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Self-Fulfilling Crises in the Eurozone : An Empirical Test
De Grauwe, Paul - 2013
We test the hypothesis that the government bond markets in the Eurozone are more fragile and more susceptible to self … countries in the Eurozone during 2010-11 was disconnected from underlying increases in the debt to GDP ratios and fiscal space … argue that this can drive member countries of the Eurozone into bad equilibria. We also find evidence that after years of …
Persistent link: https://www.econbiz.de/10013090949
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Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area
Peersman, Gert - 2013
I find that the Eurosystem can stimulate the economy beyond the policy rate by increasing the size of its balance sheet or the monetary base, that is so-called quantitative easing. The transmission mechanism turns out to be different compared to traditional interest rate innovations: whilst the...
Persistent link: https://www.econbiz.de/10013092365
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Banking and Debt Crises in Europe : The Dangerous Liaisons?
Candelon, Bertrand - 2013
The potential mutation of the Sub-Prime banking crisis into a sovereign debt one in Euro area countries is investigated. After reviewing the criteria used to measure the debt vulnerability, the balance sheet approach (BSA) is presented in order to illustrate the potential connections between...
Persistent link: https://www.econbiz.de/10013094890
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Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Schnabl, Gunther - 2013
theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the …
Persistent link: https://www.econbiz.de/10013094029
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Loan Supply Shocks During the Financial Crisis : Evidence for the Euro Area
Hristov, Nikolay; Hülsewig, Oliver; Wollmershaeuser, Timo - 2021
This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...
Persistent link: https://www.econbiz.de/10013316038
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Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan : Lessons for the EMU
Fischer, Raphael - 2016
Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis....
Persistent link: https://www.econbiz.de/10012988893
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‘Whatever It Takes’ to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects
Afonso, António - 2017
This paper investigates the role of unconventional monetary policy as a source of time-variation in the relationship between sovereign bond yield spreads and their fundamental determinants. Our results provide evidence of a new bond-pricing regime following the announcement of the Outright...
Persistent link: https://www.econbiz.de/10012943161
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Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area
Wischnewsky, Arina - 2018
In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through an increase in shadow banks' total asset growth and their risk assets ratio. Our dataset covers the period 2003Q1 - 2017Q3 and includes, in addition to the standard...
Persistent link: https://www.econbiz.de/10012912666
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Effectiveness and Transmission of the ECB's Balance Sheet Policies
Boeckx, Jef - 2014
crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial …
Persistent link: https://www.econbiz.de/10013048831
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The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis
Hristov, Nikolay - 2013
This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro–area banks to the global financial crisis. We focus on their interest–rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding...
Persistent link: https://www.econbiz.de/10013089850