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Financial integration, specialization and systemic risk

Fecht, Falko (contributor); Grüner, Hans Peter (contributor) - 2008

This paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When...

Persistent link: https://www.econbiz.de/10003794446

Substitution between net and gross settlement systems : a concern for financial stability?

Craig, Ben R.; Fecht, Falko - 2011

While net settlement systems make more efficient use of liquidity than gross settlement systems, they are known to generate systemic risk. What does that tendency imply for the stability of the payments [or financial] system when the two settlement systems coexist? Do liquidity shortages induce...

Persistent link: https://www.econbiz.de/10009244343

On the stability of different financial systems

Fecht, Falko - 2003

An economy in which deposit-taking banks of a Diamond/Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those...

Persistent link: https://www.econbiz.de/10011432080

The marketability of bank assets and managerial rents : implications for financial stability

Fecht, Falko (contributor); Wagner, Wolf (contributor) - 2007

Ongoing financial innovation and greater information availability increase the tradability of bank assets and reduce banks' dependence on individual bank managers as private information in the lending process declines. In this paper we argue that this has two effects on banks, with opposing...

Persistent link: https://www.econbiz.de/10003529025

Monetary policy transparency, public commentary, and market perceptions about monetary policy in Canada

Siklos, Pierre L. - 2000

Die Einführung von Inflationszielen in Kanada im Jahr 1991 verdeutlichte angeblich das Ziel der Geldpolitik, nämlich … Preisstabilität. Mit der neuen Politik sollte unter anderem die Öffentlichkeit fortan den Erfolg der Geldpolitik leichter daran messen … in der öffentlichen Kommentierung der Geldpolitik seit 1991 fairer beurteilt werden." Anhand von Kommentaren in den …

Persistent link: https://www.econbiz.de/10011418878

Did the Bundesbank react to stock price movements?

Bohl, Martin T.; Siklos, Pierre L.; Werner, Thomas - 2003

In this paper, we investigate the relationship between stock returns and short-term interest rates. Identification of the stock return-interest rate relation is solved by using a new technique that relies on the heteroskedasticity of shocks to stock market returns. We suggest some improvements...

Persistent link: https://www.econbiz.de/10011432162

Asset prices in taylor rules : specification, estimation, and policy implications for the ECB

Siklos, Pierre L. (contributor); Werner, Thomas (contributor) - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002235268