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Risk sharing, finance and institutions in international portfolios

Fratzscher, Marcel; Imbs, Jean - 2007

We show that international consumption risk sharing is significantly improved by capital flows, especially portfolio investment. Concomitantly, we show that poor institutions hamper risk sharing, but to an extent that decreases with openness. In particular, risk sharing is prevalent even among...

Persistent link: https://www.econbiz.de/10011604872

Aggregate loans to the euro area private sector

Calza, Alessandro; Manrique, Marta; Sousa, João - 2003

This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...

Persistent link: https://www.econbiz.de/10011604248

Output and inflation responses to credit shocks: are there threshold effects in the euro area?

Calza, Alessandro; Sousa, João - 2005

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …

Persistent link: https://www.econbiz.de/10011604527

Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?

Arratibel, Olga; Furceri, Davide; Martin, Reiner - 2008

capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance … development of the credit to GDP ratio. …

Persistent link: https://www.econbiz.de/10011604975

Housing, consumption and monetary policy: how different are the US and the euro area?

Musso, Alberto; Neri, Stefano; Stracca, Livio - 2010

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. …

Persistent link: https://www.econbiz.de/10011605207

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10011605382

What does a financial shock do? First international evidence

Fornari, Fabio; Stracca, Livio - 2013

In this paper we attempt to evaluate the quantitative impact of financial shocks on key indicators of real activity and financial conditions. We focus on financial shocks as they have received wide attention in the recent literature and in the policy debate after the global financial crisis. We...

Persistent link: https://www.econbiz.de/10011605567

Exploring the steady-state relationship between credit and GDP for a small open economy: the case of Ireland

Kelly, Robert; McQuinn, Kieran; Stuart, Rebecca - 2013

The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial … policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …

Persistent link: https://www.econbiz.de/10011605576

Bubbles, bank credit and macroprudential policies

Derviz, Alexis - 2013

macroprudential policy is represented by a convex dependence of bank capital requirements on the quantity of uncollateralized credit …

Persistent link: https://www.econbiz.de/10011605596

Credit spreads and the links between the financial and real sectors in a small open economy: the case of the Czech Republic

Konečný, Tomáš; Babecká Kucharčuková, Oxana - 2014

restrictions and the credit spread as a threshold variable using the example of the Czech Republic. We find that while there is no … to differ in low and high credit spread regimes. Responses in the opposite direction (i.e. from the financial sector to … the real economy) are procyclical and similar irrespective of regime. A positive shock to credit and a negative shock to …

Persistent link: https://www.econbiz.de/10011605775