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Global Safe Assets
Gourinchas, Pierre-Olivier - 2014
Will the world run out of 'safe assets' and what would be the consequences on global financial stability? We argue that in a world with competing private stores of value, the global economic system tends to favor the riskiest ones. Privately produced stores of value cannot provide sufficient...
Persistent link: https://www.econbiz.de/10013064183
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Are Credit Rating Agencies Discredited? Measuring Market Price Effects from Agency Sovereign Debt Announcements
Binici, Mahir - 2018
This paper investigates whether the price response to credit rating agency (CRA) announcements on sovereign bonds has diminished since the Global Financial Crisis (GFC). We characterize credit rating events more precisely than previous work, controlling agency announcements for the prior credit...
Persistent link: https://www.econbiz.de/10012927400
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012890990
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The Value of Repeat Lending
Gadanecz, Blaise - 2014
The unique structure of syndicated lending results in information asymmetries within the lending syndicate between banks of varying degrees of seniority. While previous studies have attempted to use indirect proxy measures to capture the effects of such information asymmetries, in this paper we...
Persistent link: https://www.econbiz.de/10013067305
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Financial Crises and Innovation
Hardy, Bryan - 2020
Financial crises are accompanied by permanent drops in economic growth and output. Technological progress and innovation are important drivers of economic growth. This paper studies how financial crises affect innovative activities. Using cross-country panel data on patenting at the...
Persistent link: https://www.econbiz.de/10012840115
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The Impact of Liquidity Regulation on Banks
Banerjee, Ryan - 2014
To the best of our knowledge, this is the first study to estimate the effect of liquidity regulation on bank balance sheets. It takes advantage of the fact that not all banks were made subject to tighter liquidity regulation by the UK Financial Services Authority (FSA) in 2010. Under this new...
Persistent link: https://www.econbiz.de/10013045234
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Business Models and Dollar Funding of Global Banks
Aldasoro, Iñaki - 2018
Since the eurozone crisis, there has been a stark divergence between European banks and Japanese banks in their dollar uses and sources. We show that these shifts have implications for the price of dollar funding. We document a "Japan Repo Premium." Japanese banks pay a premium for repos with US...
Persistent link: https://www.econbiz.de/10012924144
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Financial Globalisation and the Crisis
Lane, Philip R. - 2014
The global financial crisis provides an important testing ground for the financial globalisation model. We ask three … questions. First, did financial globalisation materially contribute to the origination of the global financial crisis? Second …, once the crisis occurred, how did financial globalisation affect the incidence and propagation of the crisis across …
Persistent link: https://www.econbiz.de/10013064180
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Global and Domestic Financial Cycles : Variations on a Theme
Aldasoro, Iñaki - 2020
We compare and contrast two prominent notions of financial cycles: a domestic variant, which focuses on how financial conditions within individual economies lead to boom-bust cycles there; and a global variant, which highlights how global financial conditions affect individual economies. The two...
Persistent link: https://www.econbiz.de/10012834310
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Fragmentation in Global Financial Markets : Good or Bad for Financial Stability?
Claessens, Stijn - 2019
The many regulatory reforms following the Great Financial Crisis of 2007-09 have most often been designed and adopted through an international cooperative process. As such, actions have tended to harmonise national approaches and diminish inconsistencies. Nevertheless, some market participants...
Persistent link: https://www.econbiz.de/10012861840