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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008627145
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011207908
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Collateral Crises
Gorton, Gary; Ordonez, Guillermo L. - National Bureau of Economic Research (NBER) - 2012
agents are willing to lend without producing costly information about the collateral backing the debt. When the economy … relies on such informationally-insensitive debt, firms with low quality collateral can borrow, generating a credit boom and …. A crisis occurs when a small shock then causes a large change in the information environment. Agents suddenly have …
Persistent link: https://www.econbiz.de/10009421979
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Bubbles, Financial Crises, and Systemic Risk
Brunnermeier, Markus K.; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2012
This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview of the literature on financial bubbles. The third...
Persistent link: https://www.econbiz.de/10010570533
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Predatory Short Selling
Brunnermeier, Markus K.; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2013
Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial...
Persistent link: https://www.econbiz.de/10010699609
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Financial Development in 205 Economies, 1960 to 2010
Demirguc-Kunt, Asli; Levine, Ross; Čihák, Martin; … - National Bureau of Economic Research (NBER) - 2013
This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of...
Persistent link: https://www.econbiz.de/10010969344
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Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
Hau, Harald; Efing, Matthias; Kampkötter, Patrick; … - National Bureau of Economic Research (NBER) - 2014
We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify incentive pay in the critical banking segments of treasury/capital market management and investment banking for 66 banks. We document an economically significant correlation of...
Persistent link: https://www.econbiz.de/10010969346
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Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis
Chor, Davin; Manova, Kalina - National Bureau of Economic Research (NBER) - 2010
We study the collapse of international trade flows during the global financial crisis using detailed data on monthly US imports. We show that credit conditions were an important channel through which the crisis affected trade volumes, by exploiting the variation in the cost of capital across...
Persistent link: https://www.econbiz.de/10008619288
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An Autopsy of the U.S. Financial System
Levine, Ross - National Bureau of Economic Research (NBER) - 2010
In this postmortem, I find that the design, implementation, and maintenance of financial policies during the period from 1996 through 2006 were primary causes of the financial system's demise. The evidence is inconsistent with the view that the collapse of the financial system was caused only by...
Persistent link: https://www.econbiz.de/10008624572
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Dynamic Debt Runs
Xiong, Wei; He, Zhiguo - National Bureau of Economic Research (NBER) - 2009
We develop a dynamic model of debt runs on a firm, which invests in an illiquid asset by rolling over staggered short-term debt contracts. We derive a unique threshold equilibrium, in which creditors coordinate their asynchronous rollover decisions based on the firm's publicly observable and...
Persistent link: https://www.econbiz.de/10008634667