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Chronicle of currency collapses: re-examining the effects on output

Bussière, Matthieu; Saxena, Sweta C.; Tovar, Camilo E. - European Central Bank - 2010

The impact of currency collapses (i.e. large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the period...

Persistent link: https://www.econbiz.de/10008597022

Interbank contagion at work: evidence from a natural experiment

Iyer, Rajkamal; Peydró, José-Luis - European Central Bank - 2010

This paper tests financial contagion due to interbank linkages. For identification we exploit an idiosyncratic, sudden shock caused by a large-bank failure in conjunction with detailed data on interbank exposures. First, we find robust evidence that higher interbank exposure to the failed bank...

Persistent link: https://www.econbiz.de/10008545907

Transmission of monetary policy shocks in Finland: evidence from bank level data on loans

Topi, Jukka; Vilmunen, Jouko - European Central Bank - 2001

We use a panel of quarterly time series observations on Finnish banks to estimate reduced form equations for the growth rate of bank loans. By allowing for individual bank specific effects in the empirical models we specifically seek evidence of a bank-lending channel for the transmission of...

Persistent link: https://www.econbiz.de/10005530976

Securitization and lending standards: evidence from the wholesale loan market

Kara, Alper; Marqués-Ibáñez, David; Ongena, Steven - European Central Bank - 2011

We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests...

Persistent link: https://www.econbiz.de/10009216682

Global crises and equity market contagion

Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - European Central Bank - 2011

Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...

Persistent link: https://www.econbiz.de/10009293721

Some lessons from the financial crisis for the economic analysis

Kenny, Geoff; Morgan, Julian - European Central Bank - 2011

The economics profession in general, and economic forecasters in particular, have faced some understandable criticism for their failure to predict the timing and severity of the recent economic crisis. In this paper, we offer some assessment of the performance of the Economic Analysis conducted...

Persistent link: https://www.econbiz.de/10009327807

Theoretical notes on bubbles and the current crisis

Martin, Alberto; Ventura, Jaume - European Central Bank - 2011

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...

Persistent link: https://www.econbiz.de/10009643615

Bank risk during the financial crisis: do business models matter?

Altunbas, Yener; Marqués-Ibáñez, David; Manganelli, … - European Central Bank - 2011

We exploit the 2007-2009 financial crisis to analyze how risk relates to bank business models. Institutions with higher risk exposure had less capital, larger size, greater reliance on short-term market funding, and aggressive credit growth. Business models related to significantly reduced bank...

Persistent link: https://www.econbiz.de/10009367473

The global financial crisis: trying to understand the global trade downturn and recovery

Anderton, Robert; Tewolde, Tadios - European Central Bank - 2011

2008Q4-2009Q1 was so severe and synchronized across the world, and also examines the subsequent recovery in global trade …-level can explain a significant proportion of the decline in world imports during the crisis, while declines in the highly …”, suggesting that widespread global production chains may have amplified the downturn in world trade and partly explains its high …

Persistent link: https://www.econbiz.de/10009277148

The benefits of fiscal consolidation in uncharted waters

Rother, Philipp; Schuknecht, Ludger; Stark, Jürgen - European Central Bank - 2010

This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...

Persistent link: https://www.econbiz.de/10008694977