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Caution: do not cross! : capital buffers and lending in Covid-19 times

Couaillier, Cyril; Lo Duca, Marco; Reghezza, Alessio; … - 2022

While regulatory capital buffers are expected to be drawn to absorb losses and meet credit demand during crises, this …-cyclical behaviour to preserve capital ratios. By employing granular data from the credit register of the European System of Central … Banks, we isolate credit supply effects and find that banks with little headroom above regulatory buffers reduced their …

Persistent link: https://www.econbiz.de/10012818793

Variation margins, fire sales, and information-constrained optimality

Biais, Bruno; Heider, Florian; Hoerova, Marie - 2018

Protection buyers use derivatives to share risk with protection sellers, whose assets are only imperfectly pledgeable because of moral hazard. To mitigate moral hazard, privately optimal derivative contracts involve variation margins. When margins are called, protection sellers must liquidate...

Persistent link: https://www.econbiz.de/10011921489

Fiscal equalization and the tax structure

Holm-Hadulla, Fédéric - 2018

Sub-national governments often finance substantial parts of their budgets via taxes on capital or other mobile factors - despite having access to alternative, less distortionary, revenue sources. This paper develops three hypotheses to explain this pattern and tests them in a natural experiment...

Persistent link: https://www.econbiz.de/10011929809

Subsidising car purchases in the euro area : any spill-over on production?

Paredes, Joan - 2017

Due to input-output linkages, an industry level shock can widely transmit to the rest of the economy. We identify government policies on the automobile industry, which change final prices and estimate their effect on sales and production. An example could be the scrappage schemes that many...

Persistent link: https://www.econbiz.de/10011710106

Productivity-enhancing reallocation during the Covid-19 pandemic

Lalinsky, Tibor; Meriküll, Jaanika; López-García, Paloma - 2024

This paper studies how the Covid-19 pandemic and the extensive job retention support that accompanied it affected productivity in Europe. The focus is on the reallocation channel and productivity-enhancing reallocation of jobs, following Foster et al., 2016. An extensive micro-distributed...

Persistent link: https://www.econbiz.de/10014558877

Euro area sovereign yield dynamics

Menkveld, Albert J.; Cheung, Yiu C.; Jong, Frank/de - 2004

We study sovereign yield dynamics and order flow in the largest euro-area treasury markets. We exploit unique transaction data to explain daily yield changes in the ten-year government bonds of Italy, France, Belgium, and Germany. We use a state space model to decompose these changes into (i) a...

Persistent link: https://www.econbiz.de/10009639439

Towards European monetary integration

González, Fernando; Launonen, Simo - 2005

We assess monetary convergence preceding the implementation of the European Monetary Union (EMU) through Kalman filtering estimates of the risk premium of eleven forward exchange rates of European and non-European currencies. Since all participating currencies are in effect identical from...

Persistent link: https://www.econbiz.de/10009639925

Monetary policy and capital regulation in the US and Europe

Cohen-Cole, Ethan; Morse, Jonathan - 2010

From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis began in August 2007 inflation expectations were high...

Persistent link: https://www.econbiz.de/10009640318

Booms and busts in China's stock market

Bondt, Gabe J. de; Peltonen, Tuomas A.; Santabárbara, … - 2010

This paper empirically models China’s stock prices using conventional fundamentals: corporate earnings, risk-free interest rate, and a proxy for equity risk premium. It uses the estimated longrun stock price misalignments to date booms and busts, and analyses equity market reforms and excess...

Persistent link: https://www.econbiz.de/10009640350

Which households use banks?

Beck, Thorsten; Brown, Martin - 2011

This paper uses survey data for 29,000 households from 29 transition economies to explore how the use of banking services is related to household characteristics, bank ownership structure and the development of the financial infrastructure. At the household level we find that the holding of a...

Persistent link: https://www.econbiz.de/10009640628

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