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The Breakup of the Euro Area
Eichengreen, Barry - 2010
The possibility that the euro area might break up was being raised even before the single currency existed. These scenarios were then lent new life five or six years on, when appreciation of the euro and problems of slow growth in various member states led politicians to blame the European...
Persistent link: https://www.econbiz.de/10012759842
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Dollar Funding and the Lending Behavior of Global Banks
Ivashina, Victoria - 2012
lending. We test the model in the context of the Eurozone sovereign crisis, which escalated in the second half of 2011 and … dollar funding, there were significant violations of euro-dollar CIP. Moreover, dollar lending by Eurozone banks fell …
Persistent link: https://www.econbiz.de/10013098138
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Tales from the Bretton Woods
Bordo, Michael D. - 2014
An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The … (analogous to Germany today).However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy … mechanism for the Eurozone. In the early 1930s massive gold flows from the interior, hard hit by banking panics, to New York …
Persistent link: https://www.econbiz.de/10013051313
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Measuring Real Economic Effects of Bailouts : Historical Perspectives on How Countries in Financial Distress Have Fared with and Without Bailouts
Bordo, Michael D.; Schwartz, Anna J. - 2022
In this paper we first trace the changing nature of banking, currency and debt crises from the last century to the present. Each type of crisis has transmogrified in the presence of official intervention and the creation of a safety net. A similar pattern is observed for international rescue...
Persistent link: https://www.econbiz.de/10014155989
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Measuring the Effects of Unconventional Monetary Policy on Asset Prices
Swanson, Eric T. - 2015
I adapt the methods of Gurkaynak, Sack, and Swanson (2005) to estimate two dimensions of monetary policy during the 2009-2015 zero lower bound period in the U.S. I show that, after a suitable rotation, these two dimensions can be interpreted as "forward guidance" and "large-scale asset...
Persistent link: https://www.econbiz.de/10013009914
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Monetary Policy in a Data-Rich Environment
Bernanke, Ben; Boivin, Jean - 2021
Most empirical analyses of monetary policy have been confined to frameworks in which the Federal Reserve is implicitly assumed to exploit only a limited amount of information, despite the fact that the Fed actively monitors literally thousands of economic time series. This article explores the...
Persistent link: https://www.econbiz.de/10013226548
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The Effects of Mandatory Transparency in Financial Market Design : Evidence from the Corporate Bond Market
Asquith, Paul - 2013
In July 2002, FINRA began mandatory dissemination of price and volume information for corporate bond trades. This paper, using recently released data, measures transparency's effect on trading activity and costs for the entire corporate bond market. Even though trading costs decrease...
Persistent link: https://www.econbiz.de/10013076189
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Coronavirus : Impact on Stock Prices and Growth Expectations
Gormsen, Niels Joachim Christfort - 2020
We use data from the aggregate stock market and dividend futures to quantify how investors' expectations about economic growth evolve across horizons in response to the coronavirus outbreak and subsequent policy responses until June 2020. Dividend futures, which are claims to dividends on the...
Persistent link: https://www.econbiz.de/10012830486
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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
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The Composition Matters : Capital Inflows and Liquidity Crunch During a Global Economic Crisis
Tong, Hui - 2010
International capital flows, while potentially beneficial, are said to increase a country's vulnerability to crisis - especially if they are skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's...
Persistent link: https://www.econbiz.de/10013151647