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The Macroeconomic Implications of Financial Deregulation
Bordes, Christian; Melitz, Jacques - C.E.P.R. Discussion Papers - 1989
This paper explores the possible macroeconomic consequences of financial deregulation in an institutional environment where deregulation raises risks in banking. The central bank is assumed to maximize an objective function an argument of which is the probability of bank failure. It is then...
Persistent link: https://www.econbiz.de/10005792448
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Drivers of Structural Change in Cross-Border Banking Since the Global Financial Crisis
Bremus, Franziska; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2014
The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro...
Persistent link: https://www.econbiz.de/10011145418
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10008692318
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Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States
Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997
This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United States. A structural VAR is used to identify aggregate supply, aggregate demand, monetary policy and inflation scare shocks and to analyse their effects on the real, nominal and...
Persistent link: https://www.econbiz.de/10005123911
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A global monetary tsunami? On the spillovers of US Quantitative Easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - C.E.P.R. Discussion Papers - 2012
The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets...
Persistent link: https://www.econbiz.de/10011083739
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Effect of Regulatory Constraints on Fund Performance: New Evidence from UCITS Hedge Funds
Joenväärä, Juha; Kosowski, Robert - C.E.P.R. Discussion Papers - 2015
We economically motivate and then test a range of hypotheses regarding performance and risk differences between UCITS-compliant and other hedge funds. The latter exhibit more suspicious return patterns than do absolute return UCITS (ARUs), but ARUs exhibit higher levels of operational risk. We...
Persistent link: https://www.econbiz.de/10011272713
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Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that incorporates two key institutional features of the public utilities sector in many countries: firms are partially owned by the state and regulators are not necessarily...
Persistent link: https://www.econbiz.de/10009209829
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When bigger isn’t better: Bail outs and bank behaviour
Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011
The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...
Persistent link: https://www.econbiz.de/10009320408
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Regulation, Privatization, and Airport Charges: Panel Data Evidence from European Airports
Bilotkach, Volodymyr; Clougherty, Joseph A.; Mueller, … - C.E.P.R. Discussion Papers - 2011
main empirical results indicate that aeronautical charges are lower at airports when single-till regulation is employed …, when airports are privatized, and -- tentatively -- when ex-post price regulation is applied. Furthermore, hub airports … generally set higher aeronautical charges, and it appears that price-cap regulation and the presence of nearby airports do not …
Persistent link: https://www.econbiz.de/10009351519