Similar Search Results

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

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

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

Currency Crises and Monetary Policy: A Study on Advanced and Emerging Economies

Eijffinger, Sylvester C W; Karatas, Bilge - C.E.P.R. Discussion Papers - 2010

Currency crisis literature offers a broad area of research regarding the causes and impacts of the phenomenon. The literature recently focuses on the appropriate policy measures in the aftermath of a currency crisis; however the studies do not gather around a robust answer regarding the...

Persistent link: https://www.econbiz.de/10008468591

Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises

Broner, Fernando A - C.E.P.R. Discussion Papers - 2006

The first generation models of currency crises have often been criticized because they predict that, in the absence of very large triggering shocks, currency attacks should be predictable and lead to small devaluations. This paper shows that these features of first generation models are not...

Persistent link: https://www.econbiz.de/10005136490

Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises

Eijffinger, Sylvester C W; Goderis, Benedikt - C.E.P.R. Discussion Papers - 2002

In this Paper we present a model that combines the second-generation trade-off between costs of maintenance and abandonment with possible balance-sheet problems in the corporate sector. We show how debt levels can move a small economy from a fixed exchange rate to a floating exchange rate...

Persistent link: https://www.econbiz.de/10005504385

Carry Trades, Monetary Policy and Speculative Dynamics

Plantin, Guillaume; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2011

We ask when currency carry trades are associated with destabilizing dynamics in the foreign exchange market, and investigate the role of monetary policy rules in setting of such dynamics. In a model where the exchange rate has a long-term fundamental anchor, we find that carry trades can be...

Persistent link: https://www.econbiz.de/10008854487

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

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

Do Real Exchange Rate Appreciations Matter for Growth?

Bussière, Matthieu; Lopez, Claude; Tille, Cédric - C.E.P.R. Discussion Papers - 2014

While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on “currency wars”. However, in spite of its prevalence in the...

Persistent link: https://www.econbiz.de/10011083783