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The Effects of Systemic Banking Crises in the Inter-War Period

Rocha, Bruno; Solomou, Solomos - CESifo - 2015

This paper examines the time-profile of the impact of systemic banking crises on GDP and industrial production using a … that banking crises have effects that induce medium-term adjustments on economies. Focusing on an eight-year horizon, it is … clear that the negative effects of systemic banking crises last over the entirety of this time-horizon. The effect has been …

Persistent link: https://www.econbiz.de/10011210401

Emergent Dynamics of a Macroeconomic Agent Based Model with Capital and Credit

Assenza, Tiziana; Gatti, Domenico Delli; Grazzini, Jakob - CESifo - 2014

Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous … framework consists in the introduction of capital goods that firms producing consumption goods (C-firms) purchase from capital … goods producers (K-firms). The introduction of durability (in the form of capital which depreciates gradually) has important …

Persistent link: https://www.econbiz.de/10010764279

Money, Credit and Banking

Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - CESifo - 2005

’ liquidity constraints. We also demonstrate that increasing the rate of inflation can be welfare improving when credit rationing …

Persistent link: https://www.econbiz.de/10005405820

The Greek Debt Restructuring: An Autopsy

Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu - CESifo - 2013

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50 per cent of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector...

Persistent link: https://www.econbiz.de/10010679378

Banking Crisis Resolution Policy - Lessons from Recent Experience - which elements are needed for robust and efficient crisis resolution?

Mayes, David G. - CESifo - 2009

methods adopted in the Nordic banking crises in the 1990s are generally acknowledged to include important elements of “best …

Persistent link: https://www.econbiz.de/10008583712

Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany

Hau, Harald; Thum, Marcel - CESifo - 2009

We examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...

Persistent link: https://www.econbiz.de/10005051557

Transparency, Flexibility and Macroeconomic Stabilization

Geraats, Petra - CESifo - 2014

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

Persistent link: https://www.econbiz.de/10010877697

Macroeconomic Stabilization Policies in the EMU: Spillovers, Asymmetries, and Institutions

Bartolomeo, Giovanni Di; Engwerda, Jacob; Plasmans, Joseph - CESifo - 2005

This paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation...

Persistent link: https://www.econbiz.de/10005094245

Staying Together or Breaking Apart: Policy-makers’ Endogenous Coalitions Formation in the European Economic and Monetary Union

Aarle, Bas van; Bartolomeo, Giovanni Di; Engwerda, Jacob; … - CESifo - 2002

In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...

Persistent link: https://www.econbiz.de/10005051590

Debt, Inflation and Growth - Robust Estimation of Long-Run Effects in Dynamic Panel Data Models

Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; … - CESifo - 2013

This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both theoretical and empirical. On the theoretical side, we develop a cross-sectionally augmented distributed lag (CS-DL) approach to the estimation of long-run effects in dynamic...

Persistent link: https://www.econbiz.de/10010721613