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Heterogeneity of Preferences, Limited Commitment and Coalitions: Empirical Evidence on the Limits to Risk Sharing in Rural Pakistan
Dubois, Pierre - C.E.P.R. Discussion Papers - 2006
implications in rural Pakistan taking into account the heterogeneity of households' preferences. Our results show that exogenous …
Persistent link: https://www.econbiz.de/10005791230
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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Crash Risk in Currency Markets
Farhi, Emmanuel; Fraiberger, Samuel P.; Gabaix, Xavier; … - C.E.P.R. Discussion Papers - 2009
How much of carry trade excess returns can be explained by the presence of disaster risk? To answer this question, we propose a simple structural model that includes both Gaussian and disaster risk premia and can be estimated even in samples that do not contain disasters. The model points to a...
Persistent link: https://www.econbiz.de/10005016245
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A DSGE model of banks and financial intermediation with default risk
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2011
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...
Persistent link: https://www.econbiz.de/10009293986
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Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011
While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...
Persistent link: https://www.econbiz.de/10009293988
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Surviving the crisis: Foreign multinationals vs domestic firms in Ireland
Godart, Olivier; Görg, Holger; Hanley, Aoife - C.E.P.R. Discussion Papers - 2011
Starting from the observation that all firms in Ireland (foreign and domestic in manufacturing and services industries) were hit by the crisis, the paper asks whether there is a difference in the behaviour of foreign and domestic firms. One hypothesis is that foreign multinationals are less...
Persistent link: https://www.econbiz.de/10009320409
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Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
Acharya, Viral V; Mora, Nada - C.E.P.R. Discussion Papers - 2011
hedge to fund drawn credit lines and other commitments. We shed new light on this issue by studying the behavior of bank …
Persistent link: https://www.econbiz.de/10009399713
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Identifying the Global Transmission of the 2007-09 Financial Crisis in a GVAR Model
Chudik, Alexander; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010
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 empirical exercise with a Global VAR approach, the...
Persistent link: https://www.econbiz.de/10008692308
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Lenders of Last Resort in a Globalized World
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2009
even evolve into a global last-resort lender that channels central bank liquidity where it is needed. The IMF …
Persistent link: https://www.econbiz.de/10004969129
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Are banks too big to fail or too big to save? International evidence from equity prices and CDS spreads
Demirguc-Kunt, Asli; Huizinga, Harry - C.E.P.R. Discussion Papers - 2010
. For an international sample of banks, this paper investigates the impact of government indebtedness and deficits on bank … stock prices and CDS spreads. Overall, bank stock prices reflect a negative capitalization of government debt and they … valuation in countries running large fiscal deficits. Furthermore, the change in bank CDS spreads in 2008 relative to 2007 …
Persistent link: https://www.econbiz.de/10008550325