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Credit booms, banking crises, and the current account

Davis, Jonathan Scott; Mack, Adrienne; Phoa, Wesley; … - Federal Reserve Bank of Dallas - 2014

What is the marginal effect of an increase in the private sector debt-to-GDP ratio on the probability of a banking crisis? This paper shows that the marginal effect of rising debt levels depends on an economy's external position. When the current account is in surplus or in balance, the marginal...

Persistent link: https://www.econbiz.de/10010772610

Money, credit, and fiscal policy in Mexico's "lost decade."

Gunther, Jeffery W.; Moore, Robert R. - Federal Reserve Bank of Dallas - 1994

Persistent link: https://www.econbiz.de/10005387423

Deposit interest rate ceilings as credit supply shifters: bank level evidence on the effects of Regulation Q

Koch, Christoffer - Federal Reserve Bank of Dallas - 2014

inscribed in Regulation Q on the transmission of federal funds rate changes to bank level credit growth using a historic bank … ceiling. Interaction terms with monetary policy suggest that the policy impact on bank level credit growth was non-linear at … deregulation and thus weakened the credit channel of monetary transmission since the early 1980s. …

Persistent link: https://www.econbiz.de/10011027116

Heterogeneous bank lending responses to monetary policy: new evidence from a real-time identification

Bluedorn, John; Bowdler, Christopher; Koch, Christoffer - Federal Reserve Bank of Dallas - 2014

macrofundamentals. In fact, estimates from identified monetary policy changes lead to a reversal of U.S. states’ ranking by credit …

Persistent link: https://www.econbiz.de/10010772615

Japan’s financial crises and lost decades

Hirakata, Naohisa; Sudo, Nao; Takei, Ikuo; Ueda, Kozo - Federal Reserve Bank of Dallas - 2014

In this paper we explore the role of financial intermediation malfunction in macroeconomic fluctuations in Japan. To this end we estimate, using Japanese data, a financial accelerator model in which the balance sheet conditions of entrepreneurs in a goods-producing sector and those of a...

Persistent link: https://www.econbiz.de/10011160714

Bank crises and sovereign defaults in emerging markets: exploring the links

Erce, Aitor; Balteanu, Irina - Federal Reserve Bank of Dallas - 2014

This paper provides a set of stylized facts on the mechanisms through which banking and sovereign distress feed into each other, using a large sample of emerging economies over three decades. We first define “twin crises” as events where banking crises and sovereign defaults combine, and...

Persistent link: https://www.econbiz.de/10011084959

The international monetary and financial system: its Achilles heel and what to do about it

BORIO, Claudio - Federal Reserve Bank of Dallas - 2014

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity” of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that...

Persistent link: https://www.econbiz.de/10011114878

The international monetary and financial system: a capital account perspective

BORIO, Claudio; James, Harold; Shin, Hyun Song - Federal Reserve Bank of Dallas - 2014

In analysing the performance of the international monetary and financial system (IMFS), too much attention has been paid to the current account and far too little to the capital account. This is true of both formal analytical models and historical narratives. This approach may be reasonable when...

Persistent link: https://www.econbiz.de/10011114883

What drives the shadow banking system in the short and long run?

Duca, John V. - Federal Reserve Bank of Dallas - 2014

credit sources—such as Basel I in 1990 and reregulation in 2010. In the short-run, the shadow share rose when deposit …

Persistent link: https://www.econbiz.de/10011027115

European hoarding: currency use among immigrants in Switzerland

Fischer, Andreas M. - Federal Reserve Bank of Dallas - 2009

Do immigrants have a higher demand for large denominated banknotes than natives? This study examines whether cash orders for CHF 1000 notes, a banknote not used for daily transactions, is concentrated in Swiss cities with a high foreign-to-native ratio. Controlling for a range of socio-economic...

Persistent link: https://www.econbiz.de/10008611006