TAILIEUCHUNG - WORKING PAPER SERIES NO 1487 / OCTOBER 2012: ASYMMETRIC INFORMATION IN CREDIT MARKETS, BANK LEVERAGE CYCLES AND MACROECONOMIC DYNAMICS

Eastern Europe and Central Asia represents a unique situation, where invest- ments in very large farms contrast with an overall contraction of agricultural land use. In the Russian Federation, Ukraine, and Kazakhstan, the area sown to grains has declined by 30 million ha since the end of the Soviet era. These croplands were mostly returned to pastures or fallow, due to lack of suitable technology and market access. Large farms were better able to deal with financing, infrastructure, and technology constraints of the transition, lead- ing to considerable concentration. For example, the 70 largest producers in Russia and Ukraine control more than 10 million ha. They have been. | EUROPEAN CENTRAL BANK EUROSYSTEM In 2012 all ECB publications feature a motif taken from the 50 banknote WORKING PAPER SERIES NO 1487 I OCTOBER 2012 ASYMMETRIC INFORMATION IN CREDIT MARKETS BANK LEVERAGE CYCLES AND MACROECONOMIC DYNAMICS Ansgar Rannenberg MACROPRUDENTIAL RESEARCH NETWORK NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. Macroprudential Research Network This paper presents research conducted within the Macroprudential Research Network MaRs . The network is composed of economists from the European System of Central Banks ESCB . the 27 national central banks of the European Union EU and the European Central Bank. The objective of MaRs is to develop core conceptual frameworks models and or tools supporting macro-prudential supervision in the EU. The research is carried out in three work streams 1 Macro-financial models linking financial stability and the performance of the economy 2 Early warning systems and systemic risk indicators 3 Assessing contagion risks. MaRs is chaired by Philipp Hartmann ECB . Paolo Angelini Banca d Italia Laurent Clerc Banque de France Carsten Detken ECB Cornelia Holthausen ECB and Katerina Smídková Czech National Bank are workstream coordinators. Xavier Freixas Universitat Pompeu Fabra and Hans Degryse Katholieke Universiteit Leuven and Tilburg University act as external consultant. Angela Maddaloni ECB and Kalin Nikolov ECB share responsibility for the MaRs Secretariat. The refereeing process of this paper has been coordinated by a team composed of Cornelia Holthausen Kalin Nikolov and Bernd Schwaab all ECB . The paper is released in order to make the research of MaRs generally available in preliminary form to encourage comments and suggestions prior to final publication. The views expressed in the paper are the ones of the author s and do not necessarily reflect those .

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