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Market-Based Bank Capital Regulation
Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2013
Today’s regulatory rules, especially the easily-manipulated measures of regulatory capital, have led to costly bank failures. We design a robust regulatory system such that (i) bank losses are credibly borne by the private sector (ii) systemically important institutions cannot collapse...
Persistent link: https://www.econbiz.de/10011083692
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Equity Recourse Notes: Creating Counter-cyclical Bank Capital
Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2014
We propose a new form of hybrid capital for banks, Equity Recourse Notes (ERNs), which ameliorate booms and busts by creating counter-cyclical incentives for banks to raise capital, and so encourage bank lending in bad times. They avoid the flaws of existing contingent convertible bonds...
Persistent link: https://www.econbiz.de/10011083972
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Global Liquidity and Drivers of Cross-Border Bank Flows
Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - C.E.P.R. Discussion Papers - 2014
This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time series and broader country sample than previous studies. We define global liquidity as non-price determinants of cross-border credit supply, consistent with its meaning as the...
Persistent link: https://www.econbiz.de/10011145399
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The Euro and the Geography of International Debt Flows
Hale, Galina B; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014
-price bubbles and collapses in some of the peripheral countries, area-wide banking crisis, and sovereign debt problems. We analyze …
Persistent link: https://www.econbiz.de/10011083714
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International Banking: the Isolation of the Euro Area
Bouvatier, Vincent; Delatte, Anne-Laure - C.E.P.R. Discussion Papers - 2014
rest of the world, the banking integration has strengthened since the financial crisis. …
Persistent link: https://www.econbiz.de/10011083790
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Vehicle Currencies, Bank Debt and the Asset Market Approach to Exchange Rate Determination: The US Dollar, 1980-1985
Thomas, Stephen H; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1987
This paper examines the appreciation of the dollar over the period 1980-85. The standard theories try to explain the increased demand for dollar assets by differential rates of return on bonds or by "safe-haven" arguments associated with the lower riskiness of United States assets. Neither of...
Persistent link: https://www.econbiz.de/10005662155
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When Everyone Runs for the Exit
Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2009
recent global liquidity crisis and, in particular, the quant event of 2007. …
Persistent link: https://www.econbiz.de/10005082543
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Leverage Across Firms, Banks and Countries
Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Yesiltas, Sevcan - C.E.P.R. Discussion Papers - 2011
-financial firm and commercial bank before the crisis, but the picture was quite different for large commercial banks States and for … deleveraging during the crisis. These results show that excessive risk taking before the crisis was not easily detectable because …
Persistent link: https://www.econbiz.de/10009283393
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Did WTO rules restrain protectionism during the recent systemic crisis?
Evenett, Simon J - C.E.P.R. Discussion Papers - 2011
economic crisis. Evidence on the variety of discrimination implemented by governments, characteristics of the recent systemic … crisis, as well as on certain, often overlooked features of WTO obligations are used to support a conclusion that the WTO … rules altered at most the composition of crisis-era protectionism. As to the quantum of protectionism, it is unclear how WTO …
Persistent link: https://www.econbiz.de/10009365003
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Short-Selling Bans around the World: Evidence from the 2007-09 Crisis
Beber, Alessandro; Pagano, Marco - C.E.P.R. Discussion Papers - 2009
Most stock exchange regulators around the world reacted to the 2007-2009 crisis by imposing bans or regulatory …
Persistent link: https://www.econbiz.de/10008474510