Similar Search Results

Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation

Hoffmann, Mathias; Stewen, Iryna - CESifo - 2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2012. To obtain an ex ante measure of financial liberalization, we focus on the history...

Persistent link: https://www.econbiz.de/10011272618

The Impact of Basel III on Trade Finance: The Potential Unintended Consequences of the Leverage Ratio

Auboin, Marc; Blengini, Isabella - CESifo - 2014

Trade finance, particularly in the form of short-term letters of credit has received favourable capital treatment new Basel III rules. However, concerns have been expressed over the potential negative “unintended consequences” of the newly created leverage ratio for trade. This paper offers...

Persistent link: https://www.econbiz.de/10010948837

Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - CESifo - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. …

Persistent link: https://www.econbiz.de/10010877795

Bank Capital Regulation with an Opportunistic Rating Agency

Efing, Matthias - CESifo - 2013

This paper models the strategic interaction between a rating agency, a bank and a bank regulator who lacks information … about bank asset risk. The regulator can either (1) make bank capital requirements contingent on credit ratings; or (2) set … constrain high risk bank investment without simultaneously reducing overall investment volume. However, if collusion between the …

Persistent link: https://www.econbiz.de/10010667420

Foreign Languages and Trade

Fidrmuc, Jan; Fidrmuc, Jarko - CESifo - 2014

Cultural factors and especially common languages are well-known determinants of trade. By contrast, the knowledge of foreign languages was not explored in the literature so far. We combine traditional gravity models with data on fluency in the main languages used in EU and candidate countries....

Persistent link: https://www.econbiz.de/10010877678

The Micro Dynamics of Macro Announcements

Mittnik, Stefan; Robinzonov, Nikolay; Wohlrabe, Klaus - CESifo - 2013

We examine how regularly scheduled macroeconomic announcements for the U.S., Germany and the euro area affect the German stock market, using high–frequency, minute–by–minute DAX data. Our study extends the literature on high–frequency announcement effects in several ways. First, we...

Persistent link: https://www.econbiz.de/10010877723

Reflections on Cluster Policies

Brakman, Steven; Marrewijk, Charles van - CESifo - 2012

Economic activity tends to cluster. This results in productivity gains. For policy makers this offers an opportunity to formulate and promote policies that foster clustering of economic activity. Paradoxically, although agglomeration rents are often found in empirical research a rationale for...

Persistent link: https://www.econbiz.de/10010877820

Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy

Arghyrou, Michael G. - CESifo - 2014

We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt crisis. The latter is mainly the result of misguided past internal policies deviating from the policy lessons of modern macroeconomics. The current policy, however, provides a...

Persistent link: https://www.econbiz.de/10010948838

Recent Estimates of Exchange Rate Pass-Through to Import Prices in the Euro Area

Cheikh, Nidhaleddine Ben; Rault, Christophe - CESifo - 2015

This paper provides an update on the exchange rate pass-through (ERPT) estimates for 12 euro area (EA) countries. First, based on quarterly data over the 1990-2012 period, our study does not find a significant heterogeneity in the degree of pass-through across the monetary union members, in...

Persistent link: https://www.econbiz.de/10011277181

Exchange Rate Pass-Through, Domestic Competition, and Inflation: Evidence from the 2005/08 Revaluation of the Renminbi

Auer, Raphael A. - CESifo - 2012

This paper quantifies the effect of the government-controlled appreciation of the Chinese renminbi (RMB) vis-à-vis the USD from 2005 to 2008 on the prices charged by US producers. As the RMB during that time was pegged to a basket of currencies, the empirical strategy must account for the fact...

Persistent link: https://www.econbiz.de/10010535633

1
2
3
4
5
6
7
8
9
10
Next
Last