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Lessons from the European financial crisis

Pagano, Marco - Center for Financial Studies - 2014

This paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis … fiscal distress, and inquires how the regulation of banks' sovereign exposures in the euro area should be changed to mitigate … new regulatory framework of the euro-area "banking union" can be expected to mitigate excessive forbearance and facilitate …

Persistent link: https://www.econbiz.de/10010961638

Economic integration and the exchange rate regime: How damaging are currency crises?

Weber, Axel A.; Beck, Günter W. - Center for Financial Studies - 2003

We use consumer price data for 205 cities/regions in 21 countries to study PPP deviations before, during and after the major currency crises of the 1990s. We combine data from industrialized nations in North America (Unites States, Canada and Mexico), Europe (Germany, Italy, Spain and Portugal),...

Persistent link: https://www.econbiz.de/10010986453

Financial contagion: Spillovers through banking centers

Van Rijckeghem, Caroline; Weder, Beatrice - Center for Financial Studies - 1999

This paper presents evidence that spillovers through shifts in bank lending can help explain the pattern of contagion. To test the role of bank lending in transmitting currency crises we examine a panel of data on capital flows to 30 emerging markets disaggregated by 11 banking centers. In...

Persistent link: https://www.econbiz.de/10010958810

The European Central Bank

Binder, Michael; Wieland, Volker - Center for Financial Studies - 2006

The establishment of the ECB and with it the launch of the euro has arguably been a unique endeavor in economic history …

Persistent link: https://www.econbiz.de/10010958537

The euro and international capital markets

Detken, Carsten; Hartmann, Philipp - Center for Financial Studies - 2000

a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra … -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …

Persistent link: https://www.econbiz.de/10010958704

The broken buck stops here: Embracing sponsor support in money market fund reform

Fisch, Jill E. - Center for Financial Studies - 2014

Since the 2008 financial crisis, in which the Reserve Primary Fund "broke the buck," money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman...

Persistent link: https://www.econbiz.de/10010986421

Instabile Finanzmärkte

Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2009

Die Vorstellung selbst-stabilisierender, zum Gleichgewicht tendierender Finanzmärkte, lange Zeit als Selbstverständlichkeit angesehen, ist durch die aktuelle Banken- und Kreditkrise in Frage gestellt. Trotz ausgefeilten Risikomanagements der Banken und einer an Basel II orientierten Aufsicht...

Persistent link: https://www.econbiz.de/10010986485

Did fair-value accounting contribute to the financial crisis?

Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10010958489

Lifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supply

Chai, Jingjing; Maurer, Raimond H.; Mitchell, Olivia S.; … - Center for Financial Studies - 2011

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...

Persistent link: https://www.econbiz.de/10010958546

Dealing with financial crises: How much help from research?

Pagano, Marco - Center for Financial Studies - 2014

importance, and therefore on policy recommendations. Research on the euro debt crisis has so far been much more limited: even …

Persistent link: https://www.econbiz.de/10010958553