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What drives international bank flows? Politics, institutions and other determinants

Papaioannou, Elias - European Central Bank - 2005

This paper uses a large panel of bilateral bank flow data to assess how institutions and politics affect international … banking system. 3) Beyond institutions, politics exert also a firstorder impact. 4) The European Integration process has …, samples and the potential endogeneity of institutional characteristics. The strong institutions/politics-bank flows nexus has …

Persistent link: https://www.econbiz.de/10005816300

The euro plus pact: cost competitiveness and external capital flows in the EU countries

Gabrisch, Hubert; Staehr, Karsten - European Central Bank - 2014

The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses...

Persistent link: https://www.econbiz.de/10010753760

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

This paper aims to shed light on why the downturn in global trade during the intensification of the financial crisis in 2008Q4-2009Q1 was so severe and synchronized across the world, and also examines the subsequent recovery in global trade during 2009Q2-2010Q1. The paper finds that a structural...

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

Commonality in hedge fund returns: driving factors and implications

Bussière, Matthieu; Hoerova, Marie; Klaus, Benjamin - European Central Bank - 2014

We measure the commonality in hedge fund returns, identify its main driving factor and analyse its implications for financial stability. We find that hedge funds’ commonality increased significantly from 2003 until 2006. We attribute this rise mainly to the increase in hedge funds’ exposure...

Persistent link: https://www.econbiz.de/10010753747