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How Do Financial Crises Redistribute Risk?

Mitchener, Kris; Vossmeyer, Angela - 2023

We examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century – the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental...

Persistent link: https://www.econbiz.de/10014345560

Regulatory and Bailout Decisions in a Banking Union

Haufler, Andreas - 2021

We model a banking union of two countries whose banking sectors differ in their average probability of failure and … contrast, bailout policies are centralized only when international spillovers from cross-border bank ownership are strong, and … banking sectors are highly profitable …

Persistent link: https://www.econbiz.de/10013236197

Systemic Risk and the Great Depression

Das, Sanjiv R. - 2019

U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … commercial banking system (i.e., the network’s topology) created more inherent fragility, but systemic risk was nevertheless … banking crisis that occurred between 1930{33 raised systemic risk per bank by 33% and increased the riskiness of the very …

Persistent link: https://www.econbiz.de/10012892160

Brož, Václav; Kočenda, Evžen - 2021

.S. banking industry. We employ a frequency decomposition of volatility spillovers (connectedness) to assess system-wide risk …

Persistent link: https://www.econbiz.de/10013311710

Domestic Banks as Lightning Rods? Home Bias and Information During the Eurozone Crisis

Saka, Orkun - 2019

European banks have been criticized for holding excessive domestic government debt during the recent Eurozone crisis, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level dataset covering the entire timeline of the Eurozone crisis, I...

Persistent link: https://www.econbiz.de/10012859050

The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

, the lack of an independent monetary policy, while having contributed to a deeper recession, does not fully explain the …

Persistent link: https://www.econbiz.de/10012866042

Central Bank Policies and Financial Markets : Lessons from the Euro Crisis

Mody, Ashoka - 2019

The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we identify financial markets’ response to the...

Persistent link: https://www.econbiz.de/10012892183

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

which are typically followed by deeper recessions and slower recoveries. Housing finance has come to play a central role in …

Persistent link: https://www.econbiz.de/10010420692

Sovereign Debt Restructurings: Preemptive or Post-Default

Asonuma, Tamon; Trebesch, Christoph - 2015

Sovereign debt restructurings can be implemented preemptively - prior to a payment default. We code a comprehensive new dataset and find that preemptive restructurings (i) are frequent (38% of all deals 1978-2010), (ii) have lower haircuts, (iii) are quicker to negotiate, and (iv) see lower...

Persistent link: https://www.econbiz.de/10011388281

Uncertainty Shocks and Financial Crisis Indicators

Hristov, Nikolay - 2019

The current paper broadens the understanding of the role played by uncertainty in the context of macroeconomic fluctuations. It focuses on the implications of uncertainty shocks for indicators that tend to precede financial crises. In an empirical analysis we show for a set of four euro area...

Persistent link: https://www.econbiz.de/10012861435

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