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Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison
Cukierman, Alex - C.E.P.R. Discussion Papers - 2014
respective major crisis triggers (Lehman’s collapse in the US and the 2009 admission by Papandreou, that Greece’s deficit was … those widely observed crisis triggers is similar in the EA and in the US, the behavior of their reserves is quite different …
Persistent link: https://www.econbiz.de/10011096105
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The Simple Analytics of Helicopter Money:Why It Works – Always
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
This paper aims to provide a rigorous analysis of Milton Friedman’s famous parable of the ‘helicopter’ drop of money. A helicopter drop of money is a permanent/irreversible increase in the nominal stock of fiat base money with a zero nominal interest rate, which respects the intertemporal...
Persistent link: https://www.econbiz.de/10011084422
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When Everyone Runs for the Exit
Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2009
recent global liquidity crisis and, in particular, the quant event of 2007. …
Persistent link: https://www.econbiz.de/10005082543
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Leverage Across Firms, Banks and Countries
Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Yesiltas, Sevcan - C.E.P.R. Discussion Papers - 2011
-financial firm and commercial bank before the crisis, but the picture was quite different for large commercial banks States and for … deleveraging during the crisis. These results show that excessive risk taking before the crisis was not easily detectable because …
Persistent link: https://www.econbiz.de/10009283393
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Did WTO rules restrain protectionism during the recent systemic crisis?
Evenett, Simon J - C.E.P.R. Discussion Papers - 2011
economic crisis. Evidence on the variety of discrimination implemented by governments, characteristics of the recent systemic … crisis, as well as on certain, often overlooked features of WTO obligations are used to support a conclusion that the WTO … rules altered at most the composition of crisis-era protectionism. As to the quantum of protectionism, it is unclear how WTO …
Persistent link: https://www.econbiz.de/10009365003
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Credit Ratings Failures and Policy Options
Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2009
This paper examines the role of credit rating agencies in the subprime crisis that triggered the 2007-08 financial …
Persistent link: https://www.econbiz.de/10008558591
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Short-Selling Bans around the World: Evidence from the 2007-09 Crisis
Beber, Alessandro; Pagano, Marco - C.E.P.R. Discussion Papers - 2009
Most stock exchange regulators around the world reacted to the 2007-2009 crisis by imposing bans or regulatory …
Persistent link: https://www.econbiz.de/10008474510
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A Theory of Systemic Risk and Design of Prudential Bank Regulation
Acharya, Viral V - C.E.P.R. Discussion Papers - 2009
Systemic risk is modeled as the endogenously chosen correlation of returns on assets held by banks. The limited liability of banks and the presence of a negative externality of one bank’s failure on the health of other banks give rise to a systemic risk-shifting incentive where all banks...
Persistent link: https://www.econbiz.de/10004980206
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Securitization, Transparency and Liquidity
Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2008
We present a model in which issuers of asset backed securities choose to release coarse information to enhance the liquidity of their primary market, at the cost of reducing secondary market liquidity or even causing it to freeze. The degree of transparency is inefficiently low if the social...
Persistent link: https://www.econbiz.de/10005504512
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A Decade of Debt
Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2011
This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those...
Persistent link: https://www.econbiz.de/10008925708