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German Bank Lending During Financial Crises: A Bank Level Analysis

Heid, Frank; Nestmann, Thorsten; Von Westernhagen, Natalja - C.E.P.R. Discussion Papers - 2005

This paper studies German bank lending during the Asian and Russian crises, using a bank level data set from the Deutsche Bundesbank. Our aim is to gain more insight into the pattern of German bank lending during financial crises in emerging markets. We find that German banks reacted to the...

Persistent link: https://www.econbiz.de/10005504386

Sovereign Debt, Bail-Outs and Contagion in a Monetary Union

Eijffinger, Sylvester C W; Kobielarz, Michal L.; Uras, … - C.E.P.R. Discussion Papers - 2015

The European sovereign debt crisis is characterized by the simultaneous surge in borrowing costs in the GIPS countries after 2008. We present a theory, which can account for the behavior of sovereign bond spreads in Southern Europe between 1998 and 2012. Our key theoretical argument is related...

Persistent link: https://www.econbiz.de/10011186628

Understanding Financial Crises: Causes, Consequences, and Policy Responses

Claessens, Stijn; Kose, Ayhan; Laeven, Luc; Valencia, Fabian - C.E.P.R. Discussion Papers - 2013

The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions...

Persistent link: https://www.econbiz.de/10011083226

Financial Crises: Explanations, Types, and Implications

Claessens, Stijn; Kose, Ayhan - C.E.P.R. Discussion Papers - 2013

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper...

Persistent link: https://www.econbiz.de/10011084455

Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913

Flandreau, Marc; Zendejas, Flores; Huitzilihuitl, Juan - C.E.P.R. Discussion Papers - 2010

This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support...

Persistent link: https://www.econbiz.de/10008554223

Conflicts of Interest, Reputation, and the Interwar Debt Crisis: Banksters or Bad Luck?

Flandreau, Marc; Gaillard, Norbert; Panizza, Ugo - C.E.P.R. Discussion Papers - 2010

This paper builds a new dataset with detailed information on the universe of foreign government bonds issued in New York in the 1920s and uses these data to describe the behavior of the financial intermediaries which operated in the New York market during the period leading to the interwar debt...

Persistent link: https://www.econbiz.de/10008468539

40 years of sovereign debt crises

Cohen, Daniel; Valadier, Cécile - C.E.P.R. Discussion Papers - 2011

The paper compiles a new data base, based on the earlier work by Kray and Nehu, to assess the determinants of sovereign debt crises over the last forty years. A simple statistical analysis of the cause of the crises is performed. It shows that neither the serial defaulter nor the "global crisis"...

Persistent link: https://www.econbiz.de/10008854485

Currency Crises: A Perspective on Recent Theoretical Developments

Jeanne, Olivier - C.E.P.R. Discussion Papers - 1999

This paper puts recent theoretical developments in the literature on currency crises in perspective by comparing two theoretical approaches, one based on the speculative attack model of Krugman-Flood-Garber and the other approach, which evolved following the 1992-93 crisis of the European...

Persistent link: https://www.econbiz.de/10005123792

Systemic Risk: A Survey

de Bandt, Olivier; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000

related payment and settlement systems. At the heart of systemic risk are contagion effects, various forms of external effects … rigorous models of bank and payment system contagion have now been developed, although a general theoretical paradigm is still … missing. Direct econometric tests of bank contagion effects seem to be mainly limited to the United States. Empirical studies …

Persistent link: https://www.econbiz.de/10005114152

External Liabilities and Crises

Catão, Luis A. V.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2014

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ratio of net foreign liabilities to GDP is a significant crisis predictor. This is...

Persistent link: https://www.econbiz.de/10011083620

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