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Market frictions, interbank linkages and excessive interconnections
Deb, Pragyan - 2016
explicitly takes into account the crisis state of the world. This allows us to model the network formation decision as optimising …
Persistent link: https://www.econbiz.de/10011715336
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Evolution of the global financial network and contagion : a new approach
Korniyenko, Yevgeniya; Patnam, Manasa; Del Rio-Chanona, … - 2018
multilayer network framework is applied to link debt and equity exposures across countries. Use of this approach-that examines … of financial contagion.The structure of the global financial network has changed since the global financial crisis … and contagion remain similar in that network is highly susceptible to shocks from central countries and those with large …
Persistent link: https://www.econbiz.de/10011852664
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"Leaning against the wind" and the timing of monetary policy
Agur, Itai; Demertzis, Maria - 2013
Persistent link: https://www.econbiz.de/10009747249
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The COVID-19 impact on corporate leverage and financial fragility
Haque, Sharjil Muktafi; Varghese, Richard - 2021
We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is...
Persistent link: https://www.econbiz.de/10012796218
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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/10012518751
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Credit reversals
Vázquez, Francisco - 2021
This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity-credit reversals. Using data for 179 countries during 1960-2017, the paper finds that reversals are a relatively common phenomenon--on average, they occur every five years. By comparison,...
Persistent link: https://www.econbiz.de/10012604801
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A quantitative microfounded model for the integrated policy framework
Adrian, Tobias; Erceg, Christopher J.; Kolasa, Marcin; … - 2021
We develop a microfounded New Keynesian model to analyze monetary policy and financial stability issues in open economies with financial fragilities and weakly anchored inflation expectations. We show that foreign exchange intervention (FXI) and capital flow management tools (CFMs) can improve...
Persistent link: https://www.econbiz.de/10012794931
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Investor information and bank instability during the European debt crisis
Iorgova, Silvia; Ross, Chase P. - 2021
Persistent link: https://www.econbiz.de/10012487211
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Bank lobbying : regulatory capture and beyond
Igan, Deniz; Lambert, Thomas - 2019
In this paper, we discuss whether and how bank lobbying can lead to regulatory capture and have real consequences through an overview of the motivations behind bank lobbying and of recent empirical evidence on the subject. Overall, the findings are consistent with regulatory capture, which...
Persistent link: https://www.econbiz.de/10012103556
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Optimal macroprudential policy and asset price bubbles
Biljanovska, Nina; Górnicka, Lucyna; Vardoulakis, … - 2019
An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond...
Persistent link: https://www.econbiz.de/10012103635