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Asian crises : theory, evidence, warning-signals

Stein, Jerome L.; Lim, Guay C. - 2004

In July 1997, the economies of East Asia became embroiled in one of the worst financial crises of the postwar period. Yet, prior to the crisis, these economies were seen as models of economic growth experiencing sustained growth rates that exceeded those earlier thought unattainable. Why did the...

Persistent link: https://www.econbiz.de/10011402540

The interest rate pass-through in the Euro area during the global financial crisis : conference paper

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2013

of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to …

Persistent link: https://www.econbiz.de/10010338974

The interest rate pass-through in the Euro area during the global financial crisis

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2012

of Euro-area banks to the global financial crisis. We focus on their interest-rate setting behavior in response to … explained by a significant increase in the frictions that the banks' business is subject to. -- Euro Area ; global financial …

Persistent link: https://www.econbiz.de/10009631665

Loan supply shocks during the financial crisis : evidence for the Euro Area

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2011

This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of … crisis. However, concerning both, the timing and the magnitude of the shocks our results also indicate that the Euro Area was … characterized by a considerable degree of cross-country heterogeneity. -- Euro Area ; panel vector autoregressive model ; sign …

Persistent link: https://www.econbiz.de/10009012054

The great mortgaging : housing finance, crises, and business cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010412763

Betting the house

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10010468583

Going to extremes : politics after financial crisis, 1870 - 2014

Funke, Manuel; Schularick, Moritz; Trebesch, Christoph - 2015

Partisan conflict and policy uncertainty are frequently invoked as factors contributing to slow post-crisis recoveries. Recent events in Europe provide ample evidence that the political aftershocks of financial crises can be severe. In this paper we study the political fall-out from systemic...

Persistent link: https://www.econbiz.de/10011349087

The equilibrium value of the Euro/$ US exchange rate : an evaluation of research

Stein, Jerome L. - 2001

The ultimate object of research concerning the Euro is to answer the following questions: (#1) What is the equilibrium … trajectory of the nominal euro, measured as dollars/euro? (#2) To what extent has the equilibrium nominal euro been determined by … transitory factors in affecting the value of the euro? (#4) Is the euro currently undervalued, and by what criteria? Our …

Persistent link: https://www.econbiz.de/10011399350

Stochastic optimal control, international finance and debt

Fleming, Wendell Helms; Stein, Jerome L. - 2002

We use stochastic optimal control-dynamic programming (DP) to derive the optimal foreign debt/net worth, consumption/net worth, current account/net worth, and endogenous growth rate in an open economy. Unlike the literature that uses an Intertemporal Budget Constraint (IBC) or the Maximum...

Persistent link: https://www.econbiz.de/10011410314

A stochastic optimal control approach to international finance and foreign debt

Fleming, Wendell Helms; Stein, Jerome L. - 1999

The recent financial crises, especially the debt crisis in Asia, have led to questions su ch as: what are their causes, what is an excessive debt and how vulnerable is an economy to external shocks? We develop an economic model of international finance and debt based upon two sources of...

Persistent link: https://www.econbiz.de/10009781699