Showing 1 - 10 of 207
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
This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly … assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium … model with banks and financial intermediation is constructed in which default-risk can be priced. It is shown how the credit …
Persistent link: https://www.econbiz.de/10009293986
The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite … played for the global transmission of the financial crisis. Dealing with identification and the large dimensionality of the … shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging …
Persistent link: https://www.econbiz.de/10008692308
often argued that first- and second-generation literature have not been able to explain the crisis in East Asia (1997 … the explanatory power of these models in the case of the Asian crisis. …
Persistent link: https://www.econbiz.de/10005504385
The Paper sets out the principles that should underlie sovereign debt restructuring. It argues for a rules-based approach to achieve private sector involvement in restructuring. The rules must operate, however, in the context of an appropriate institutional framework with appropriate incentives....
Persistent link: https://www.econbiz.de/10005504514
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10011083232
systemic Asian crisis, as the IMF’s First Deputy Managing Director from September 1994 to August 2001. And then, as governor of … an emerging economy’s central bank starting in May 2005, he decided the monetary responses to the worldwide crisis of … storm of 2008-09? How have economists’ views, and Fischer’s, changed as a result of the global financial crisis? In this …
Persistent link: https://www.econbiz.de/10011083383
We document that the global scope and depth of the crisis the began with the collapse of the subprime mortgage market …
Persistent link: https://www.econbiz.de/10011083815
We present a model that reproduces two salient facts characterizing the international monetary system: i) Faster growing countries are associated with lower net capital inflows and ii) Countries that grow faster accumulate more international reserves and receive more net private inflows. We...
Persistent link: https://www.econbiz.de/10011083850
In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are …
Persistent link: https://www.econbiz.de/10011084021