Showing 1 - 10 of 151
We show how simple statistical techniques for capturing critical transitions used in natural sciences, fail to capture economic regime shifts. This implies that we need to use model-based approaches to identify critical transitions. We apply a heterogenous agents model in a standard housing...
Persistent link: https://www.econbiz.de/10014174623
This paper argues that a special bank bankruptcy regime is desirable for the efficient restructuring and/or liquidation of distressed banks. We first explore the principal features of corporate bankruptcy law. Next, we examine the specific characteristics that distinguish banks from other...
Persistent link: https://www.econbiz.de/10013118965
value theory. In contrast to previous studies, the method does not assume specific dependence structure among bank equity …
Persistent link: https://www.econbiz.de/10013081632
Does financial development increase income inequality? Ambiguous answers to this question may be due to over-aggregation of ‘financial development'. In a sample of 40 developed economies over 1990-2013, we study the effects on income inequality of different components of financial development....
Persistent link: https://www.econbiz.de/10012864706
Some countries currently face historically low interest rates on government debt due to a positive ‘convenience yield’ arising from an excess demand for safe and liquid assets. This low interest rate environment has raised interest in the role of fiscal stabilization policy. We study the...
Persistent link: https://www.econbiz.de/10014351951
This paper links the debate on the decrease in competitiveness and business dynamism with that on rising inequality. We build a framework with entry, imperfect competition, heterogeneous households, and incomplete markets. Recent trends in markups, factors' share, and business dynamism are...
Persistent link: https://www.econbiz.de/10012828286
This paper investigates the interaction of market views on the sustainability of sovereign debt and the perceived credit risk of banks. This interaction came into spotlight during the recent financial crisis, as government interventions in support of the financial sector were associated with...
Persistent link: https://www.econbiz.de/10014176478
In 2015, the European Commission (EC) launched its action plan for the creation of a European Capital Markets Union. The EC aims to return the European economy to sustainable growth and to enhance its shock absorbing capacity by reducing the reliance on bank finance and stimulating financial...
Persistent link: https://www.econbiz.de/10012947231
In this paper we present a new data set on bank credit in four categories: home mortgages, consumer credit, bank loans to non-bank financials, and loans to non-financial business, for 74 economies over 1990–2013. We offer a full description of sources and methods of data collection and...
Persistent link: https://www.econbiz.de/10012953465
This paper studies cyclical patterns in risk indicators based on TARGET2 transaction data. These indicators provide information on network properties, operational aspects and links to ancillary systems. We compare the performance of two different ARIMA dummy models to the TBATS state space...
Persistent link: https://www.econbiz.de/10012954341