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Democracy and Globalisation
Eichengreen, Barry; Leblang, David A. - 2013
The relationship between democracy and globalisation has been the focus of substantial policy and academic debate. Some … argue that democracy and globalisation go hand in hand suggesting that unrestricted international transactions leads to …: democracies are more likely to have closed markets and vice versa. We examine these relationships between political democracy and …
Persistent link: https://www.econbiz.de/10014224418
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To Err is Human : Rating Agencies and the Interwar Foreign Government Debt Crisis
Flandreau, Marc - 2011
During the 1930s, rating agencies took up a central role in regulatory supervision that they still have today. The proximate cause for this changeover was the economic shock of the Great Depression. Exploring the performance of rating agencies in assessing the risks of sovereign debt, an...
Persistent link: https://www.econbiz.de/10013131572
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Banking Crises and the International Monetary System in the Great Depression and Now
Moessner, Richhild - 2010
We compare the banking crises in 2008-09 and in the Great Depression, and analyse differences in the policy response to the two crises in light of the prevailing international monetary systems. The scale of the 2008-09 banking crisis, as measured by falls in international short-term indebtedness...
Persistent link: https://www.econbiz.de/10013135323
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Countercyclical Capital Buffers : Exploring Options
Drehmann, Mathias - 2010
This paper provides some general lessons for the design of counter-cyclical capital buffers. Its main empirical contribution is to analyze conditioning variables which could guide the build-up and release of capital. A major distinction for counter-cyclical capital schemes is whether...
Persistent link: https://www.econbiz.de/10013139916
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The Determinants of Cross-Border Bank Flows to Emerging Markets : New Empirical Evidence on the Spread of Financial Crises
Herrmann, Sabine - 2010
This paper studies the nature of spillover effects in bank lending flows from advanced to the emerging market economies and identifies specific channels through which such effects occur. Based on a gravity model we examine a panel data set on cross-border bank flows from 17 advanced to 28...
Persistent link: https://www.econbiz.de/10013140116
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Structural Bank Regulation Initiatives : Approaches and Implications
Gambacorta, Leonardo - 2013
The paper examines the basic rationale and features of the proposals adopted to separate specific investment and commercial banking activities (Volcker rule, Vickers and Liikanen proposals). In particular, it focuses on the likely implications of such initiatives for: (i) financial stability and...
Persistent link: https://www.econbiz.de/10013081961
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Capital Flows and the Risk-Taking Channel of Monetary Policy
Bruno, Valentina - 2014
This paper examines the relationship between low interests maintained by advanced economy central banks and credit booms in emerging economies. In a model with crossborder banking, low funding rates increase credit supply, but the initial shock is amplified through the risk-taking channel of...
Persistent link: https://www.econbiz.de/10013064175
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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...
Persistent link: https://www.econbiz.de/10013064180
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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 …
Persistent link: https://www.econbiz.de/10013064183
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Understanding Global Liquidity
Eickmeier, Sandra - 2014
We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity...
Persistent link: https://www.econbiz.de/10013064186