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The crisis of euro’s governance: institutional aspects and policy issues
Schilirò, Daniele - Volkswirtschaftliche Fakultät, … - 2012
The European Monetary Union is characterized by a crisis of governance, this has become more evident with the crisis of the euro which has shown the weaknesses of the European institutions and stressed the heterogeneity of member countries. The global financial crisis struck the euro area very...
Persistent link: https://www.econbiz.de/10011258694
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Some Policy Issues Regarding an Early Warning System
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
In focusing on the 24 month window prior to the onset of the crisis, the criteria for ranking the indicators presented in our related work does not distinguish between a signal given 12 months prior to the crisis and one given one month prior to the crisis. In what follows we examine this issue,...
Persistent link: https://www.econbiz.de/10008531924
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Early Warning System: An Assessment of Vulnerability
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
Predicting the timing of currency and banking crises is likely to remain an elusive task for academics, financial market participants, and policymakers. Few foresaw the Asian crises and fewer still could have imagined their severity. However, recent events have highlighted the importance of...
Persistent link: https://www.econbiz.de/10008531929
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Financial liberalization, disaggregated capital flows and banking crisis: Evidence from developing countries
BOUKEF JLASSI, NABILA; HAMDI, HELMI - Volkswirtschaftliche Fakultät, … - 2013
The aim of this paper is to examine whether or not financial liberalization has triggered banking crises in developing countries. We focus in particular on the role of capital inflows as their volatilities threat economic stability. In the empirical model, based on Panel Logit estimation, we use...
Persistent link: https://www.econbiz.de/10011109586
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Early Warning System: Empirical Results from The Signals Approach
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
The signals approach was applied to 24 of the indicators around the dates of the 29 banking and the 87 currency crises. In what follows, we first compare our results for the 15 original indicators in Kaminsky and Reinhart (1996) to those presented in that study. This exercise assesses the...
Persistent link: https://www.econbiz.de/10008531936
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Ist eine Deregulierung der Arbeitsmärkte in den südlichen EU-Staaten zur Bekämpfung der Eurokrise sinnvoll?
Fischer, Justina AV - Volkswirtschaftliche Fakultät, … - 2012
One solution to the euro crisis as a debt crisis can be found in stimulating economic growth. The Troika has proposed measures to deregulate labor markets in Southern EU countries: a longer working week, relaxation of job dismissal laws, raising the age of retirement. A longer working week for...
Persistent link: https://www.econbiz.de/10011258799
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Graph representation of balance sheets: from exogenous to endogenous money
Pitrou, Cyril - Volkswirtschaftliche Fakultät, … - 2015
on commodity money and show their incompatibility with credit. After dealing with the role of the state via its ability …
Persistent link: https://www.econbiz.de/10011262872
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Debt intolerance: Executive summary
Reinhart, Carmen - Volkswirtschaftliche Fakultät, … - 2004
Speaking before the IDB Board of Directors, Carmen Reinhart discussed the syndrome of “debt intolerance,” whereby countries with weak institutional structures and problematic political systems borrow in order to avoid difficult fiscal decisions but subsequently find themselves unwilling or...
Persistent link: https://www.econbiz.de/10005836104
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Credit Derivatives and Sovereign Debt Crises
Goderis, Benedikt; Wagner, Wolf - Volkswirtschaftliche Fakultät, … - 2009
Credit derivatives allow for buying protection on corporate debt, but also on sovereign debt. In this paper we examine … the implications for sovereign debt crises. We show that the availability of credit protection lowers ex-ante debtor moral … sovereign to internalize more of the costs of a crisis. When bondholders use credit protection strategically, we additionally …
Persistent link: https://www.econbiz.de/10005089342
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Multiple Reserve Requirements, Exchange Rates, Sudden Stops and Equilibrium Dynamics in a Small Open Economy
Hernandez-Verme, Paula; Wang, Wen-Yao - Volkswirtschaftliche Fakultät, … - 2009
We model a typical Asian-crisis-economy using dynamic general equilibrium tech-niques. Exchange rates obtain from nontrivial fiat-currencies demands. Sudden stops/bank-panics are possible, and key for evaluating the merits of alternative ex-change rate regimes. Strategic complementarities...
Persistent link: https://www.econbiz.de/10005037756