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Euro area monetary policy and TARGET balances: a trilogy
Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin - 2022
. We find that while financial market stress and economic imbalances were the drivers of TARGET balances during the great … financial and sovereign debt crises, the implementation of Eurosystem asset purchases was the driving force since March 2015. As …
Persistent link: https://www.econbiz.de/10013448708
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Fiscal multipliers and foreign holdings of public debt
Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, … - 2019
This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although … the resources used to acquire public debt reduce domestic consumption and investment. These crowding-out effects are … likely to be weaker when governments have access to foreign markets to place their debt, increasing the size of multipliers …
Persistent link: https://www.econbiz.de/10011994640
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Capital flows-at-risk : push, pull and the role of policy
Eguren-Martin, Fernando; O'Neill, Cian; Sokol, Andrej; … - 2021
We characterise the probability distributions of various categories of gross capital flows conditional on information contained in financial asset prices in a panel of emerging market economies, with a focus on "tail" events. Our framework, based on the quantile regression methodology, allows...
Persistent link: https://www.econbiz.de/10012503534
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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
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Monetary policy and cross-border interbank market fragmentation : lessons from the crisis
Blattner, Tobias Sebastian; Swarbrick, Jonathan M. - 2018
We present a two-country model with an enhanced banking sector featuring risky lending and cross-border interbank market frictions. We find that (i) the strength of the financial accelerator, when applied to banks operating under uncertainty in an interbank market, will critically depend on the...
Persistent link: https://www.econbiz.de/10011813496
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Debt overhang, rollover risk, and corporate investment : evidence from the European crisis
Kalemli-Ozcan, Sebnem; Laeven, Luc; Moreno, David - 2019
and aggregate demand conditions. We find that firms with higher debt levels and a higher share of short-term debt reduce …
Persistent link: https://www.econbiz.de/10011975573
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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
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Monetary policy shocks and portfolio choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - 2009
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10009640457
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Monetary policy shocks and portfolio choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - 2009
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10003969262
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What drives U.S. current account fluctuations?
Barnett, Alina; Straub, Roland - 2008
We use a structural VAR with sign restrictions to jointly identify the impact of monetary policy, private absorption, technology and oil price shocks on current account fluctuations in the U.S.. We derive the sign restrictions from theoretical impulse response functions of a DSGE model with oil,...
Persistent link: https://www.econbiz.de/10003803318