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Inspecting the Mechanism : Leverage and the Great Recession in the Eurozone

Martin, Philippe - 2014

We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage … government spending, and sudden stops. We then ask how eurozone countries would have fared with different policies. We find that … boom. Macro-prudential policies and an early intervention by the central bank to prevent market segmentation would also …

Persistent link: https://www.econbiz.de/10013045645

Contagion in the European Sovereign Debt Crisis

Glover, Brent - 2014

We use a network model of credit risk to measure market expectations of the potential spillovers from a sovereign default. Specifically, we develop an empirical model, based on the recent theoretical literature on contagion in financial networks, and estimate it with data on sovereign credit...

Persistent link: https://www.econbiz.de/10013045650

The Global Financial Cycle

Miranda-Agrippino, Silvia; Rey, Hélène - National Bureau of Economic Research - 2021

effects of the monetary policies of the US Federal Reserve, the European Central Bank and of the People's Bank of China on the …

Persistent link: https://www.econbiz.de/10012660005

Market Response to Policy Initiatives During the Global Financial Crisis

Ait-Sahalia, Yacine - 2010

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

Persistent link: https://www.econbiz.de/10013146945

The Portuguese Slump and Crash and the Euro Crisis

Reis, Ricardo - 2013

Between 2000 and 2012, the Portuguese economy grew less than the United States during the Great Depression and less than Japan during its lost decade. This paper asks why this happened, with a particular focus on the slump between 2000 and 2007. It describes the main facts of Portugal's recent...

Persistent link: https://www.econbiz.de/10013077964

A Crash Course on the Euro Crisis

Brunnermeier, Markus K. - 2019

The financial crises of the last twenty years brought new economic concepts into classrooms discussions. This article introduces undergraduate students and teachers to seven of these models: (i) misallocation of capital inflows, (ii) modern and shadow banks, (iii) strategic complementarities and...

Persistent link: https://www.econbiz.de/10012480173

Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?

Acharya, Viral V. - 2019

We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period … from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central … bank liquidity does not translate into lower loan spreads for high-risk banks for maturities beyond one year, even as it …

Persistent link: https://www.econbiz.de/10012480422

Market Response to Policy Initiatives during the Global Financial Crisis

Aït-Sahalia, Yacine - 2010

Persistent link: https://www.econbiz.de/10012462841

ECB Policies Involving Government Bond Purchases : Impact and Channels

Krishnamurthy, Arvind - 2017

We evaluate the effects of three ECB policies (the Securities Markets Programme, the Outright Monetary Transactions, and the Long-Term Refinancing Operations) on government bond yields. We use a novel Kalman-filter augmented event-study approach and yields on euro-denominated sovereign bonds,...

Persistent link: https://www.econbiz.de/10012453728

Optimal Currency Area : A 20th Century Idea For the 21st Century?

Aizenman, Joshua - 2016

be more stable at a cost of inhibiting the growth of sectors depending on bank funding …

Persistent link: https://www.econbiz.de/10012456577