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Banks, markets, and financial stability
Eder, Armin; Fecht, Falko; Pausch, Thilo - 2014
We use a Diamond/Dybvig-based model with two banks operating in separate regions connected by a common asset market in which banks and sophisticated depositors invest. We study the effect of a potential run (crisis) and subsequent fire sales on the asset price in both the crisis and no-crisis...
Persistent link: https://www.econbiz.de/10010433396
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Revisiting the finance and growth nexus : a deeper look at sectors and instruments
Unger, Robert - 2019
This paper investigates empirically whether the relation between finance and growth depends on a specific type of financing. I construct a novel panel data set for 34 high income countries over the time period from 1995 to 2014 based on financial accounts data. It allows distinguishing between...
Persistent link: https://www.econbiz.de/10011962798
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Natural resources, demand for external finance and financial development
Hattendorff, Christian - 2014
The paper contributes to the ongoing debate on the natural resource curse, which postulates a negative link between natural resource abundance and economic growth. It shows empirically that resource-rich countries appear to have a less developed financial system and investigates a potential...
Persistent link: https://www.econbiz.de/10010433905
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The effects of regional banks on economic resilience during the COVID-19 pandemic and the global financial crisis a cross-country comparison of the European countries
Flögel, Franz; Hejnová, Tereza - 2021
An economy's ability to resist adverse shocks, such as an economic recession or natural disaster, is associated with its financial system structure due to different countercyclical funding capabilities. This paper uses a novel database of bank headquarter locations in a cross-country comparison...
Persistent link: https://www.econbiz.de/10012793620
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Coordination failures, bank runs and asset prices
Bucher, Monika; Dietrich, Diemo; Tvede, Mich - 2018
We study efficiency properties of competitive economies in which banks provide liquidity insurance and interact on secondary asset markets. While all banks are subject to extrinsic risk, a bank's portfolio choice determines whether it is prone to a bank run in one of the extrinsic states. Asset...
Persistent link: https://www.econbiz.de/10011903708
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The financial market effects of the ECB's asset purchase programs
Lewis, Vivien; Roth, Markus - 2017
The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...
Persistent link: https://www.econbiz.de/10011712553
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Credit risk connectivity in the financial industry and stabilization effects of government bailouts
Bosma, Jakob; Koetter, Michael; Wedow, Michael - 2012
We identify the connections between financial institutions from different sectors of the financial industry based on joint extreme movements in credit default swap (CDS) spreads. First, we estimate pairwise co-crash probabilities (CCP) to identify significant connections among 193 international...
Persistent link: https://www.econbiz.de/10009566462
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Ancestry, Diversity & Finance : Evidence from Transition Economies
Dombi, Akos; Grigoriadis, Theocharis - 2017
In this paper, we analyze the growth effects of historical and biological ancestry, diversity and financial development in transition economies. We show that the common indicators of ethnolinguistic fractionalization, state history and genetic distance yield significant results and to some...
Persistent link: https://www.econbiz.de/10011596107
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The role of financial development in private sector growth in Saudi Arabia
Hasanov, Fakhri J.; Darandary, Abdulelah; Alyamani, Ryan - 2023
Persistent link: https://www.econbiz.de/10014445974
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The Brexit vote, productivity growth and macroeconomic adjustments in the United Kingdom
Broadbent, Ben; Di Pace, Federico; Drechsel, Thomas; … - 2019
conceptualised as news about a future slowdown in productivity growth in the tradable sector. Simulations show that the responses of …' for tradable producers before the slowdown in tradable sector productivity associated with Brexit occurs. Resources are … the productivity decline in the tradable sector materialises. The negative news about tradable sector productivity also …
Persistent link: https://www.econbiz.de/10012055479