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Transmission of global financial shocks to EMU member states : the role of monetary policy and national factors
Gelman, Maria; Jochem, Axel; Reitz, Stefan - 2016
mechanism. However, an appropriate policy mix of sound public finances, solid financial regulation and targeted macroprudential …
Persistent link: https://www.econbiz.de/10011495568
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Spillovers of U.S. unconventional monetary policy to emerging markets : the role of capital flows
Anaya Longaric, Pablo Andrés; Hachula, Michael; … - 2015 - This version: November 2, 2015
A growing literature stresses the importance of the “global financial cycle”, a common global movement in asset prices and credit conditions, for emerging market economies (EMEs). It is argued that one of the key drivers of this global cycle is monetary policy in the U.S., which is...
Persistent link: https://www.econbiz.de/10011405101
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Global Financial Crisis, Financial Contagion, and Emerging Markets
Ozkan, F. Gulcin - 2013
investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We …
Persistent link: https://www.econbiz.de/10013088405
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Dampening Global Financial Shocks : Can Macroprudential Regulation Help (More than Capital Controls)?
Bergant, Katharina - 2020
We show that macroprudential regulation can considerably dampen the impact of globalfinancial shocks on emerging … markets. More specifically, a tighter level of regulation reducesthe sensitivity of GDP growth to VIX movements and capital … andliquidity, foreign currency mismatches, and risky forms of credit. We also find that tightermacroprudential regulation allows …
Persistent link: https://www.econbiz.de/10012828057
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The Distributional Impact of Recessions : The Global Financial Crisis and the Pandemic Recession
Shibata, Ippei - 2020
Using the U.S. Current Population Survey data, this paper compares the distributional impacts of the Pandemic Crisis and those of the Global Financial Crisis in terms of (i) worker characteristics, (ii) job characteristics-'social' (where individuals interact to consume goods), 'teleworkable'...
Persistent link: https://www.econbiz.de/10012828220
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The credit quality channel : modeling contagion in the interbank market
Fink, Kilian; Krüger, Ulrich; Meller, Barbara; Wong, … - 2015
We propose an algorithm to model contagion in the interbank market via what we term the credit quality channel. In existing models on contagion via interbank credit, external shocks to banks often spread to other banks only in case of a default. In contrast, shocks are transmitted via asset...
Persistent link: https://www.econbiz.de/10011381702
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Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?
Scharnagl, Michael; Stapf, Jelena - 2014
We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...
Persistent link: https://www.econbiz.de/10010415789
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Mitigating financial stress in a bank-financed economy : equity injections into banks or purchases of assets?
Kühl, Michael - 2014
This paper compares the consequences of equity injections into banks with purchases of corporate and government bonds in a financial crisis situation using a New Keynesian model in which non-financial firms predominantly take non-market-based debt from banks instead of issuing securities. Our...
Persistent link: https://www.econbiz.de/10010394640
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An affine multifactor model with macro factors for the German term structure : changing results during the recent crises
Halberstadt, Arne; Stapf, Jelena - 2012
Using arbitrage-free affine models, we analyze the dynamics of German bond yields and risk premia for the period 1999 to 2010 (EMU). We estimate two model specifications, one with only latent factors, and another one with a Taylor-type rule comprising a price and a real activity factor drawn...
Persistent link: https://www.econbiz.de/10009656194
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The spillovers, interactions, and (un)intended consequences of monetary and regulatory policies
Forbes, Kristin; Reinhardt, Dennis; Wieladek, Tomasz - 2016
Have bank regulatory policies and unconventional monetary policies - and any possible interactions - been a factor behind the recent "deglobalisation" in cross-border bank lending? To test this hypothesis, we use bank-level data from the United Kingdom - a country at the heart of the global...
Persistent link: https://www.econbiz.de/10011415783