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Flight to Liquidity and the Great Recession
Radde, Sören - 2014
This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their inter- mediation activity....
Persistent link: https://www.econbiz.de/10013048760
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Investing in Crises
Baron, Matthew; Laeven, Luc; Pénasse, Julien; Usenko, … - 2021
We investigate asset returns around banking crises in 44 advanced and emerging economies from 1960 to 2018. In contrast to the view that buying assets during banking crises is a profitable long-run strategy, we find returns of equity and other asset classes generally underperform after banking...
Persistent link: https://www.econbiz.de/10013227328
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A Twin Crisis With Multiple Banks of Issue : Spain in the 1860s
Moro, Alessio - 2013
We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international … crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of … Spain with multiple local banks of issue. We analyze the microeconomic behavior of each bank in response to the crisis and …
Persistent link: https://www.econbiz.de/10013080476
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Fiscal policy and the Great Recession in the Euro Area
Coenen, Günter - 2012
How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...
Persistent link: https://www.econbiz.de/10013108718
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Towards Expenditure Rules and Fiscal Sanity in the Euro Area
Hauptmeier, Sebastian - 2010
The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10013136395
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The Dynamic Behaviour of Budget Components and Output
Claeys, Peter - 2007
budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public …
Persistent link: https://www.econbiz.de/10012776609
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The Economic Effects of Exogenous Fiscal Shocks in Spain : A SVAR Approach
de Cos, Pablo Hernández; Castro, Francisco de - 2021
This paper estimates the effects of exogenous fiscal policy shocks in Spain in a VAR framework. Government expenditure … of fiscal policy in Spain since the mid-nineties points to the conclusion that the consolidation process does not seem to …
Persistent link: https://www.econbiz.de/10013317569
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Interbank contagion at work: evidence from a natural experiment
Iyer, Rajkamal; Peydró, José-Luis - 2010
This paper tests financial contagion due to interbank linkages. For identification we exploit an idiosyncratic, sudden shock caused by a large-bank failure in conjunction with detailed data on interbank exposures. First, we find robust evidence that higher interbank exposure to the failed bank...
Persistent link: https://www.econbiz.de/10011605193
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Banking, Debt and Currency Crises : Early Warning Indicators for Developed Countries
Babecký, Jan - 2012
We construct and explore a new quarterly dataset covering crisis episodes in 40 developed countries over 1970–2010. First, we examine stylized facts of banking, debt, and currency crises. Banking turmoil was most frequent in developed economies. Using panel vector autoregression, we confirm...
Persistent link: https://www.econbiz.de/10013099231
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Bubbles, Bank Credit and Macroprudential Policies
Derviz, Alexis - 2013
We explore the ability of a macro-prudential policy instrument to dampen the consequences of equity mispricing (a bubble) and the correction thereof (the bubble bursting), as well as the consequences for real activity in a production economy. In our model, producers are financed by both bank...
Persistent link: https://www.econbiz.de/10013081636