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Can Open Capital Markets Help Avoid Currency Crises?
Garita, Gus; Zhou, Chen - de Nederlandsche Bank - 2009
currency crises. We address three interrelated questions: (i) How can we best capture contagion; (ii) Is the contagion of … currency crisis a regional or global phenomenon?; and (iii) By controlling for “cross-market rebalancing do other mechanisms … like "financial openness" increase the probability of a currency crisis? We introduce the concept of conditional …
Persistent link: https://www.econbiz.de/10005101790
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Running for the Exit: International Banks and Crisis Transmission
Haas, Ralph de; Horen, Neeltje van - de Nederlandsche Bank - 2011
The global financial crisis has reignited the debate about the risks of financial globalization, in particular the … to control for general bank characteristics. We find that during the crisis banks continued to lend more to countries …
Persistent link: https://www.econbiz.de/10008828360
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Contagious Bank Runs: Experimental Evidence
Brown, Martin; Trautmann, Stefan; Vlahu, Razvan - de Nederlandsche Bank - 2012
depositors know that there are economic linkages between banks. The contagion of withdrawals is by a change in beliefs about bank …
Persistent link: https://www.econbiz.de/10010757292
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Extreme Stock Return Co-movements of Financial Institutions: Contagion or Interdependence?
Minderhoud, Koen - de Nederlandsche Bank - 2003
This paper investigates contagion of major financial institutions by focusing on extreme stock return co-movements. Our … measure of contagion within banking and insurance sectors is the number of coincidences of daily extreme returns that cannot … evidence of contagion for the US, Germany and the UK. This result is stronger for the insurance sector than for the banking …
Persistent link: https://www.econbiz.de/10005101914
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Systemic Risk, Interbank Relations and Liquidity Provision by theCentral Bank
Freixas, X.; Parigi, B.; Rochet, J-C. - de Nederlandsche Bank - 2000
We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines allow to cope with these liquidity shocks while reducing the cost of maintaining reserves. However, the interbank market exposes the...
Persistent link: https://www.econbiz.de/10005101949
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What Institutional Structure for the Lender of Last Resort?
Agur, Itai - de Nederlandsche Bank - 2009
This paper develops a game theory model to analyze the optimal structure of the Lender of Last Resort in Europe. When depositors are imperfectly informed, the indifference to international transmission displayed by national authorities has value. A centralized authority, because it internalizes...
Persistent link: https://www.econbiz.de/10005106665
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On the Cost of Moving from a Quasi Monetary Union to a Full Monetary Union: The Case of the Netherlands
Jansen, W. Jos - de Nederlandsche Bank - 2000
We analyze the effects of a contractionary Dutch monetary policy shock that is consistent with the fixed guilder/mark exchange rate. Although monetary policy shocks are quite small, they do have plausible effects: credit, expenditures, output and prices all fall after a monetary tightening....
Persistent link: https://www.econbiz.de/10005101920
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Structural convergence and monetary integration in Europe
Coevering, Clement van de - de Nederlandsche Bank - 2003
In the run-up to EMU, academic economists generally concluded the EU as a whole was not an optimum currency area (OCA). An important reason was the lack of structural convergence between the potential members of the monetary union. Nevertheless, the euro area currently consists of twelve...
Persistent link: https://www.econbiz.de/10005106743
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Trade Spillovers of Fiscal Policy in the European Union: A Panel Analysis
Beetsma, Roel; Giuliodori, Massimo; Klaassen, Franc - de Nederlandsche Bank - 2005
We explore the international spillovers from fiscal policy shocks via trade in Europe. A fiscal expansion stimulates domestic activity, which leads to more foreign exports and, hence, higher foreign output. To quantify this, we combine a panel VAR model in government spending, net taxes and GDP...
Persistent link: https://www.econbiz.de/10005021822
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Wage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders
Demertzis, M.; Hallett, A. Hughes - de Nederlandsche Bank - 2000
This paper examines whether Europe's monetary union framework of "ins" and "outs" reflects differences in market structures underpinned by relatively immobile labour. Such a situation could give rise to sufficient nominal convergence to satisfy the entry requirements to EMU, but little real...
Persistent link: https://www.econbiz.de/10005021858