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Banks and Markets : The Changing Character of European Finance

Zingales, Luigi - 2003

In the last two decades the European financial markets have become more market oriented. We analyze the economic and political forces that have triggered these changes as well as their likely welfare implications. We also try to assess whether this trend will continue. Based on our analysis, we...

Persistent link: https://www.econbiz.de/10012469104

COVID-19 and SME Failures

Gourinchas, Pierre-Olivier - 2020

measure each firm's liquidity shortfall during and after COVID-19. Our framework allows for a rich combination of sectoral and …, Education, and Other Services are among the most affected sectors. The jobs at risk due to COVID-19 related SME business … estimate only moderate effects on the financial sector: the share of Non Performing Loans on bank balance sheets would increase …

Persistent link: https://www.econbiz.de/10012481180

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession

Carbo-Valverde, Santiago - 2011

This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...

Persistent link: https://www.econbiz.de/10012461870

The European Union, the Euro, and Equity Market Integration

Bekaert, Geert - 2010

, financial regulation, and interest rate differences. Importantly, we find that EU membership reduces equity market segmentation …

Persistent link: https://www.econbiz.de/10012462074

An Empirical Analysis of the Swaption Cube

Trolle, Anders B. - 2010

and skewness of the risk-neutral and physical swap rate distributions. Finally, we investigate the fundamental drivers of … these distributions. In particular, we find that volatility, volatility risk premia, skewness, and skewness risk premia are …

Persistent link: https://www.econbiz.de/10012462108

Cross-Country Causes and Consequences of the Crisis : An Update

Rose, Andrew K. - 2010

We update Rose and Spiegel (2009a, b) and search for simple quantitative models of macroeconomic and financial indicators of the "Great Recession" of 2008-09. We use a cross-country approach and examine a number of potential causes that have been found to be successful indicators of crisis...

Persistent link: https://www.econbiz.de/10012462412

Deep Financial Integration and Volatility

Kalemli-Ozcan, Sebnem - 2010

We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset from EU countries over time, we construct a measure of "deep" financial integration at the regional level based on foreign ownership at the firm...

Persistent link: https://www.econbiz.de/10012462751