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Investor Information and Bank Instability During the Euro Crisis
Iorgova, Silvia; Ross, Chase P. - 2021
Outside of financial crises, investors have little incentive to produce private information on banks' short-term liabilities held as information-insensitive safe assets. The same does not hold true during crises. We measure daily information production using data from credit default swap spreads...
Persistent link: https://www.econbiz.de/10013243048
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ECB Euro Liquidity Lines
Albrizio, Silvia; Kataryniuk, Iván; Molina, Luis; … - 2023
effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX … equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose …
Persistent link: https://www.econbiz.de/10014354526
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Soft Exchange Rate Bands and Speculative Attacks : Theory, and Evidence from the Erm Since August 1993
Bartolini, Leonardo - 2006
We present a model of a quot;softquot; exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate's current level, thus allowing the rate to move...
Persistent link: https://www.econbiz.de/10012782117
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Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis
Chan-Lau, Jorge A. - 2012
This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....
Persistent link: https://www.econbiz.de/10013098630
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The Granular Origins of Macroeconomic Fluctuations in Europe
Ebeke, Christian - 2017
This paper investigates the microeconomic origins of aggregate economic fluctuations inEurope. It examines the relevance of idiosyncratic shocks at the top 100 large firms (thegranular shocks) in explaining aggregate macroeconomic fluctuations. The paper alsoassesses the strength of spillovers...
Persistent link: https://www.econbiz.de/10012942339
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Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments
Tressel, Thierry - 2014
The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting … ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove …
Persistent link: https://www.econbiz.de/10013049166
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Aggregate Stability and Balanced-Budget Rules
Ghilardi, Matteo - 2014
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real...
Persistent link: https://www.econbiz.de/10013057735
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Economic Convergence in the Euro Area : Coming Together or Drifting Apart?
Franks, Jeffrey R. - 2018
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence … of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro … currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income …
Persistent link: https://www.econbiz.de/10012928017
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Mind the Gap : What is the Best Measure of Slack in the Euro Area?
Ubide, Angel J. - 2021
can be evaluated using aggregated euro-area GDP data. Our results suggest that Gali, Gertler, and Lopez-Salido's (2001 …
Persistent link: https://www.econbiz.de/10013211944
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Facing the Global Financial Cycle : What Role for Policy
Batini, Nicoletta; Durand, Luigi - 2021
Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...
Persistent link: https://www.econbiz.de/10013243053