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Dual liquidity crises under alternative monetary frameworks: a financial accounts perspective

Bindseil, Ulrich; Winkler, Adalbert - 2012

This paper contributes to the literature on liquidity crises and central banks acting as lenders of last resort by capturing the mechanics of dual liquidity crises, i.e. funding crises which encompass both the private and the public sector, within a closed system of financial accounts. We...

Persistent link: https://www.econbiz.de/10011605523

Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate

Eichengreen, Barry; Mehl, Arnaud; Chiţu, Livia; … - 2014

This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...

Persistent link: https://www.econbiz.de/10011605731

Investigating inflation persistence across monetary regimes

Benati, Luca - 2008

Under inflation targeting inflation exhibits negative serial correlation in the United Kingdom, and little or no persistence in Canada, Sweden and New Zealand, and estimates of the indexation parameter in hybrid New Keynesian Phillips curves are either equal to zero, or very low, in all...

Persistent link: https://www.econbiz.de/10011604897

Investigating Inflation Persistence Across Monetary Regimes

Benati, Luca - 2021

Persistent link: https://www.econbiz.de/10013316644

On the International Spillovers of US Quantitative Easing

Fratzscher, Marcel - 2013

The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1) were highly effective in lowering sovereign yields and raising equity markets, especially in the US relative to other...

Persistent link: https://www.econbiz.de/10013081463

Monetary/fiscal policy regimes in post-war Europe

Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023

In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and … simulations reveal that the PM/AF regime in France led to price volatility and debt stabilisation, while the AM/PF regime resulted … in disinflation and rising debt trajectory. Meanwhile, Italy's procyclical fiscal policy in downturns contributed to …

Persistent link: https://www.econbiz.de/10014543672

The great Irish (de)leveraging 2005-14

Lydon, Reamonn; McIndoe-Calder, Tara - 2017

- relative to older borrowers has played a major role in easing the debt repayment burden in the presence of large income shocks …

Persistent link: https://www.econbiz.de/10011804377

The dynamics of non-performing loans during banking crises: A new database

Ari, Anil; Chen, Sophia; Ratnovski, Lev - 2020

This paper presents a new dataset on the dynamics of non-performing loans (NPLs) during 88 banking crises since 1990. The data show similarities across crises during NPL build-ups but less so during NPL resolutions. We find a close relationship between NPL problems-elevated and unresolved...

Persistent link: https://www.econbiz.de/10012422057

Currency mismatch, uncertainty and debt maturity structure

Bussière, Matthieu; Fratzscher, Marcel; Koeniger, Winfried - 2004

the economy. We show that if (i) a significant share of the debt is denominated in foreign currency-creating a currency … tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications …

Persistent link: https://www.econbiz.de/10011604455

Expenditure reform in industrialised countries: a case study approach

Hauptmeier, Sebastian; Heipertz, Martin; Schuknecht, Ludger - 2006

This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce...

Persistent link: https://www.econbiz.de/10011604680