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Financial Restraints and Liberalization in Postwar Europe
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999
In the real world of less than perfect markets, balancing the benefits and costs of financial liberalization is usually impossible ex ante. Having been slow to liberalize, postwar Europe offers a possible testing ground. Looking at the experience in Belgium, France and Italy, a number of...
Persistent link: https://www.econbiz.de/10005067433
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Inefficient Provision of Liquidity
Hart, Oliver; Zingales, Luigi - C.E.P.R. Discussion Papers - 2011
liquidity is inefficient. The reason is that liquidity affects prices and the welfare of others, and creators do not internalize … government must restrict the creation of liquidity by the private sector. …
Persistent link: https://www.econbiz.de/10009246599
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Banking and Sovereign Risk in the Euro Area
Gerlach, Stefan; Schulz, Alexander; Wolff, Guntram B. - C.E.P.R. Discussion Papers - 2010
banking sectors. When aggregate risk increases, countries with large banking sectors with low equity ratios experience greater …
Persistent link: https://www.econbiz.de/10008468513
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A dynamic analysis of bank bailouts and constructive ambiguity
Eijffinger, Sylvester C W; Nijskens, Rob - C.E.P.R. Discussion Papers - 2012
to liquidity assistance as a solution to forbearance. Faced with a bank that chooses capital and liquidity, the … institution providing liquidity assistance can commit to a mixed strategy: never bailing out is too costly and therefore not … credible, while always bailing out causes moral hazard. In equilibrium, the bank chooses above minimum capital and liquidity …
Persistent link: https://www.econbiz.de/10011083609
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Banks Are Where The Liquidity Is
Hart, Oliver; Zingales, Luigi - C.E.P.R. Discussion Papers - 2014
institutions. The reason is that agents in need of liquidity tend to concentrate their holdings in banks. Thus, a shock to banks … disproportionately affects the agents who need liquidity the most, reducing aggregate demand and the level of economic activity. The …
Persistent link: https://www.econbiz.de/10011084676
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377
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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...
Persistent link: https://www.econbiz.de/10005123814
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The Interaction Between Capital Controls and Exchange Rate Regimes: Evidence from Developing Countries
von Hagen, Jürgen; Zhou, Jizhong - C.E.P.R. Discussion Papers - 2006
The choice of the exchange rate regime and the capital account regime are among the core macro economic policy decisions for developing countries, with important repercussions for a country's macro economic stability, ability to attract foreign capital, and international trade. Existing...
Persistent link: https://www.econbiz.de/10005136430
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The `New' EMS
Giavazzi, Francesco; Spaventa, Luigi - C.E.P.R. Discussion Papers - 1990
This paper attempts to provide an interpretation of recent developments in the EMS. The System has evolved from a regime of adjustable, frequently adjusted parities, where capital controls provided a shelter to weaker currencies, to one where this shelter is being removed, in advance of Stage...
Persistent link: https://www.econbiz.de/10005498150
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Capital Controls and International Trade Finance
Giovannini, Alberto; Park, Jae Won - C.E.P.R. Discussion Papers - 1989
This paper studies the effects of prohibiting individuals from holding foreign assets, and of allowing firms to trade in foreign assets only up to what is needed to finance export and import activities. Although firms can perform arbitrage between domestic and foreign financial markets, this...
Persistent link: https://www.econbiz.de/10005504286