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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

Can banks maintain their advantage as liquidity providers when they are heavily exposed to a financial crisis? The standard argument - that banks can - hinges on deposit inflows that are seeking a safe haven and provide banks with a natural hedge to fund drawn credit lines and other commitments....

Persistent link: https://www.econbiz.de/10009399713

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

Bad Bank(s) and Recapitalization of the Banking Sector

Schäfer, Dorothea; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 2009

With banking sectors worldwide still suffering from the effects of the financial crisis, public discussion of plans to place toxic assets in one or more bad banks has gained steam in recent weeks. The following paper presents a plan how governments can efficiently relieve ailing banks from toxic...

Persistent link: https://www.econbiz.de/10005034765

Leverage as a Predictor for Real Activity and Volatility

Kollmann, Robert; Zeugner, Stefan - C.E.P.R. Discussion Papers - 2011

This paper explores the link between the leverage of the US financial sector, of households and of non-financial businesses, and real activity. We document that leverage is negatively correlated with the future growth of real activity, and positively linked to the conditional volatility of...

Persistent link: https://www.econbiz.de/10008915810

Contingent Capital: The Case for COERCs

Pennacchi, George G.; Vermaelen, Theo; Wolff, Christian C - C.E.P.R. Discussion Papers - 2010

In this paper we propose a new security, the Call Option Enhanced Reverse Convertible (COERC). The security is a form of contingent capital, i.e. a bond that converts into equity when the market value of equity relative to debt falls below a certain trigger. The conversion price is set...

Persistent link: https://www.econbiz.de/10008677232

The Institutional Foundations of China’s Reforms and Development

Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2010

China’s economic reforms have resulted in spectacular growth and poverty reduction. However, China’s institutions look … ill-suited to achieve such a result, and they indeed suffer from serious shortcomings. To solve "China puzzle" this paper … analyses China’s institution - a regionally decentralized authoritarian system. The central government has control over …

Persistent link: https://www.econbiz.de/10008468688

Unemployment and Inflation in Ireland: 1926-2012

Gerlach, Stefan; Lydon, Reamonn; Stuart, Rebecca - C.E.P.R. Discussion Papers - 2015

We study the determination of Irish inflation between 1926 and 2012. The difference between unemployment and the NAIRU is a significant determinant of inflation in a simple backward-looking Phillips Curve that incorporates import prices. While there is a break in 1979-80, when the link to...

Persistent link: https://www.econbiz.de/10011272719

Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt

Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015

This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response,...

Persistent link: https://www.econbiz.de/10011276383

Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence

Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015

This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...

Persistent link: https://www.econbiz.de/10011276384

Central Banks and the Financial System

Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 2010

Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never...

Persistent link: https://www.econbiz.de/10008466344

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