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The financial cycle and macroeconomics: What have we learnt?
Borio, Claudio - In: Journal of Banking & Finance 45 (2014) C, pp. 182-198
It is high time we rediscovered the role of the financial cycle in macroeconomics. In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the...
Persistent link: https://www.econbiz.de/10010943190
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The Financial Turmoil of 2007-? : A Preliminary Assessment and Some Policy Considerations
Borio, Claudio E. V. - 2013
The unfolding financial turmoil in mature economies has prompted the official and private sectors to reconsider policies, business models and risk management practices. Regardless of its future evolution, it already threatens to become one of the defining economic moments of the 21st century....
Persistent link: https://www.econbiz.de/10012711130
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Rediscovering the Macroeconomic Roots of Financial Stability Policy: Journey, Challenges, and a Way Forward
Borio, Claudio - In: Annual Review of Financial Economics 3 (2011) 1, pp. 87-117
The recent financial crisis has triggered a major rethink of analytical approaches and policy toward financial stability. The crisis has encouraged a sharper focus on systemic risk, the inclusion of a financial sector in macroeconomic models, a shift from a microprudential to a macroprudential...
Persistent link: https://www.econbiz.de/10010603949
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REDISCOVERING MISES-HAYEK MONETARY AND BUSINESS CYCLE THEORY IN LIGHT OF THE CURRENT CRISIS: CREDIT EXPANSION AS A SOURCE OF ECONOMIC BOOM AND BUST
Mrowiec, Marcin - In: "e-Finanse" 9 (2013) 2, pp. 64-74
The article starts with a brief description of Mises’ monetary theory, with emphasis on the Misesian differentiation of two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit expansion on the business cycle. Further on it is...
Persistent link: https://www.econbiz.de/10010815425
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REDISCOVERING MISES-HAYEK MONETARY AND BUSINESS CYCLE THEORY IN LIGHT OF THE CURRENT CRISIS: CREDIT EXPANSION AS A SOURCE OF ECONOMIC BOOM AND BUST
Mrowiec, Marcin - In: "e-Finanse" 9 (2013) 2, pp. 64-74
The article starts with a brief description of Mises’ monetary theory, with emphasis on the Misesian differentiation of two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit expansion on the business cycle. Further on it is...
Persistent link: https://www.econbiz.de/10010699068
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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
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Towards a Macroprudential Framework for Financial Supervision and Regulation?
Borio, Claudio E. V. - 2013
Over the last decade or so, addressing financial instability has risen to the top of the policy agenda. This essay argues that in order to improve the safeguards against financial instability, it may be desirable to strengthen further the macroprudential orientation of current prudential...
Persistent link: https://www.econbiz.de/10012711901
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Stress-testing macro stress testing: Does it live up to expectations?
Borio, Claudio; Drehmann, Mathias; Tsatsaronis, Kostas - In: Journal of Financial Stability 12 (2014) C, pp. 3-15
We critically review the state of the art in macro stress testing, assessing its strengths and weaknesses. We argue that, given current technology, macro stress tests are ill-suited as early warning devices, i.e. as tools for identifying vulnerabilities during seemingly tranquil times and for...
Persistent link: https://www.econbiz.de/10010753195
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International Capital Mobility: Which Structural Policies Reduce Financial Fragility?
Ahrend, Rudiger; Goujard, Antoine; Schwellnus, Cyrille - Economics Department, Organisation de Coopération et … - 2012
OECD and emerging economies over the past four decades. For example, a bias in gross external liabilities towards debt has … stability by shifting external liabilities from debt towards FDI. In contrast, tax systems that favour debt finance over equity … finance have undermined stability by increasing the share of debt, including external debt, in corporate financing. Targeted …
Persistent link: https://www.econbiz.de/10011276720
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Balanced budget stimulus with tax cuts in a liquidity constrained economy
Prasad, Vivek - Birkbeck, Department of Economics, Mathematics & Statistics - 2014
This paper examines the macroeconomic effects of unexpected, exogenous, simultaneous, temporary cuts to income tax rates in an economy when the government follows a balanced budget fiscal rule and keeps money supply constant, and private agents face constraints on the ability to finance...
Persistent link: https://www.econbiz.de/10010886267