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The impact of the global financial turmoil and recession on Mediterranean countries’ economies

Sturm, Michael; Sauter, Nicolas - European Central Bank - 2010

This paper reviews the impact of the global financial turmoil and the subsequent recession on the economies of southern and eastern Mediterranean countries. The major effects on the economies of this region have come through transmission channels associated with the real economy, i.e. the global...

Persistent link: https://www.econbiz.de/10008532117

The impact of the global financial turmoil and recession on Mediterranean countries’ economies

Sturm, Michael; Sauter, Nicolas - European Central Bank - 2010

Persistent link: https://www.econbiz.de/10010688335

Long-term growth prospects for the Russian economy

Beck, Roland; Kamps, Annette; Mileva, Elitza - European Central Bank - 2007

This paper provides an assessment of Russia’s long-term growth prospects. In particular, it addresses the question of … Russia’s fast economic expansion in recent years has benefited from a number of singular factors such as the unprecedented … rise in oil prices, the paper presents new evidence on Russia’s oil price dependency using a Vector Error Correction Model …

Persistent link: https://www.econbiz.de/10005222258

Asset price misalignments and the role of money and credit

Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009

This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...

Persistent link: https://www.econbiz.de/10005866513

What explains global exchange rate movements during the financial crisis?

Fratzscher, Marcel - European Central Bank - 2009

A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...

Persistent link: https://www.econbiz.de/10005866568

Bidding behaviour in the ECB’s main refinancing operations during the financial crisis

Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009

Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to address the recent tensions infinancial markets since summer 2007. In this paper, we analyse banks’ biddingbehaviour in the ECB’s main refinancing operations (MROs) during...

Persistent link: https://www.econbiz.de/10005866598

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