Search Results - isPartOf:"SYSTEMIC"

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Interest Rate Swaps Clearing and Systemic Risk

Bakoush, Mohamed - 2020

interest rate volatility can lead to the onset of systemic liquidity shortage in the interbank market. We also show that … central clearing may increase systemic liquidity risk due to tight margin requirements …

Persistent link: https://www.econbiz.de/10012844560

Fairness and Risk-Sharing in Transnational Monetary Governance

Viehoff, Juri - 2020

Creating the Eurozone has been one of the most significant steps of European integration: By voluntarily abandoning exchange rates and transferring control over monetary matters to a supranational central bank, states have surrendered autonomy over some of the key elements of macroeconomic...

Persistent link: https://www.econbiz.de/10012854597

The making of a cyber crash : a conceptual model for systemic risk in the financial sector

Ros, Greg - 2020

In October 2017, the European Systemic Risk Board (ESRB) set up a group whose objective was to examine cyber security …, the European Systemic Cyber Group (ESCG) sought to develop a shared understanding of Common Individual Vulnerabilities … (CIVs) across ESRB members, and to identify the unique characteristics of cyber risk that could contribute to a systemic …

Persistent link: https://www.econbiz.de/10012241315

Pension schemes in the European Union : challenges and implications from macroeconomic and financial stability perspectives

Sánchez Serrano, Antonio; Peltonen, Tuomo - 2020

Pension schemes have a significant influence on the saving and consumption decisions of households. Similarly, contributions to pension arrangements are substantial expenditures for national governments and also for corporations, depending on the prevailing pension system. Beyond this, pension...

Persistent link: https://www.econbiz.de/10012243471

Retrenchment of euro area banks and international banking models

Argimón, Isabel; Fernández Ortiz, Elena; … - 2020

In this paper, we analyze the importance of international banking models, along the operational and the funding dimensions, for the decline in international positions of European banks since the crisis. Using BIS Consolidated Banking Statistics, we find that the multinational model (higher...

Persistent link: https://www.econbiz.de/10012312194

Debt holder monitoring and implicit guarantees : did the BRRD improve market discipline?

Cutura, Jannic Alexander - 2020

This paper argues that the European Unions Banking Recovery and Resolution Directive (BRRD) improved market discipline in the European bank market for unsecured debt. The different impact of the BRRD on bank bonds provides a quasi-natural experiment that allows to study the effect of the BRRD...

Persistent link: https://www.econbiz.de/10012291204

Gap-filling government debt maturity choice

Eidam, Frederik - 2020

Do governments strategically choose debt maturity to fill supply gaps across maturities? Building on a new panel data set of more than 9,000 individual Eurozone government debt issues between 1999 and 2015, I find that governments increase long-term debt issues following periods of low aggregate...

Persistent link: https://www.econbiz.de/10012269667

Regulating financial networks under uncertainty

Ramírez, Carlos - 2020

I study the problem of regulating a network of interdependent financial institutions that is prone to contagion when there is uncertainty regarding its precise structure. I show that such uncertainty reduces the scope for welfare-improving interventions. While improving network transparency...

Persistent link: https://www.econbiz.de/10012162697

The network of firms implied by the news

Schwenkler, Gustavo; Zheng, Hannan - 2020

We show that the news is a rich source of data on distressed firm links that drive firm- level and aggregate risks. The news tends to report about links in which a less popular firm is distressed and may contaminate a more popular firm. This constitutes a contagion channel that yields...

Persistent link: https://www.econbiz.de/10012162712

A dynamic network model to measure exposure diversification in the Austrian interbank market

Hledik, Juraj; Rastelli, Riccardo - 2020

We design a statistical model for measuring the homogeneity of a financial network that evolves over time. Our model focuses on the level of diversi- fication of financial institutions; that is, whether they are more inclined to distribute their assets equally among partners, or if they rather...

Persistent link: https://www.econbiz.de/10012200823