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Gambling for resurrection in Iceland: the rise and fall of the banks

Baldursson, Fridrik Mar; Portes, Richard - C.E.P.R. Discussion Papers - 2013

We examine the evolution of the Icelandic banking sector in its macroeconomic environment. The story culminates in the crisis of October 2008, when all three major banks in Iceland collapsed in three successive days. The country is still struggling to cope with the consequences. The paper...

Persistent link: https://www.econbiz.de/10011084274

Stories of the Twentieth Century for the Twenty-First

Gourinchas, Pierre-Olivier; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011

A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century’s first global...

Persistent link: https://www.econbiz.de/10009201122

On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013

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

Global Imbalances and the Financial Crisis: Products of Common Causes

Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009

This paper makes a case that the global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both have their origins in economic policies followed in a number of countries in the 2000s and in distortions that influenced the transmission of these policies...

Persistent link: https://www.econbiz.de/10008557008

The Macroeconomics of Money Market Freezes

Bruche, Max; Suarez, Javier - C.E.P.R. Discussion Papers - 2009

This paper develops a tractable general equilibrium model in which money markets provide structural funding to some banks. When bank default risk becomes significant, retail deposit insurance creates an asymmetry between banks that operate in savings-rich regions, which can remain financed at...

Persistent link: https://www.econbiz.de/10004991546

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011

. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …

Persistent link: https://www.econbiz.de/10009293988

Income and Consumption Smoothing Among US States: Regions or Clubs?

Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 1997

within the club of poor states. The fraction of a shock to gross state product smoothed by the federal tax-transfer system is …

Persistent link: https://www.econbiz.de/10005504778

International Liquidity and Exchange Rate Dynamics

Gabaix, Xavier; Maggiori, Matteo - C.E.P.R. Discussion Papers - 2014

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets … theory of exchange rate determination in imperfect financial markets not only rationalizes the empirical disconnect between … rates are sensitive to imbalances in financial markets and seldom perform the shock absorption role that is central to …

Persistent link: https://www.econbiz.de/10011083240

Finance at Center Stage: Some Lessons of the Euro Crisis

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013

Because of recent economic crises, financial fragility has regained prominence in both the theory and practice of …. Recent events, in both Europe and the industrial world at large, challenge this assumption. After reviewing the roots of the …

Persistent link: https://www.econbiz.de/10011083272

Never Say Never: Commentary on a Policymaker’s Reflections

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014

Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized … intellectual leader on macroeconomic theory and policy. He confronted numerous emerging market crises, including the globally …

Persistent link: https://www.econbiz.de/10011083383