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Sussman, Oren; Zeira, Joseph - C.E.P.R. Discussion Papers - 1995

This paper reformulates the well known financial development conjecture (FDC) and supplies some new empirical evidence in its favour. The financial development conjecture, namely, that there exist strong feedback effects between real and financial development, is described in this paper by use...

Persistent link: https://www.econbiz.de/10005498084

A DSGE model of banks and financial intermediation with default risk

Wickens, Michael R. - C.E.P.R. Discussion Papers - 2011

This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium model with banks and financial intermediation is...

Persistent link: https://www.econbiz.de/10009293986

Stories of the Twentieth Century for the Twenty-First

Gourinchas, Pierre-Olivier; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011

A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century’s first global...

Persistent link: https://www.econbiz.de/10009201122

Money and Liquidity in Financial Markets

Nyborg, Kjell G; Östberg, Per - C.E.P.R. Discussion Papers - 2010

We argue that there is a connection between the interbank market for liquidity and the broader financial markets, which has its basis in demand for liquidity by banks. Tightness in the interbank market for liquidity leads banks to engage in what we term "liquidity pull-back," which involves...

Persistent link: https://www.econbiz.de/10008550326

The Myth of Financial Innovation and the Great Moderation

Den Haan, Wouter; Sterk, Vincent - C.E.P.R. Discussion Papers - 2009

Financial innovation is widely believed to be at least partly responsible for the recent financial crisis. At the same time, there are empirical and theoretical arguments that support the view that changes in financial markets played a role in the "great moderation". If both are true, then the...

Persistent link: https://www.econbiz.de/10008477177

Credit Supply: Identifying Balance-Sheet Channels with Loan Applications and Granted Loans

Jiménez, Gabriel; Ongena, Steven; Peydró, José Luis; … - C.E.P.R. Discussion Papers - 2010

by turning to other banks. Importantly the bank-lending channel is notably stronger when we account for unobserved time …

Persistent link: https://www.econbiz.de/10008530365

Financial Integration and Systemic Risk

Fecht, Falko; Grüner, Hans Peter - C.E.P.R. Discussion Papers - 2005

Recent empirical studies criticize the sluggish financial integration in the euro area and find that only interbank money markets are fully integrated so far. This paper studies the optimal regional and/or sectoral integration of financial systems given that integration is restricted to the...

Persistent link: https://www.econbiz.de/10005497717

Money Market Pressure and the Determinants of Banking Crises

Ho, Tai-Kuang; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2004

either direct and reliable indicators of banks’ assets quality are not available, or that withdrawals of bank deposits are no … the index, changes in central bank funds to bank deposits ratio and changes in short-term real interest rate, are equally … important in the identification of banking crises. Bank deposits, combined with central bank funds, provide valuable information …

Persistent link: https://www.econbiz.de/10005497741

Firm Default and Aggregate Fluctuations

Jacobson, Tor; Kindell, Rikard; Lindé, Jesper; … - C.E.P.R. Discussion Papers - 2008

This paper studies the relation between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. Using a multiperiod logit approach on a panel data set for all incorporated Swedish businesses over 1990-2002, we...

Persistent link: https://www.econbiz.de/10005504257

Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862

Temin, Peter; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2004

-out hypothesis. Using a unique set of observations on lending volume at a London goldsmith bank, Hoare’s, we document the impact of …

Persistent link: https://www.econbiz.de/10005504267

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