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Corporate Debt Structure and the Financial Crisis
De Fiore, Fiorella - 2015
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...
Persistent link: https://www.econbiz.de/10013030859
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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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The impact of financial position on investment: an anlysis for non-financial corporations in the euro area
Martinez-Carrascal, Carmen; Ferrando, Annalisa - 2008
Netherlands and Spain). The results indicate that financial position is important to explain capital expenditures, as financial …
Persistent link: https://www.econbiz.de/10011604989
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What explains global exchange rate movements during the financial crisis?
Fratzscher, Marcel - 2009
A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar,...
Persistent link: https://www.econbiz.de/10011605106
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Interbank lending, credit risk premia and collateral
Heider, Florian; Hoerova, Marie - 2009
We study the functioning of secured and unsecured inter-bank markets in the presence of credit risk. The model generates empirical predictions that are in line with developments during the 2007-2009 financial crises. Interest rates decouple across secured and unsecured markets following an...
Persistent link: https://www.econbiz.de/10011605153
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Liquidity hoarding and interbank market spreads: the role of counterparty risk
Heider, Florian; Hoerova, Marie; Holthausen, Cornelia - 2009
We study the functioning and possible breakdown of the interbank market in the presence of counterparty risk. We allow banks to have private information about the risk of their assets. We show how banks’ asset risk affects funding liquidity in the interbank market. Several interbank market...
Persistent link: https://www.econbiz.de/10011605172
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The Janus-headed salvation: sovereign and bank credit risk premia during 2008-09
Ejsing, Jacob; Lemke, Wolfgang - 2009
As the global banking crisis intensified in the fall of 2008, governments announced comprehensive rescue packages for financial institutions. In this paper, we put the joint response of euro area bank and sovereign CDS premia under the microscope. We find that the bank rescue packages led to a...
Persistent link: https://www.econbiz.de/10011605173
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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10011605224
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Cross-border banking and the international transmission of financial distress during the crisis of 2007-2008
Popov, Alexander; Udell, Gregory F. - 2010
We study the effect of financial distress in foreign parent banks on local SME financing in 14 central and eastern European countries during the early stages of the 2007-2008 financial crisis. We use survey data on applicant and non-applicant firms that enable us to disentangle effects driven by...
Persistent link: https://www.econbiz.de/10011605249
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Fiscal policy and growth: do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10011605263