Narrow search
Showing 1 - 10 of 130
Cover Image
The fiscal costs of financial instability revisited
Eschenbach, Felix; Schuknecht, Ludger - 2002
This paper conducts a comprehensive analysis of the fiscal costs of financial instability (defined as major asset price changes and including, as extreme cases, financial crises). The study identifies three channels to fiscal accounts: 1) revenue effects on capital gains, asset turnover and...
Persistent link: https://www.econbiz.de/10011604237
Cover Image
Financial imbalances and household welfare: empirical evidence from the EU
Stracca, Livio - 2013
This paper uses Eurobarometer survey data from 26 EU countries to evaluate whether the general public cares about financial stability and imbalances over and above their effects on key macroeconomic variables such as unemployment and inflation. I confirm previous results in the literature that...
Persistent link: https://www.econbiz.de/10011605588
Cover Image
Macroprudential capital requirements with non-bank finance
Dempsey, Kyle P. - 2020
I analyze the impact of raising capital requirements on the quantity, composition, and riskiness of aggregate investment in a model in which firms borrow from both bank and non-bank lenders. The bank funds loans with insured deposits and costly equity, monitors borrowers, and must maintain a...
Persistent link: https://www.econbiz.de/10012422077
Cover Image
Macroprudential Capital Requirements with Non-Bank Finance
Dempsey, Kyle - 2020
I analyze the impact of raising capital requirements on the quantity, composition, and riskiness of aggregate investment in a model in which firms borrow from both bank and non-bank lenders. The bank funds loans with insured deposits and costly equity, monitors borrowers, and must maintain a...
Persistent link: https://www.econbiz.de/10012832999
Cover Image
Bubbles, bank credit and macroprudential policies
Derviz, Alexis - 2013
We explore the ability of a macroprudential 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 … sentiment) become biased upwards/downwards. Economic activity in equilibrium is influenced by the bubble size. The presence of …
Persistent link: https://www.econbiz.de/10011605596
Cover Image
How repayments manipulate our perceptions about loan dynamics after a boom
Adalid, Ramón; Falagiarda, Matteo - 2018
We propose a method to decompose net lending flows into loan origination and repayments. We show that a boom in loan origination is transmitted to repayments with a very long lag, depressing the growth rate of the stock for many periods. In the euro area, repayments of the mortgage loans granted...
Persistent link: https://www.econbiz.de/10012142055
Cover Image
Asset prices, collateral and bank lending: The case of Covid-19 and real estate
Horan, Aoife; Jarmulska, Barbara; Ryan, Ellen - 2023
Our paper uses credit registry data for the euro area to examine how the banking system transmits asset price shocks to credit via revaluation of collateral and subsequent lending decisions. Specifically we examine banks' treatment of real estate collateral during the Covid-19 crisis. First we...
Persistent link: https://www.econbiz.de/10014374755
Cover Image
Asset Prices, Collateral and Bank Lending : The Case of COVID-19 and Real Estate
Horan, Aoife; Jarmulska, Barbara; Ryan, Ellen - 2023
Our paper uses credit registry data for the euro area to examine how the banking system transmits asset price shocks to credit via revaluation of collateral and subsequent lending decisions. Specifically we examine banks’ treatment of real estate collateral during the Covid-19 crisis. First we...
Persistent link: https://www.econbiz.de/10014354161
Cover Image
Asset prices and fiscal balances
Eschenbach, Felix; Schuknecht, Ludger - 2002
The paper argues that there are important links between asset prices and public finances which can strongly affect the variability of fiscal balances. Asset prices affect fiscal balances via capital gains and turnover related taxes, and via wealth effects on consumption and indirect taxes. The...
Persistent link: https://www.econbiz.de/10011604187
Cover Image
Identifying endogenous fiscal policy rules for macroeconomic models
Pérez, Javier J.; Hiebert, Paul - 2002
In this paper, we present a model-based method for identifying fiscal closure rules in stochastic macroeconomic models. The methodology is based on the stability analysis of the model at hand, with an endogenous derivation of a reaction on the part of the fiscal authority to state variables in...
Persistent link: https://www.econbiz.de/10011604202