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The ACPR also hosts the monthly seminars of the ACPR research Initiative: the page dedicated to the ACPR seminars is available here.

Abstract :

This paper examines whether cooperative banks have different loan terms from commercial banks for corporate loans. We find that cooperative banks charge higher rates and require less collateral than commercial banks. However, we show that relationship lending has opposite effects on loan terms depending on the type of bank. Longer relationships reduce interest rates and collateral requirements for cooperative banks, but increase these lending conditions for commercial banks. Furthermore, we find that the beneficial effects of relationship lending for cooperative banks are amplified for financially fragile firms. We therefore support the view that cooperative banks are initially more expensive, but that relationship lending allows them to overcome this over time and ultimately pass on information gains to borrowers through better lending terms.

Abstract :

This research introduces a novel supervisory tool, the Pioneers Detection Method, aimed at enhancing resilience in insurance markets dealing with the uncertainties of climate change. The paper builds on a theoretical model of an insurance market, where independent experts set premiums based on their individual risk evaluations. The segmented nature of the private insurance market hinders the understanding of the tail parameter of the loss distribution, and there's no direct way to eliminate bias, as extreme events are infrequent. The proposed supervisory tool uses temporal changes to consolidate expert opinions, pinpointing those who rapidly and accurately identify extreme climate-related events. The effectiveness of the Pioneers Detection Method is affirmed through a series of simulations, where it surpasses traditional pooling methods within a Bayesian framework. This supervisory approach also proves to be the most beneficial in improving welfare in a fragmented insurance market comprised of a few private insurance companies.