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Greenwood, Robin M. - 2012

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in contagion. We propose a simple framework that accounts for...

Persistent link: https://www.econbiz.de/10013097784

Earnings Expectations in the Covid Crisis

Landier, Augustin - 2020

We analyze firm-level analyst forecasts during the COVID crisis. First, we describe expectations dynamics about future corporate earnings. Downward revisions have been sharp, mostly focused on 2020, 2021 and 2022, but much less drastic than the lower bound estimated by Gormsen and Koijen (2020)....

Persistent link: https://www.econbiz.de/10012833752

Shocking Aspects of European Monetary Unification

Bayoumi, Tamim - 2007

of adjustment to these shocks are then compared to the results from US regional data. We find that the underlying shocks … are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find … neighbors, experience shocks of similar magnitude and cohesion as the US regions. EC countries also exhibit a slower response to …

Persistent link: https://www.econbiz.de/10012778838

Benefits and Spillovers of Greater Competition in Europe : A Macroeconomic Assesment

Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo A. - 2021

and the US. Second, it may improve macroeconomic management by increasing the responsiveness of wages and prices to market …

Persistent link: https://www.econbiz.de/10013223084

Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and Efta

Bayoumi, Tamim; Eichengreen, Barry - 2021

This paper considers the impact on trade of preferential arrangements in Europe since the 1950s. Using a first difference version of the gravity model, we find that the EC and EFTA altered the pattern of international trade. We also find evidence of trade diversion in several cases, notably that...

Persistent link: https://www.econbiz.de/10013224188

Sizing Up Corporate Restructuring in the Covid Crisis

Greenwood, Robin M.; Iverson, Benjamin Charles; … - 2021

In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to...

Persistent link: https://www.econbiz.de/10013233034

Is There a Conflict between EC Enlargement and European Monetary Unification?

Bayoumi, Tamim; Eichengreen, Barry - 2022

. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of …

Persistent link: https://www.econbiz.de/10013324014

The Sovereign-Bank Diabolic Loop and Esbies

Brunnermeier, Markus K. - 2016

We propose a simple model of the sovereign-bank diabolic loop, and establish four results. First, the diabolic loop can be avoided by restricting banks domestic sovereign exposures relative to their equity. Second, equity requirements can be lowered if banks only hold senior domestic sovereign...

Persistent link: https://www.econbiz.de/10012998936