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Financial Globalization, Financial Crises and Contagion

Mendoza, Enrique G. - 2010

Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing...

Persistent link: https://www.econbiz.de/10013150545

Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets

Kaminsky, Graciela - 2021

The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...

Persistent link: https://www.econbiz.de/10013224423

Ethical Foundations of Financial Regulation

Kane, Edward J. - 2008

Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … arise in multi- party relationships and that regulation introduces opportunities to impose rules that enhance the welfare of … discretion and choose actions for the common good. Agency-cost theories portray regulation as a way to raise the quality of …

Persistent link: https://www.econbiz.de/10012774887

Using Deferred Compensation to Strengthen the Ethicsof Financial Regulation

Kane, Edward J. - 2001

Defects in the corporate governance of government-owned enterprises tempt opportunistic officials to breach duties of public stewardship. Corporate-governance theory suggests that incentive-based deferred compensation could intensify the force that common-law duties actually exert on regulatory...

Persistent link: https://www.econbiz.de/10012787637

Measuring Sovereign Contagion in Europe

Caporin, Massimiliano - 2020

quantile regression with heteroskedasticity) we show that propagation of shocks in Europe's CDS has been remarkably constant … across Europe. This is the first paper, to our knowledge, where a Bayesian quantile regression approach is used to measure …

Persistent link: https://www.econbiz.de/10012823085

Interbank Connections, Contagion and Bank Distress in the Great Depression

Calomiris, Charles W. - 2019

Liquidity shocks transmitted through interbank connections contributed to bank distress during the Great Depression. New data on interbank connections reveal that banks were much more likely to close when their correspondents closed. Further, after the Federal Reserve was established, banks'...

Persistent link: https://www.econbiz.de/10012869069

Contagion During the Initial Banking Panic of the Great Depression

Heitfield, Erik - 2017

The initial banking crisis of the Great Depression has been the subject of debate. Some scholars believe a contagious panic spread among financial institutions. Others argue that suspensions surged because fundamentals, such as losses on loans, drove banks out of business. This paper nests those...

Persistent link: https://www.econbiz.de/10012950840

The European Crisis in the Context of the History of Previous Financial Crises

Bordo, Michael D. - 2013

There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the...

Persistent link: https://www.econbiz.de/10013080834

International Contagion Through Leveraged Financial Institutions

van Wincoop, Eric - 2011

The 2008-2009 financial crises, while originating in the United States, witnessed a drop in asset prices and output that was at least as large in the rest of the world as in the United States. A widely held view is that this was the result of global transmission through leveraged financial...

Persistent link: https://www.econbiz.de/10013117211

Global Banks and Crisis Transmission

Kalemli-Ozcan, Sebnem - 2012

We study the effect of financial integration (through banks) on the transmission of international business cycles. In a sample of 20 developed countries between 1978 and 2009 we find that, in periods without financial crises, increases in bilateral banking linkages are associated with more...

Persistent link: https://www.econbiz.de/10013104063

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