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Bordo, Michael D. - 2016

Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics towards modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank...

Persistent link: https://www.econbiz.de/10012456615

Macroprudential Regulation Versus Mopping Up After the Crash

Jeanne, Olivier - 2013

We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....

Persistent link: https://www.econbiz.de/10012459987

Risks in China’s Financial System

Song, Zheng Michael - 2018

Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need to evaluate these risks within China's unique...

Persistent link: https://www.econbiz.de/10012453483

A Fistful of Dollars : Lobbying and the Financial Crisis

Igan, Deniz - 2011

Has lobbying by financial institutions contributed to the financial crisis? This paper uses detailed information on … financial institutions' lobbying and mortgage lending activities to answer this question. We find that lobbying was associated … with more risk-taking during 2000-07 and with worse outcomes in 2008. In particular, lenders lobbying more intensively on …

Persistent link: https://www.econbiz.de/10012461582

Financial Policymaking after Crises : Public vs. Private Interests

Saka, Orkun; Ji, Yuemei; De Grauwe, Paul - 2021

We first present a simple model of post-crisis policymaking driven by both public and private interests. Using a novel dataset covering 94 countries between 1973 and 2015, we then establish that financial crises can lead to government interventions in financial markets. Consistent with a public...

Persistent link: https://www.econbiz.de/10013224071

The Value of Trading Relationships in Turbulent Times

Maggio, Marco Di - 2016

This paper investigates the ways in which the network of relationships between dealers shapes their trading behavior in the corporate bond market. They charge lower spreads to dealers with whom they have the strongest ties, and this effect is all the more pronounced at times of market turmoil....

Persistent link: https://www.econbiz.de/10012456344

Labor Market Networks and Recovery from Mass Layoffs : Evidence from the Great Recession Period

Hellerstein, Judith K. - 2015

We measure the impact of labor market referral networks defined by residential neighborhoods on re-employment following mass layoffs. Because networks can only be effective when hiring is occurring, we focus on a measure of the strength of the labor market network that includes not only the...

Persistent link: https://www.econbiz.de/10012457405

A cross-country database of fiscal space

Kose, M. Ayhan; Kurlat, Sergio; Ohnsorge, Franziska; … - 2017

This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal...

Persistent link: https://www.econbiz.de/10012060231

Why Some Times Are Different : Macroeconomic Policy and the Aftermath of Financial Crises

Romer, Christina D. - 2017

Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary...

Persistent link: https://www.econbiz.de/10012453783

Public Debt as Private Liquidity : Optimal Policy

Angeletos, George-Marios - 2016

We study the Ramsey policy problem in an economy in which public debt contributes to the supply of assets that private agents can use as buffer stock and collateral, or as a vehicle of liquidity. Issuing more debt eases the underlying financial friction. This raises welfare by improving the...

Persistent link: https://www.econbiz.de/10012455886