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The financial cycle and macroeconomics: What have we learnt?

Borio, Claudio - In: Journal of Banking & Finance 45 (2014) C, pp. 182-198

It is high time we rediscovered the role of the financial cycle in macroeconomics. In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the...

Persistent link: https://www.econbiz.de/10010943190

Rediscovering the Macroeconomic Roots of Financial Stability Policy: Journey, Challenges, and a Way Forward

Borio, Claudio - In: Annual Review of Financial Economics 3 (2011) 1, pp. 87-117

The recent financial crisis has triggered a major rethink of analytical approaches and policy toward financial stability. The crisis has encouraged a sharper focus on systemic risk, the inclusion of a financial sector in macroeconomic models, a shift from a microprudential to a macroprudential...

Persistent link: https://www.econbiz.de/10010603949

Stress-testing macro stress testing: Does it live up to expectations?

Borio, Claudio; Drehmann, Mathias; Tsatsaronis, Kostas - In: Journal of Financial Stability 12 (2014) C, pp. 3-15

We critically review the state of the art in macro stress testing, assessing its strengths and weaknesses. We argue that, given current technology, macro stress tests are ill-suited as early warning devices, i.e. as tools for identifying vulnerabilities during seemingly tranquil times and for...

Persistent link: https://www.econbiz.de/10010753195

International Capital Mobility: Which Structural Policies Reduce Financial Fragility?

Ahrend, Rudiger; Goujard, Antoine; Schwellnus, Cyrille - Economics Department, Organisation de Coopération et … - 2012

OECD and emerging economies over the past four decades. For example, a bias in gross external liabilities towards debt has … stability by shifting external liabilities from debt towards FDI. In contrast, tax systems that favour debt finance over equity … finance have undermined stability by increasing the share of debt, including external debt, in corporate financing. Targeted …

Persistent link: https://www.econbiz.de/10011276720

The parlous state of macroeconomics and the optimal financial structure

Goodhart, C.A.E. - In: International Review of Financial Analysis 36 (2014) C, pp. 78-83

Macroeconomics remains in a parlous condition, largely because it has assumed away all financial frictions. Ultimately these latter depend on the possibility that borrowers might default on their repayments. Without default, there is no real role for most financial intermediations, collateral,...

Persistent link: https://www.econbiz.de/10011117764

Credit information sharing and banking crises: An empirical investigation

Büyükkarabacak, Berrak; Valev, Neven - In: Journal of Macroeconomics 34 (2012) 3, pp. 788-800

We study the effect of credit information sharing on the likelihood of banking crises using a comprehensive cross-country dataset for the period from 1975 to 2006. The empirical analysis shows that credit information sharing reduces the likelihood of banking crises and it does more so in low...

Persistent link: https://www.econbiz.de/10011065338

Malaysia's economic success story and challenges

Koen, Vincent; Asada, Hidekatsu; Nixon, Stewart; … - 2017

Malaysia has sustained over four decades of rapid, inclusive growth, reducing its dependence on agriculture and commodity exports to become a more diversified, modern and open economy. GDP per capita is now higher than in a number of OECD economies, while poverty and income inequality have...

Persistent link: https://www.econbiz.de/10011700166

The 2008 Financial Crisis and Taxation Policy

Hemmelgarn, Thomas; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2010

The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....

Persistent link: https://www.econbiz.de/10008468635

Chapter 21 The financial accelerator in a quantitative business cycle framework

Bernanke, Ben S.; Gertler, Mark; Gilchrist, Simon - In: Handbook of macroeconomics : volume 1, part C, (pp. 1341-1393). 1999

This chapter develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the...

Persistent link: https://www.econbiz.de/10014024219

Chapter 11. Financial Intermediation and Credit Policy in Business Cycle Analysis

Gertler, Mark; Kiyotaki, Nobuhiro - In: Handbook of monetary economics : volume 3, (pp. 547-599). 2010

We develop a canonical framework to think about credit market frictions and aggregate economic activity in the context of the current crisis. We use the framework to address two issues in particular: first, how disruptions in financial intermediation can induce a crisis that affects real...

Persistent link: https://www.econbiz.de/10014025669

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