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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets - An Overinvestment View

Schnabl, Gunther; Hoffmann, Andreas - 2021

theories of Hayek, Wicksell and Schumpeter. We argue that ample liquidity supply originating in the large industrialized …

Persistent link: https://www.econbiz.de/10013316825

Leveraged Bubbles

Jorda, Oscar - 2015

What risks do asset price bubbles pose for the economy? This paper studies bubbles in housing and equity markets in 17 countries over the past 140 years. History shows that not all bubbles are alike. Some have enormous costs for the economy, while others blow over. We demonstrate that what makes...

Persistent link: https://www.econbiz.de/10013014986

Global Financial Transmission of Monetary Policy Shocks

Ehrmann, Michael; Fratzscher, Marcel - CESifo - 2006

-sector heterogeneity. Distinguishing different transmission channels, we find that in particular the transmission via US and foreign short …-term interest rates and the exchange rate play an important role. As to the determinants of the strength of transmission to …, thus linking the strength of asset price transmission to underlying trade and asset holdings, and find that in particular …

Persistent link: https://www.econbiz.de/10005181586

Financial Contagion and the European Debt Crisis

Missio, Sebastian - 2013

Since the beginning of 2010, the Euro Area faces a severe sovereign debt crisis, now generally known as the Euro Crisis. While the Euro Crisis has its origin in Greece, problems have now spread to several other European countries as well. Dynamic conditional correlation models (DCC) are...

Persistent link: https://www.econbiz.de/10013092476

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

Jordà, Òscar - 2015

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10013032225

Global Cycles : Capital Flows, Commodities, and Sovereign Defaults, 1815-2015

Reinhart, Carmen - 2016

Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it difficult to connect their timing. We date turning points in global capital flows and commodity prices across two centuries and provide estimates from alternative data...

Persistent link: https://www.econbiz.de/10012997239

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View

Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2007

theories of Hayek, Wicksell and Schumpeter. We argue that ample liquidity supply originating in the large industrialized …

Persistent link: https://www.econbiz.de/10005094169

Political Booms, Financial Crises

Herrera, Helios - 2014

We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...

Persistent link: https://www.econbiz.de/10013047326

Consumption, Wealth, Stock and Housing Returns : Evidence from Emerging Markets

Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2021

In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...

Persistent link: https://www.econbiz.de/10013315965

Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults

Pesaran, M. Hashem - 2011

financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …

Persistent link: https://www.econbiz.de/10013119521

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