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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 … questions. For that purpose, we propose to measure the potential cost of contagion of a given shock scenario by the aggregated …
Persistent link: https://www.econbiz.de/10011381702
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Is globalization the root cause of declining inflation?
Hukkinen, Juhana; Virén, Matti E. E. - 2022
This paper examines the reasons for the declining path of inflation since the 1970s. In particular, it focusses on the role of globalization - covering both changes in the global market structure and technical and structural developments in trade and production. In addition, the paper deals with...
Persistent link: https://www.econbiz.de/10014551656
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Is globalization the root cause of declining inflation?
Hukkinen, Juhana; Virén, Matti E. E. - 2022
This paper examines the reasons for the declining path of inflation since the 1970s. In particular, it focusses on the role of globalization - covering both changes in the global market structure and technical and structural developments in trade and production. In addition, the paper deals with...
Persistent link: https://www.econbiz.de/10013342243
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From financial to real economic crisis : evidence from individual firm-bank relationships in Germany
Dwenger, Nadja; Fossen, Frank M.; Simmler, Martin - 2015 - First version: February 14, 2015, This version: September 25, 2015
What began as a financial crisis in the United States in 2007-2008 quickly evolved into a massive crisis of the global real economy. We investigate the importance of the bank lending and firm borrowing channel in the international transmission of bank distress to the real economy - in...
Persistent link: https://www.econbiz.de/10011346644
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Soft budget constraints, European Central Banking and the financial crisis
Jäger, Jannik; Grigoriadis, Theocharis - 2016
During the European financial crisis, the European Central Bank implemented a series of unconventional monetary policy measures. We argue that these unconventional monetary policy measures created soft budget constraints for the Eurozone countries by lowering their bond yield spreads. This...
Persistent link: https://www.econbiz.de/10011456884
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Monetary policy transmission to Russia & Eastern Europe
Stann, Carsten M.; Grigoriadis, Theocharis - 2019
In this paper, we argue that the ECB’s unconventional monetary policy announcements have generated significant spillover effects in Russia and Eastern Europe. The hypothesis is tested using OLS estimations of event-based regressions on monetary policy event dummies and seven financial...
Persistent link: https://www.econbiz.de/10012006697
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Current account deficits during heightened risk : menacing or mitigating?
Forbes, Kristin; Hjortsoe, Ida; Nenova, Tsvetelina - 2016
Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It highlights the central importance of two...
Persistent link: https://www.econbiz.de/10011477292
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Banking across borders
Niepmann, Friederike - 2013
Banking across borders has risen substantially over the past two decades. Yet there is significant heterogeneity in the international and global activities of banks across countries. This paper develops and tests a theoretical model that explains this variation from an international trade theory...
Persistent link: https://www.econbiz.de/10009740267
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Competition for internal funds within multinational banks : foreign affiliate lending in the crisis
Kerl, Cornelia; Frey, Rainer - 2012
We investigate how the lending activities of a multinational bank’s affiliates located abroad are affected by funding difficulties in view of the financial crisis. For this, we consider transaction-induced changes in long-term lending to the private sector of 40 countries by the affiliates of...
Persistent link: https://www.econbiz.de/10009625687
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Sovereign risk, interbank freezes, and aggregate fluctuations
Engler, Philipp; Große Steffen, Christoph - 2014
This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank...
Persistent link: https://www.econbiz.de/10010457126