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Fiscal aspects of central bank independence
Sims, Christopher A. - 2001
Most macroeconomic models treat the central bank and the trea-sury as a unified entity. The balance sheet of the … central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance … sheet has implications for central bank independence. There are wide differences in the nature of central bank balance …
Persistent link: https://www.econbiz.de/10011399700
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Bubbles and crashes in a behavioural finance model
De Grauwe, Paul; Grimaldi, Marianna - 2004
We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a...
Persistent link: https://www.econbiz.de/10011401333
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Bubbling and crashing exchange rates
Blix Grimaldi, Marianna; De Grauwe, Paul - 2003
We develop a simple model of the foreign exchange market in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one.This model produces two kinds of equilibria, a fundamental and a bubble...
Persistent link: https://www.econbiz.de/10011509496
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Moral hazard effects of bailing out under asymmetric information
Mundaca, B. Gabriela - 2002
With a four-stage sequential game model, we study how bailouts ameliorate the effects of liquidation on fundamentals, reduce the likelihood of currency crises and affect the financial sector's (non-observable) effort. In stage 1, exchange rate regime is announced and all agents receive...
Persistent link: https://www.econbiz.de/10011539079
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The new international architecture
Dornbusch, Rudiger - 2002
Academic Council awarded him the prize and title Distinguished CES Fellow for his outstanding work on the monetary theory of …
Persistent link: https://www.econbiz.de/10011541194
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Optimal debt and equilibrium exchange rates in a stochastic environment : an overview
Stein, Jerome (contributor) - 2004
The focus is upon equilibrium real exchange rates, optimal external debt and their interaction, in a world where both the return on investment and the real rate of interest are stochastic variables. These theoretically based measures are applied empirically to answer the following questions:...
Persistent link: https://www.econbiz.de/10002524134
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Exit strategies, capital flight and speculative attacks : Europe's version of the trilemma
Steiner, Andreas; Steinkamp, Sven; Westermann, Frank - 2017
proposing a theory-based index of exchange market pressure within the euro area. We argue that the euro area entails an inherent …
Persistent link: https://www.econbiz.de/10011754245
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Capital flow reversals and currency crises : do capital flow types matter?
Zhang, Mengting; Steiner, Andreas; Haan, Jakob de; … - 2024
We analyse how reversals of several types of capital flows impact currency crises in emerging market and developing economies. Estimates of logit models show that reversals of (equity and debt) portfolio flows significantly increase the likelihood of currency crises in emerging market economies....
Persistent link: https://www.econbiz.de/10014502445
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On the roles of different foreign currencies in European bank lending
Krogstrup, Signe; Tille, Cédric - 2015
foreign currency bank lending. We show that the patterns differ sharply across foreign currencies. The Swiss franc is used …
Persistent link: https://www.econbiz.de/10011344732
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Central bank balance sheets : expansion and reduction since 1900
Ferguson, Niall; Schaab, Andreas; Schularick, Moritz - 2015
financial crisis. Relative to the size of the financial sector, central bank balance sheets had shrunk dramatically in the three …
Persistent link: https://www.econbiz.de/10010528949