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Time-varying exchange rate basket in China from 2005 to 2009

Fidrmuc, Jarko - 2010

We use the Kalman filter to estimate the structure of the secret currency basket of the renminbi based on daily data between 2005 and 2009. The currency weights of selected currencies are modeled as stochastic processes (random walks). The official announcement of the new exchange rate regime in...

Persistent link: https://www.econbiz.de/10010270870

Different No More: Country Spreads in Advanced and Emerging Economies

Born, Benjamin; Müller, Gernot; Pfeifer, Johannes; … - 2020

Interest-rate spreads fluctuate widely across time and countries. We characterize their behavior using some 3,200 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Before the financial crisis, spreads are 10 times more volatile in emerging economies than in...

Persistent link: https://www.econbiz.de/10012179882

Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union

Schnabl, Gunther; Zemanek, Holger - 2010

In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current … imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an …

Persistent link: https://www.econbiz.de/10010275023

ECB worries/European woes: The economic consequences of parochial policy

Barbera, Robert J.; Holtham, Gerald - 2012

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

Persistent link: https://www.econbiz.de/10010318632

Global spillovers of a China hard landing

Ahmed, Shaghil; Correa, Ricardo; Dias, Daniel; … - 2019

Chinaâ€™s economy has become larger and more interconnected with the rest of the world, thus raising the possibility that acute financial stress in China may lead to global financial instability. This paper analyzes the potential spillovers of such an event to the rest of the world with...

Persistent link: https://www.econbiz.de/10012126128

A macroeconomic model with financial panics

Gertler, Mark; Kiyotaki, Nobuhiro; Prestipino, Andrea - 2017

This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of the banking panics as well as the...

Persistent link: https://www.econbiz.de/10011780335

Equity capital, bankruptcy risk and the liquidity trap

Levintal, Oren - 2011

This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links equity capital to the risk-free interest rate. When...

Persistent link: https://www.econbiz.de/10010335985

The effects of the saving and banking glut on the U.S. economy

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...

Persistent link: https://www.econbiz.de/10010352184

Towards a progressive EMU fiscal governance

Álvarez Peralta, Nacho; Feigl, Georg; Koratzanis, Nasos; … - 2019

policies. Starting from the view that the crises in the euro zone were basically triggered by financial markets and reinforced …

Persistent link: https://www.econbiz.de/10014565890

Pushing the limits: The European Central Bank's role in restoring sustainable growth

Bibow, Jörg - 2020

side or a state behind it, just as the euro, Europe's common currency that the ECB is tasked with guarding, is a … 'denationalised' currency. The euro area is a rare exception to the global 'one state, one currency' rule. But the ECB is not the only … central bank in the euro area. Rather, the ECB is designed as the headquarters (or perhaps 'cockpit') of the Eurosystem, the …

Persistent link: https://www.econbiz.de/10014565903

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