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Liquidity Squeeze, Abundant Funding and Macroeconomic Volatility
Kharroubi, Enisse - Bank for International Settlements (BIS) - 2015
This paper studies the choice between building liquidity buffers and raising funding ex post, to deal with liquidity … shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium. Agents typically choose to build smaller … liquidity buffers when they expect cheap funding. However, when agents hold smaller liquidity buffers, they can raise less …
Persistent link: https://www.econbiz.de/10011210514
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Rediscovering the macroeconomic roots of financial stability policy: journey, challenges and a way forward
Borio, Claudio - Bank for International Settlements (BIS) - 2011
The recent financial crisis has triggered a major rethink of analytical approaches and policy towards 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/10009320630
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The financial turmoil of 2007-?: a preliminary assessment and some policy considerations
Borio, Claudio - Bank for International Settlements (BIS) - 2008
The unfolding financial turmoil in mature economies has prompted the official and private sectors to reconsider policies, business models and risk management practices. Regardless of its future evolution, it already threatens to become one of the defining economic moments of the 21st century....
Persistent link: https://www.econbiz.de/10005127685
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Financial globalisation, governance and the evolution of the home bias
Kho, Bong-Chan; Stulz, René M; Warnock, Francis E - Bank for International Settlements (BIS) - 2006
Despite the disappearance of formal barriers to international investment across countries, we find that the average home bias of US investors towards the 46 countries with the largest equity markets did not fall from 1994 to 2004 when countries are equally weighted but fell when countries are...
Persistent link: https://www.econbiz.de/10005063331
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Rethinking potential output: Embedding information about the financial cycle
Borio, Claudio; Disyatat, Frank Piti; Juselius, Mikael - Bank for International Settlements (BIS) - 2013
This paper argues that incorporating information about the financial cycle is important to improve measures of potential output and output gaps. Conceptually, identifying potential output with non-inflationary output is too restrictive. Potential output is seen as sustainable; yet experience...
Persistent link: https://www.econbiz.de/10010610726
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Cyclical macroeconomic policy, financial regulation and economic growth
Aghion, Philippe; Kharroubi, Enisse - Bank for International Settlements (BIS) - 2013
policies foster growth disproportionately in more credit/liquidity-constrained industries. Second, while higher bank capital … disproportionately in more credit/liquidity-constrained industries and this complements the growth effects of countercyclical monetary …
Persistent link: https://www.econbiz.de/10010723570
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How does fiscal policy affect monetary policy in emerging market countries?
Zoli, Edda - Bank for International Settlements (BIS) - 2005
This paper analyses how fiscal policy affects monetary policy in emerging economies. First, it conducts a test for fiscal dominance, and finds that the evidence points clearly to a regime of fiscal dominance in the case of Argentina and Brazil during the 1990s and early 2000s, while for the...
Persistent link: https://www.econbiz.de/10005650366
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The liquidity consequences of the euro area sovereign debt crisis
Allen, William A; Moessner, Richhild - Bank for International Settlements (BIS) - 2012
We examine the liquidity effects of the euro area sovereign debt crisis, including its effects on euro area banks as a … group, on intra-euro area financial flows, on the supply of and demand for collateral, and on international liquidity. The … deficit countries and its collateral policy. The euro crisis has also created international liquidity stresses. We find that …
Persistent link: https://www.econbiz.de/10010849801
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Risk and liquidity in a system context
Shin, Hyun Song - Bank for International Settlements (BIS) - 2006
This paper explores the pricing of debt in a financial system where the assets that borrowers hold to meet their obligations include claims against other borrowers. Assessing financial claims in a system context captures features that are missing in a partial equilibrium setting. It is possible...
Persistent link: https://www.econbiz.de/10005157619
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Mapping capital and liquidity requirements to bank lending spreads
King, Michael R - Bank for International Settlements (BIS) - 2010
This study outlines a methodology for mapping the increases in capital and liquidity requirements proposed under Basel …
Persistent link: https://www.econbiz.de/10008725980