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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

Notwendigkeit, Regelungen und Konsequenzen einer neuen Geldordnung

Gudehus, Tim - In: Zeitschrift fuer Wirtschaftspolitik 63 (2014) 1, pp. 74-106

From an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the proposals of...

Persistent link: https://www.econbiz.de/10010892218

Overcoming the Financial Crisis in the United States

Michelis, Andrea de - Economics Department, Organisation de Coopération et … - 2009

The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system. After examining the origins of the crisis, this paper recommends specific policy responses to resolve the...

Persistent link: https://www.econbiz.de/10005045609

Empowering supervisors with more principles and discretion to implement them will not reduce the dangers of the prudential approach to financial regulation

Tonveronachi, Mario - In: PSL Quarterly Review 63 (2010) 255, pp. 363-378

The paper addresses two main points: the deficiencies of the past regulatory design and the additional dangers coming from financial reforms that increase the regulatory powers of supervisors. The first point is briefly dealt with reference to past experience and alternative theoretical...

Persistent link: https://www.econbiz.de/10010747954

Macroprudential warnings in the Euro zone and Hungary

Mérő, Katalin - In: Acta Oeconomica 64 (2014) December, pp. 397-417

During the present financial crisis, the focus of the regulation and supervision of financial institutions has shifted from being institution-based (microprudential) towards the systemic level (macroprudential). A special element of the macroprudential regulatory and supervisory toolkit is the...

Persistent link: https://www.econbiz.de/10011119837

Macroeconomics after the crisis – hedgehog or fox?

Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2014

‘pecuniary externalities’. Two that affect borrowers and lenders balance sheets in pro-cyclical fashion are described, along with … measures that might help curb their destabilising effects. These ‘pecuniary externalities’ can be thought of as the unintended … Greenwald and Stiglitz (1986) – that when externalities are present, leaving things to the market may not be ‘constrained Pareto …

Persistent link: https://www.econbiz.de/10011083632

Do Bank Stockholders Share the Burden of Required Reserve Tax? Evidence from Turkey

Binici, Mahir; Koksal, Bulent - Türkiye Cumhuriyet Merkez Bankası - 2011

This study examines whether bank shareholders bear the burden of required reserves tax by analyzing the reaction of banks’ stock returns to the changes in the required reserve ratio. Results show that increases in reserve requirements significantly lower bank returns implying that shareholders...

Persistent link: https://www.econbiz.de/10009325871

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

Comparing U.S. and European Market Volatility Responses to Interest Rate Policy Announcements

Krieger, Kevin; Mauck, Nathan; Vasquez, Joseph - Volkswirtschaftliche Fakultät, … - 2014

We examine the response of U.S. (VIX) and German (VDAX) implied volatility indices to the announcement of interest rate policy decisions by the Federal Open Market Committee (FOMC) and the European Central Bank (ECB). We confirm prior findings that VIX declines on FOMC meetings days. We present...

Persistent link: https://www.econbiz.de/10011114294

The Optimal Rating Philosophy for the Rating of SMEs

Rikkers, Frieda - 2007

The objective of this research is to determine the optimal rating philosophy for the rating of SMEs, and to describe the consequences of the chosen philosophy on several related aspects. As to our knowledge, this is the first paper that studies the considerations of financial institutions on...

Persistent link: https://www.econbiz.de/10012730695

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