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Financial Integration and Business Cycle Synchronization
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - C.E.P.R. Discussion Papers - 2009
Standard theory predicts that financial integration leads to a lower degree of business cycle synchronization. Surprisingly, cross-country studies find the opposite. Our contribution is to document the theoretically predicted negative effect of financial integration on business cycle...
Persistent link: https://www.econbiz.de/10005041098
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Global Banks and Crisis Transmission
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2012
We study the effect of financial integration on the transmission of international business cycles. In a sample of 20 developed countries between 1978 and 2009 we find that, in periods without financial crises, increases in bilateral financial linkages are associated with more divergent output...
Persistent link: https://www.econbiz.de/10011084566
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Bank Networks: Contagion, Systemic Risk and Prudential Policy
Aldasoro, Iñaki; Delli Gatti, Domenico; Faia, Ester - C.E.P.R. Discussion Papers - 2015
traded quantities are determined by means of a matching algorithm. Contagion occurs through liquidity hoarding, interbank …
Persistent link: https://www.econbiz.de/10011252622
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Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk
Acharya, Viral V; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2003
cost of borrowing for the surviving banks. Such information contagion is thus costly to bank owners. Given their limited … rise to a pro-cyclical pattern in the correlation of bank loan returns. The direction of information contagion, the … localized nature of contagion and herding, and the welfare properties, are also characterized. …
Persistent link: https://www.econbiz.de/10005504423
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Precautionary hoarding of liquidity and inter-bank markets: Evidence from the sub-prime crisis
Acharya, Viral V; Merrouche, Ouarda - C.E.P.R. Discussion Papers - 2012
We study the liquidity demand of large settlement (first-tier) banks in the UK and its effect on the Sterling Money Markets before and during the sub-prime crisis of 2007-08. Liquidity holdings of large settlement banks experienced on average a 30% increase in the period immediately following...
Persistent link: https://www.econbiz.de/10011084226
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Contagion in financial networks: A threat index
Demange, Gabrielle - C.E.P.R. Discussion Papers - 2012
An intricate web of claims and obligations ties together the balance sheets of a wide variety of financial institutions. Under the occurrence of default, these interbank claims generate externalities across institutions and possibly disseminate defaults and bankruptcy. Building on a simple model...
Persistent link: https://www.econbiz.de/10011084240
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Reputational Contagion and Optimal Regulatory Forbearance
Morrison, Alan; White, Lucy - C.E.P.R. Discussion Papers - 2013
by interbank lending. This paper shows that common regulation is also a conduit for interbank contagion. One bank …
Persistent link: https://www.econbiz.de/10011084273
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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
We present new stylized facts on bank and firm leverage for 2000-2009 using extensive internationally comparable micro level data from several countries. The main result is that there was very little buildup in leverage for the average non-financial firm and commercial bank before the crisis,...
Persistent link: https://www.econbiz.de/10009283393
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What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
Kalemli-Ozcan, Sebnem; Kamil, Herman; Villegas-Sanchez, … - C.E.P.R. Discussion Papers - 2011
We provide evidence on the real effects of credit supply shocks utilizing a new firm-level database from six Latin American countries between 1990 to 2005. Holding creditworthiness constant through foreign currency debt exposure, we compare investment undertaken by domestic exporters to that of...
Persistent link: https://www.econbiz.de/10009275697
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Deep Financial Integration and Volatility
Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2010
financial integration and aggregate fluctuations. To identify the causal effect of integration on volatility we exploit …
Persistent link: https://www.econbiz.de/10008468519