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Zombie Credit and (Dis-)Inflation : Evidence from Europe

Acharya, Viral V. - 2020

partial equilibrium estimates suggest that without a rise in zombie credit post 2012, annual inflation in Europe during 2012 …

Persistent link: https://www.econbiz.de/10012481741

Kicking the Can Down the Road : Government Interventions in the European Banking Sector

Acharya, Viral V. - 2020

We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector during the 2008/09 financial crisis. Using a novel and comprehensive dataset, we document that fiscally constrained governments "kicked the can down the road" by providing banks...

Persistent link: https://www.econbiz.de/10012481392

Why the European Securities Market is Not Fully Integrated

Giovannini, Alberto - 2008

I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement …

Persistent link: https://www.econbiz.de/10012464171

Bank use of sovereign CDS in the eurozone crisis : hedging and risk incentives

Acharya, Viral V.; Gündüz, Yalın; Johnson, Tim - 2018

Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....

Persistent link: https://www.econbiz.de/10011888333

The Determinants of Realignment Expectations Under the EMS : Some Empirical Regularities

Chen, Zhaohui - 1993

The stability of the EMS depends crucially on realignment expectations of the market participants. In this paper we discuss how to measure such expectations and how to relate them to economic fundamentals, central bank reputation, and institutional arrangements of the EMS. We find the following...

Persistent link: https://www.econbiz.de/10012474669

The Currency Reform as the Last Stage of Economic and Monetary Union : Some Policy Questions

Giovannini, Alberto - 1991

The paper discusses the policy problems of a project aimed at substituting several national currencies with one single currency. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community. The...

Persistent link: https://www.econbiz.de/10012475071

Capital Flight and Tax Competition : Are There Viable Solutions to Both Problems?

Giovannini, Alberto - 1990

This paper discusses a model corporate tax system based on the application of the residence principle. This tax system, while preserving national sovereignties, minimizes the distortions from international capital mobility. The paper is motivated by an analysis of European capital income tax...

Persistent link: https://www.econbiz.de/10012475702

Can The European Monetary System Be Copied Outside Europe? Lessons From Ten Years of Monetary Policy Coordination In Europe

Giavazzi, Francesco - 1988

This paper addresses the question of whether the European Monetary System can be copied outside Europe. Our answer is … negative. The EMS is just one element of a more comprehensive design of institutional integration within Europe: the presence … to EMS exchange rate targets in a way that would not be present. say, among the United States, Europe and Japan. The EMS …

Persistent link: https://www.econbiz.de/10012476271

How Do Fixed-Exchange-Rates Regimes Work : The Evidence From The Gold Standard, Bretton Woods and The EMS

Giovannini, Alberto - 1988

This paper defines two competing hypotheses on the working of fixed exchange rates. The "symmetry" hypothesis states that every country is concerned with the good functioning of the system, and cannot afford to deviate from world averages. Every country is just left to follow the rules of the...

Persistent link: https://www.econbiz.de/10012476294

The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks

Acharya, Viral V. - 2013

We show that Eurozone bank risks during 2007-2012 can be understood as a "carry trade" behavior. Bank equity returns load positively on peripheral (Greece, Ireland, Portugal, Spain and Italy, or GIPSI) bond returns and negatively on German government bond returns, a position that generated...

Persistent link: https://www.econbiz.de/10012459623