
Martin Kuncl
Senior Economist
- Ph.D. in Economics, CERGE-EI
- M.A. in Economics, CERGE-EI
- CEMS Master in International Management
- M.Sc. in International Trade, University of Economics, Prague
Bio
Martin Kuncl is a Senior Economist in the Canadian Economic Analysis Department at the Bank of Canada. His research interests include macro-financial linkages, financial crises and macro-prudential policies. Specific topics include financial innovation, interaction of monetary and macro-prudential policies, and government intervention in the mortgage market. He received his Ph.D. in Economics from CERGE-EI.
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Staff analytical notes
Staff working papers
Loan Insurance, Market Liquidity, and Lending Standards
We examine loan insurance—credit risk transfer upon origination—in a model in which lenders can screen, learn loan quality over time, and can sell loans. Some lenders with low screening ability insure, benefiting from higher market liquidity of insured loans while forgoing the option to exploit future information about loan quality.Fragility of Resale Markets for Securitized Assets and Policy of Asset Purchases
Markets for securitized assets were characterized by high liquidity prior to the recent financial crisis and by a sudden market dry-up at the onset of the crisis. A general equilibrium model with heterogeneous investment opportunities and information frictions predicts that, in boom periods or mild recessions, the degree of adverse selection in resale markets for securitized assets is limited because of the reputation-based guarantees by asset originators.Securitization under Asymmetric Information over the Business Cycle
This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous investment projects and asymmetric information about the quality of securitized assets. I show that when retaining part of the risk, the issuer of securitized assets may credibly signal its quality.Journal publications
Refereed journals
- “Securitization under Asymmetric Information over the Business Cycle”, European Economic Review, Volume 111, January 2019, Pages 237-256.