambiar su oferta de crédito tras sufrir shocks
que afectan a sus balances (el canal local del préstamo), las empresas pueden reaccionar
ajustando sus fuentes de financiación en equilibrio (el canal agregado del préstamo). En ...
AI Khwaja, A Mian… - 2008 - hks.harvard.edu
Abstract This paper provides a detailed description of business networks amongst the
universe of firms in an emerging economy where a network link is defined as board
interlocks ie two firms share a common director. We do so by making use of a novel ...
A Mian… - faculty.chicagobooth.edu
Data on residential investment are from a company called BuildFax. The data represent
properties in a jurisdiction that have had a building permit filed with the jurisdiction
government in a given quarter. A jurisdiction can be a county, municipality, or township. ...
[CITATION] THE POLITICAL ECONOMY OF THE US MORTGAGE DEFAULT CRISIS: A SYNOPSIS
A Mian, A Sufi,
F Trebbi - Proceedings …, 2009 - Research Dept., Federal Reserve …
A Mian… - Proceedings, 2008 - econpapers.repec.org
... Please update your bookmarks. Summary of "the consequences of mortgage credit expansion".
Atif Mian and Amir Sufi. Proceedings, 2008, issue May, pages 129-132. Keywords: Mortgages
(search for similar items in EconPapers) Date: 2008 Track citations by RSS feed. ...
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