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Financial (Dis)Integration.
Kharroubi, E. - Banque de France - 2006
This paper addresses the macroeconomic impact of international financial integration. I first provide empirical evidence that foreign banking penetration can be associated with a contraction of banking credit, especially in countries with poor credit markets. Second I present a model in which...
Persistent link: https://www.econbiz.de/10004998820
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Investment, the Cost of Capital and Monetary Policy in the Nineties in France: A Panel Data Investigation.
Chatelain, J-B.; Tiomo, A. - Banque de France - 2002
Using a large panel of about 6,946 French manufacturing firms, this paper investigates the effect of monetary policy from 1990 to 1999 on investment through the cost of capital and the cash-flow channels. We compare several specifications of the neo-classical demand for capital, taking into...
Persistent link: https://www.econbiz.de/10005056500
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Shock on Variable or Shock on Distribution with Application to Stress-Tests
Dubecq, S.; Gourieroux, C. - Banque de France - 2012
sovereign bonds of the Eurozone. …
Persistent link: https://www.econbiz.de/10009652356
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Risk aversion and Uncertainty in European Sovereign Bond Markets
Fourel, V.; Idier, J. - Banque de France - 2011
examine the impact of the European Central Bank Securities Markets Programme [SMP] implemented in May 2010 and re- activated …
Persistent link: https://www.econbiz.de/10009358989
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How useful is the Marginal Expected Shortfall for the measurement of systemic exposure? A practical assessment
Idier, J.; Lamé, G.; Mésonnier, J S. - Banque de France - 2011
of the MES on bank characteristics, we first find that the MES can be roughly rationalized in terms of standard balance … sheet indicators of bank financial soundness and systemic importance. We then ask whether the cross section of the MES can …
Persistent link: https://www.econbiz.de/10009358990
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Bilateral Exposures and Systemic Solvency Risk.
Gourieroux, C.; Heam, J.C.; Monfort, A. - Banque de France - 2012
By introducing a structure of the balance sheets of the banks, which takes into account their bilateral exposures in terms of stocks or lendings, we get a structural model for default analysis. This model allows distinguishing the exogenous and endogenous default dependence. We prove the...
Persistent link: https://www.econbiz.de/10010815986
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Domino Effects when Banks Hoard Liquidity: The French network.
Fourel, V.; Héam, J-C.; Salakhova, D.; Tavolaro, S. - Banque de France - 2013
We investigate the consequences of banks' liquidity hoarding behaviour for the stability of the financial system by proposing a new model of banking contagion through two channels, bilateral exposures and funding shortage. Inspired by the key role of liquidity hoarding in the 2007-2009 financial...
Persistent link: https://www.econbiz.de/10010699072
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Contagion Effects in the Aftermath of Lehman’s Collapse: Evidence from the US Financial Services Industry.
Dumontaux, N.; Pop, A. - Banque de France - 2013
The spectacular failure of the 150-year old investment bank Lehman Brothers on September 15th, 2008 was a major turning … limited to the largest financial firms; (ii) the most affected institutions were the surviving “non-bank” financial services …
Persistent link: https://www.econbiz.de/10010631356
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The Way Forward — Central Banks with Financial Stability Mandates: The Case of the Eurosystem
Sibert, Anne - In: The Role of Central Banks in Financial Stability:How …
AbstractThe following sections are included:IntroductionThe Central Bank's Legitimacy When It Has a Financial Stability … RoleThe political nature of the central bank's financial stability roleThe perceived legitimacy of the Eurosystem as provider …'s creationAccountability and the EurosystemStaffing the Central Bank When It Has a Financial Stability RoleWhy macroeconomists are not …
Persistent link: https://www.econbiz.de/10011206332
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Role of Central Banks in Financial Stability: Lessons from the Experience of the Bank of Japan
Hoshi, Takeo - In: The Role of Central Banks in Financial Stability:How …
AbstractThe following sections are included:IntroductionFinancial Instability in the 1920sConvoy System to Prevent Bank … FailuresBank of Japan After the New Bank of Japan Act of 1998Monetary Policy and Prudential PolicyLessons from the Experiences of … the Bank of JapanReferences …
Persistent link: https://www.econbiz.de/10011206360