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Understanding the Macro-Financial Effects of Household Debt : A Global Perspective

Alter, Adrian - 2018

We confirm the negative relationship between household debt and future GDP growth documented in Mian, Sufi, and Verner (2017) for a wider set of countries over the period 1950-2016. Three mutually reinforcing mechanisms help explain this relationship. First, debt overhang impairs household...

Persistent link: https://www.econbiz.de/10012918565

Bank Capital and Lending : An Extended Framework and Evidence of Nonlinearity

Catalán, Mario - 2018

This paper studies the transmission of bank capital shocks to loan supply in Indonesia. A series of theoretically founded dynamic panel data models are estimated and find nonlinear effects of capital on loan growth: the response of weaker banks to changes in their capital positions is larger...

Persistent link: https://www.econbiz.de/10012928620

Robust Optimal Macroprudential Policy

Montamat, Giselle; Roch, Francisco - 2021

We consider how fear of model misspecification on the part of the planner and/or the households affects welfare gains from optimal macroprudential taxes in an economy with occasionally binding collateral constraints as in Bianchi (2011). On the one hand, there exist welfare gains from...

Persistent link: https://www.econbiz.de/10013226440

Financial Crises, Investment Slumps, and Slow Recoveries

Cerra, Valerie; Hakamada, Mai; Lama, Ruy - 2022

One of the most puzzling facts in the wake of the Global Financial Crisis (GFC) is that output across advanced and emerging economies recovered at a much slower rate than anticipated by most forecasting agencies. This paper delves into the mechanics behind the observed slow recovery and the...

Persistent link: https://www.econbiz.de/10013306789

Central Bank Reserve Management and International Financial Stability-Some Post-Crisis Reflections

Jones, Bradley - 2018

Motivated by the tension first revealed during the global financial crisis between thedomestic and international financial stability obligations of central bank reserve managers,this paper offers some reflections along four main lines. First, the paper highlights howofficial reserve management...

Persistent link: https://www.econbiz.de/10012924272

Macroprudential Stress Tests and Policies : Searching for Robust and Implementable Frameworks

Anderson, Ronald W. - 2018

Macroprudential stress testing (MaPST) is becoming firmly embedded in the post-crisispolicy-frameworks of financial-sectors around the world. MaPSTs can offer quantitative,forward-looking assessments of the resilience of financial systems as a whole, to particularlyadverse shocks. Therefore,...

Persistent link: https://www.econbiz.de/10012909422

Inefficient Fire-Sales in Decentralized Asset Markets

Ebrahimy, Ehsan - 2019

Classic models of fire-sales that emphasize liquidity-constrained natural buyers can-notfully account for the asset fire-sales during the Financial Crisis of 2008. I present a modelto demonstrate that fire-sales may happen even when there is a sizable pool of naturalbuyers and in the absence of...

Persistent link: https://www.econbiz.de/10012868464

Transmission of Financial Stress in Europe : The Pivotal Role of Italy and Spain, But Not Greece

González-Hermosillo, Brenda - 2014

This paper proposes a stochastic volatility model to measure sovereign financial distress. It examines howkey European … sovereign credit default swap (CDS) spreads affect each other; specifically, the paperanalyses the volatility structure of … each other's volatility while Germany also plays an important role. Itis found that extreme bad news led to persistent and …

Persistent link: https://www.econbiz.de/10013053040

Asset Bubbles : Re-Thinking Policy for the Age of Asset Management

Jones, Bradley - 2015

In distilling a vast literature spanning the rational — irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated...

Persistent link: https://www.econbiz.de/10013026923

Lending Standards and Output Growth

Kirti, Divya - 2018

While some credit booms are followed by economic underperformance, many are not. Canlending standards help separate good credit booms from bad credit booms contemporaneously?To observe lending standards internationally, I use information from primary debt capitalmarkets. I construct the...

Persistent link: https://www.econbiz.de/10012924256

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