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incentivesof bank managers toward assuming greater risk inan effort to maintain former profit levels. For example,banks might make …
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two similar-sized banks operating in the Netherlands in the 1920s: the Amsterdamsche Bank and the Rotterdamsche … Bankvereeniging. Whilst the first escaped the crisis relatively unscathed, the second required assistance from the Nederlandsche Bank …, the Dutch central bank. A new and detailed narrative of one episode of the crisis using as yet unused primary sources is …
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[...]We begin by explaining the three most commoncategories of value-at-risk models—equally weighted movingaverage approaches, exponentially weighted movingaverage approaches, and historical simulation approaches.Although within these three categories many differentapproaches exist, for the...
Persistent link: https://www.econbiz.de/10005870342
We consider a general equilibrium model with frictions in credit markets used by households. Inour economy, houses provide housing services to consumers and serve as collateral to lower borrowingcost.We show that this amplifies and propagates the effect of monetary policy shocks on...
Persistent link: https://www.econbiz.de/10005870369
After liberalizing international transactions of financial assets, many countries experiencelarge swings in asset prices, capital flows, and aggregate production. This paper studies howthe adjustment to capital account liberalization depends upon the degree of development of adomestic financial...
Persistent link: https://www.econbiz.de/10005870375
Traditional theories of the origins of the welfare state have emphasized the financial weakness of Britain’s largest provider of mutual insurance in the late 19th century, the friendly societies. These theories share common implications with contemporary theories of institutional change...
Persistent link: https://www.econbiz.de/10005870390
By analysing a newly compiled database of exchange rates, this paper finds that Central European financial integration advanced in a cyclical fashion over the fifteenth century. The cycles were associated with changes in the money supply. Long-distance financial integration progressed in...
Persistent link: https://www.econbiz.de/10005870400