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A twin crisis with multiple banks of issue: Spain in the 1860s
Moro, Alessio; Nuño, Galo; Tedde, Pedro - 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...
Persistent link: https://www.econbiz.de/10011605606
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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...
Persistent link: https://www.econbiz.de/10013080476
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The short-term impact of government budgets on prices: evidence from macroeconomic models
Henry, Jérôme; Hernández de Cos, Pablo; Momigliano, … - 2004
This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses … Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government … limited impact on prices in the first year while, in contrast, changes in indirect taxes and employers' social security …
Persistent link: https://www.econbiz.de/10011604442
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Wage and price dynamics in Portugal
Robalo Marques, Carlos - 2008
This paper investigates the persistence of aggregate wages and prices in Portugal assuming a model of a unionized … wages is attributable mainly to unemployment shocks (about 80 percent), whereas variation in the forecast errors of prices …). Productivity shocks explain somewhat less than 10 percent of the variation in forecast errors of wages and prices. …
Persistent link: https://www.econbiz.de/10011604991
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Inflation volatility in small and large advanced open economies
Mozzanica, Mirco Balatti - 2020
Inflation volatility is clearly important for structural analysis, forecasting and policy purposes, yet it is often overlooked in the literature. This paper compares in ation volatility among advanced open economies with in ation targeting monetary policy frameworks. The results of the empirical...
Persistent link: https://www.econbiz.de/10012422110
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Assessing the benefits of international portfolio diversification in bonds and stocks.
De Santis, Roberto A.; Sarno, Lucio - 2008
This paper considers a stylized asset pricing model where the returns from exchange rates, stocks and bonds are linked by basic risk-arbitrage relationships. Employing GMM estimation and monthly data for 18 economies and the US (treated as the domestic country), we identify through a simple test...
Persistent link: https://www.econbiz.de/10011604929
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Global crises and equity market contagion
Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - 2011
Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...
Persistent link: https://www.econbiz.de/10011605427
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Interbank Market Integration, Loan Rates, and Firm Leverage
Ongena, Steven - 2010
We study the effect of interbank market integration on small firm finance in the build-up to the 2007-2008 financial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 firms across 14 European countries between 1998:01 and 2005:12. We account for...
Persistent link: https://www.econbiz.de/10013137713
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EMU and European Government Bond Market Integration
Abad-Romero, Pilar - 2009
The main objective of this paper is to study whether the introduction of the euro had an impact on the degree of integration of European Government bond markets. We adopt the CAPM-based model of Bekaert and Harvey (1995) to compare, from the beginning of Monetary Union until June 2008, the...
Persistent link: https://www.econbiz.de/10013157412
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Determinants of Banking System Fragility : A Regional Perspective
Degryse, Hans - 2013
We study the role of regional banking system characteristics for regional banking system fragility in Asia, Europe, Latin America and the US. We find that regional banking system fragility reduces when banks in the region jointly hold more liquid assets, are better capitalized, and when regional...
Persistent link: https://www.econbiz.de/10013078980