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Information Management in Banking Crises

Shapiro, Joel; Skeie, David - C.E.P.R. Discussion Papers - 2013

A regulator resolving a bank faces two audiences: depositors, who may run if they believe the regulator will not provide capital, and banks, which may take excess risk if they believe the regulator will provide capital. When the regulator's cost of injecting capital is private information, it...

Persistent link: https://www.econbiz.de/10011084160

Accounting discretion of banks during a financial crisis

Huizinga, Harry; Laeven, Luc - C.E.P.R. Discussion Papers - 2009

This paper presents evidence of banks using accounting discretion to overstate the value of distressed assets. In particular, we show that the stock market applies far greater discounts to a bank’s real estate loans and mortgage-backed securities than are implicit in the book values of these...

Persistent link: https://www.econbiz.de/10004973976

Regulatory Reform After the Crisis: Opportunities and Pitfalls

Beck, Thorsten - C.E.P.R. Discussion Papers - 2010

The recent crisis has led to a thriving academic and policy debate on the future regulation of financial institutions and markets. This paper argues that the objective of securing financial stability should be balanced with the goal of fostering financial deepening and efficiency, especially in...

Persistent link: https://www.econbiz.de/10008468512

Monetary and Exchange Rate Policy in Korea: Assessments and Policy Issues

Eichengreen, Barry - C.E.P.R. Discussion Papers - 2004

This Paper considers monetary and exchange rate policy in Korea since the financial crisis of 1997-98. The Bank of …

Persistent link: https://www.econbiz.de/10005136674

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011213304

A Dynamic General Equilibrium Analysis of Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk

Blommestein, Hans J.; Eijffinger, Sylvester C W; Qian, … - C.E.P.R. Discussion Papers - 2011

This paper builds a dynamic general equilibrium macro-finance model with two types of borrowers: entrepreneurs who want to produce and gamblers who want to play a lottery. It links central bank's interest rate policy to expected cash flows of both types. This link enables us to study how the...

Persistent link: https://www.econbiz.de/10009371476

On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013

Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...

Persistent link: https://www.econbiz.de/10011084186

Complexity and Monetary Policy

Orphanides, Athanasios; Wieland, Volker - C.E.P.R. Discussion Papers - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10011084255

A Corporate Balance Sheet Approach to Currency Crises

Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - C.E.P.R. Discussion Papers - 2001

This Paper presents a general equilibrium currency crisis model of the 'third generation', in which the possibility of currency crises is driven by the interplay between private firms' credit-constraints and nominal price rigidities. Despite our emphasis on microfoundations, the model remains...

Persistent link: https://www.econbiz.de/10005124430

Did the Malaysian Capital Controls Work?

Kaplan, Ethan; Rodrik, Dani - C.E.P.R. Discussion Papers - 2001

Malaysia recovered from the Asian financial crisis swiftly after the imposition of capital controls in September 1998 …. The fact that Korea and Thailand recovered in parallel has been interpreted as suggesting that capital controls did not … play a significant role in facilitating Malaysia’s rebound. However, the financial crisis was deepening in Malaysia in the …

Persistent link: https://www.econbiz.de/10005123814

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