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Unequal access to The Global Financial Safety Net : an index for the quality of crisis finance

Zucker Marques, Marina; Mühlich, Laurissa; Fritz, Barbara - 2023

The Global Financial Safety Net (GFSN) - the institutions and arrangements that provide short-term crisis finance - has turned into a highly complex, uncoordinated system of global, multilateral, and bilateral instruments. The present paper elaborates on a composite index of the GFSN to analyse...

Persistent link: https://www.econbiz.de/10014250306

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

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

Cross-border lending and the international transmission of banking crises

Dieckelmann, Daniel - 2020

This paper introduces a new transmission channel of banking crises where sizable cross-border bank claims on foreign countries with high domestic crisis risk enable contagion to the home economy. This asset-side channel opposes traditional views that see banking crises originating from either...

Persistent link: https://www.econbiz.de/10012242495

The global financial cycle and macroeconomic tail risks

Beutel, Johannes; Emter, Lorenz; Metiu, Norbert; … - 2022

We study the link between the global financial cycle and macroeconomic tail risks using quantile vector autoregressions. Contractionary shocks to financial conditions and monetary policy in the United States cause elevated downside risks to growth around the world. By tightening financial...

Persistent link: https://www.econbiz.de/10013459721

Spillover effects of credit default risk in the euro area and the effects on the euro : a GVAR approach

Bettendorf, Timo - 2016

those of bailouts. Furthermore, we demonstrate that the Euro depreciates significantly against the Yen and US Dollar … following general risk shocks in the euro area and only to a small extent following bailout shocks. The Pound Sterling is not … affected by any of these shocks. The Euro variability is, from the EMU perspective, mainly driven by shocks stemming from large …

Persistent link: https://www.econbiz.de/10011549749

The IMF to the rescue : did the euro area benefit from the fund's experience in crisis fighting?

Dullien, Sebastian; Fritz, Barbara; Mühlich, Laurissa - 2016

’s handling of the euro crisis. We link models of multiple equilibria with the IMF's experience made in Latin American crises in …

Persistent link: https://www.econbiz.de/10011548057

Cross-border liquidity, relationships and monetary policy : evidence from the Euro area interbank crisis

Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2014 - This version: November 2014

We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...

Persistent link: https://www.econbiz.de/10010471858

Repo funding and internal capital markets in the financial crisis

Kerl, Cornelia - 2013

This paper examines how the exposure of German parent banks to the disruptions on sale and repurchase markets (repo markets) during the financial crisis has affected their provision of funds to their foreign branches and subsidiaries via bank-internal capital markets. The collapse of the...

Persistent link: https://www.econbiz.de/10009740115

The macroeconomic effects of large exchange rate appreciations

Kappler, Marcus; Reisen, Helmut; Schularick, Moritz; … - 2011

In this paper we study the macroeconomic effects of large exchange rate appreciations. Using a sample of 128 countries from 1960-2008, we identify large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show...

Persistent link: https://www.econbiz.de/10008905965