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Bank leverage cycles and the external finance premium
Rannenberg, Ansgar - 2013
By combining the approaches of Gertler and Karadi (2011) and Bernanke et al. (1999), I develop a DSGE model with leverage constraints both in the banking and in the non-financial firm sector. I calibrate this "full model" to US data. In a world with only a monetary policy and a productivity...
Persistent link: https://www.econbiz.de/10010238505
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Revisiting the finance and growth nexus : a deeper look at sectors and instruments
Unger, Robert - 2019
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 the sectors that receive financing - households and corporates - as … indicates that high levels of finance are negatively related to economic growth. In contrast, financing of corporates is largely …
Persistent link: https://www.econbiz.de/10011962798
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Maturity shortening and market failure
Thierfelder, Felix - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...
Persistent link: https://www.econbiz.de/10009509089
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Cyclicality of SME lending and government involvement in banks
Behr, Patrick; Foos, Daniel; Norden, Lars - 2015
Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan...
Persistent link: https://www.econbiz.de/10011391616
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Support for the SME supporting factor : multi-country empirical evidence on systematic risk factor for SME loans
Dietsch, Michel; Düllmann, Klaus; Fraisse, Henri; … - 2016
Using a unique and comprehensive data set on the two largest economies of the Eurozone - France and Germany - this paper first proceeds to a computation of the Gordy formula relaxing the ad hoc sizedependent constraints of the Basel formulas. Our study contributes to Article 501 of the Capital...
Persistent link: https://www.econbiz.de/10011564456
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Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries
Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015
We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...
Persistent link: https://www.econbiz.de/10011391752
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Cross-border banking and business cycles in asymmetric currency unions
Dräger, Lena; Proaño Acosta, Christian - 2015
Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...
Persistent link: https://www.econbiz.de/10011299044
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Public debt and changing inflation targets
Krause, Michael; Moyen, Stéphane - 2013
What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt. We consider this question in a New Keynesian model...
Persistent link: https://www.econbiz.de/10009732007
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On the low-frequency relationship between public deficits and inflation
Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2013
We estimate the low-frequency relationship between fiscal deficits and inflation and pay special attention to its potential time variation by estimating a time-varying VAR model for U.S. data from 1900 to 2011. We find the strongest relationship neither in times of crisis nor in times of high...
Persistent link: https://www.econbiz.de/10009732985
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Fiscal deficits, financial fragility, and the effectiveness of government policies
Kirchner, Markus; Wijnbergen, Sweder van - 2012
different ways of financing those policies. -- Financial intermediation ; fiscal policy ; sovereign debt …
Persistent link: https://www.econbiz.de/10009625616