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The quiet run of 2011 : money market funds and the European debt crisis
Chernenko, Sergey; Sunderam, Adi - 2012
We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant outflows between June and...
Persistent link: https://www.econbiz.de/10009507044
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International capital mobility : which structural policies reduce financial fragility? ; a going for growth report
Ahrend, Rudiger; Goujard, Antoine - 2012
The structure of a country’s external liabilities, as well as the extent and nature of its international financial integration are key determinants of its vulnerability to financial crises. This is confirmed by new empirical analysis covering OECD and emerging economies over the past four...
Persistent link: https://www.econbiz.de/10009559790
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Tackling Turkey's external and domestic macroeconomic imbalances
Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; … - 2012
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%....
Persistent link: https://www.econbiz.de/10009690909
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Never Say Never: Commentary on a Policymaker’s Reflections
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014
Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized …
Persistent link: https://www.econbiz.de/10011083383
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How do structural policies affect financial crisis risk? : evidence from past crises across OECD and emerging economies
Ahrend, Rudiger; Goujard, Antoine - 2012
This paper examines how structural policies can influence a country's risk of suffering financial turmoil. Using a panel of 184 developed and emerging economies from 1970 to 2009, the empirical analysis examines which structural policies can affect financial stability by either shaping the...
Persistent link: https://www.econbiz.de/10009691018
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International Capital Mobility: Which Structural Policies Reduce Financial Fragility?
Ahrend, Rudiger; Goujard, Antoine; Schwellnus, Cyrille - Economics Department, Organisation de Coopération et … - 2012
The structure of a country’s external liabilities, as well as the extent and nature of its international financial integration are key determinants of its vulnerability to financial crises. This is confirmed by new empirical analysis covering OECD and emerging economies over the past four...
Persistent link: https://www.econbiz.de/10011276720
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Global Liquidity : Drivers, Volatility and Toolkits
Goldberg, Linda S. - National Bureau of Economic Research - 2023
provides policy-relevant lessons. International spillovers of monetary policy and risk sentiment through global liquidity …
Persistent link: https://www.econbiz.de/10014322743
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Umbau der Finanzmärkte : übermäßiges Vertrauen in Marktrationalität hält an
Dullien, Sebastian - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013), pp. 23-29
Governments on both sides of the Atlantic have reacted with a raft of new regulations to the US subprime mortgage crisis. The article argues that while these new rules actually touch many of the incentive and information problems which were instrumental in creating the crisis, they only address...
Persistent link: https://www.econbiz.de/10009728449
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Revisiting Political Budget Cycles in Latin America
Parra, Sebastián Nieto; Santiso, Javier - Centre de développement, Organisation de Coopération … - 2009
In this paper we test the impact of elections on fiscal policy in Latin American economies in comparison to OECD … balance and current expenditures during election years are minimal. Our analysis also suggests that re-elections of incumbent … elections in the region. We derive policy implications and recommendations from our findings.<BR>L’objectif de cet article est …
Persistent link: https://www.econbiz.de/10004969797
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Ring fencing and consolidated banks’ stress tests
Cerutti, Eugenio; Schmieder, Christian - In: Journal of Financial Stability 11 (2014) C, pp. 1-12
The recent crisis has spurred the use of bank stress tests as a crisis management and early warning tool. However, a weakness is that current stress tests are based on consolidated balance sheets, and thus omit potential risks embedded in banking groups’ geographical structures by assuming...
Persistent link: https://www.econbiz.de/10011046546