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Banks' risk-taking within a banking union

Farnè, Matteo; Vouldis, Angelos - 2021

We study the relationship between banks' size and risk-taking in the context of supranational banking supervision. Consistently with theoretical work on banking unions and in contrast to analyses emphasising incentives under- pinned by the too-big-to-fail effect, we find an inverse relationship...

Persistent link: https://www.econbiz.de/10012627903

Debt overhang, rollover risk, and corporate investment : evidence from the European crisis

Kalemli-Ozcan, Sebnem; Laeven, Luc; Moreno, David - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10011975573

Does it pay to have the euro? : Italy's politics and financial markets under the lira and the euro

Fratzscher, Marcel; Stracca, Livio - 2009

's prosperity. The paper focuses on political events in Italy over the past 35 years and asks whether the adoption of the euro in …'s financial markets throughout the 1970s, 1980s and 1990s. The introduction of the euro appears to have indeed played a major role … interesting for other countries with weak institutions considering adopting a currency based on stronger institutions. -- Euro …

Persistent link: https://www.econbiz.de/10003867036

Should larger reserve holdings be more diversified?

Beck, Roland; Weber, Sebastian - 2010

The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less...

Persistent link: https://www.econbiz.de/10003973324

Stigma? What stigma? : a contribution to the debate on financial market effects of IMF lending

Scheubel, Beatrice; Tafuro, Andrea; Vonessen, Benjamin - 2018

In the policy debate on the effectiveness of the Global Financial Safety Net, concerns have been raised that expectations of adverse effects of IMF programmes may deter countries from asking for an IMF programme when they need one, a form of "IMF stigma". We explore the existence of IMF...

Persistent link: https://www.econbiz.de/10011928948

Once bitten : new evidence on the link between IMF conditionality and IMF stigma

Andone, Irina; Scheubel, Beatrice - 2019

While the consequences and effectiveness of IMF conditionality have long been the focus of research, the possible negative impact of IMF conditionality on countries' willingness to ask for an IMF programme - often termed "IMF stigma" - has recently received attention particularly from policy...

Persistent link: https://www.econbiz.de/10011997418

Getting beyond carry trade : what makes a safe haven currency?

Habib, Maurizio Michael; Stracca, Livio - 2011

There is already a substantial literature documenting the fact that low yield currencies typically appreciate during times of global financial stress and behave as safe havens. The main objective of this paper is to find out what the fundamentals of safe haven currencies are. We analyse a large...

Persistent link: https://www.econbiz.de/10008901495

Fragmentation in the euro overnight unsecured money market : macroprudential research network

Garcia de Andoain, Carlos; Hoffmann, Peter; Manganelli, … - 2014

Persistent link: https://www.econbiz.de/10010482452

Financial imbalances and financial fragility

Boissay, Frédéric - 2011

This paper develops a general equilibrium model to analyze the link between financial imbalances and financial crises. The model features an interbank market subject to frictions and where two equilibria may (co-)exist. The normal times equilibrium is characterized by a deep market with highly...

Persistent link: https://www.econbiz.de/10008935828

The global capital flows cycle : structural drivers and transmission channels

Habib, Maurizio Michael; Venditti, Fabrizio - 2019

In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks driving the global financial cycle have the same...

Persistent link: https://www.econbiz.de/10012009141