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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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Die Ursachen der Finanz- und Bankenkrise im Lichte der Statistik
Nastansky, Andreas; Strohe, Hans Gerhard - Lehrstuhl für Statistik und Ökonometrie, Wirtschafts- … - 2009
Finanz- und Bankenkrisen können seit Jahrhunderten beobachtet werden und gründen auf ähnlichen Verhaltensweisen der Beteiligten. Wie die vergangenen zwei Jahre gezeigt haben, variieren hingegen die den Krisen zugrundeliegenden tieferen Ursachen und Mechanismen. Durch statistische Daten wird...
Persistent link: https://www.econbiz.de/10008567944
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A Leverage-Based Measure of Financial Instability
Tepper, Alexander; Borowiecki, Karol Jan - Institut for Virksomhedsledelse og Økonomi, Syddansk … - 2014
We employ a model of leverage-induced explosive behavior in financial markets to develop a measure of financial market instability. Specifically, we derive a quantitative condition for how large levered investors can become relative to the whole market before the demand curve for securities...
Persistent link: https://www.econbiz.de/10010890035
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A detrimental feedback loop: deleveraging and adverse selection
Bertsch, Christoph - Sveriges Riksbank - 2013
Market distress can be the catalyst of a deleveraging wave, as in the 2007/08 financial crisis. This paper demonstrates how market distress and deleveraging can fuel each other in the presence of adverse selection problems in asset markets. At the core of the detrimental feedback loop is agents'...
Persistent link: https://www.econbiz.de/10010818850
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Central bank liquidity provision and collateral quality
Koulischer, François; Struyven, Daan - In: Journal of Banking & Finance 49 (2014) C, pp. 113-130
Should central banks lend against low quality collateral? We characterize efficient central bank collateral policy in a … model where a bank borrows from the interbank market or the central bank. Collateral has favorable incentive effects but is … costly to transfer to lenders who value the collateral less because of imperfect collateral quality. We show that a fall in …
Persistent link: https://www.econbiz.de/10011118093
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377
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"Minsky, Monetary Policy, and Mint Street: Challenges for the Art of Monetary Policymaking in Emerging Economies"
Yanamandra, Srinivas - Levy Economics Institute - 2014
This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian economy during the last decade (2003-04 to 2013-14). The paper uses Hyman P. Minsky's financial instability hypothesis as...
Persistent link: https://www.econbiz.de/10011098371
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Responsibility of States and Central Banks in the Euro Crisis
Sinn, Hans-Werner - In: CESifo Forum 15 (2014) 1, pp. 03-36
.2 Target balances and fiscal rescue credit <br>2.3 The lowering of collateral standards for refinancing credit <br>2.4 Indirect …
Persistent link: https://www.econbiz.de/10011148828
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Studies in Financial Systems No 8 Hungary
Szikszai, Szabolcs; Badics, Tamás; Raffai, Csilla; … - Financialisation, Economy, Society & Sustainable … - 2013
Persistent link: https://www.econbiz.de/10010741334
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Macroprudential framework:key questions applied to the French case.
Bennani, T.; Després, M.; Dujardin, M.; Duprey, T.; … - Banque de France - 2014
This paper presents the main features of macroprudential policy with a focus on the French case. We first recall the ultimate objective of this policy, which is to prevent and to mitigate systemic risk, i.e. the risk of “widespread disruptions to the provision of financial services that have...
Persistent link: https://www.econbiz.de/10010815921