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Equity capital, bankruptcy risk and the liquidity trap
Levintal, Oren - 2012
This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in … long time. -- liquidity trap ; financial crisis ; rare disasters ; equity capital ; leverage ; bankruptcy risk …
Persistent link: https://www.econbiz.de/10009535806
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Unconventional monetary policy and funding liquidity risk
Avernas, Adrien d'; Vandeweyer, Quentin; Darracq … - 2020
dynamics. Increasing the supply of reserves reduces liquidity risk in the traditional banking sector, but fails to reach the …This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity … shadow banking sector. When the shadow banking sector is large, as in the US in 2008, the central bank can further stabilize …
Persistent link: https://www.econbiz.de/10012137673
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Evolving international monetary and financial architecture and the development challenge : a liquidity preference theoretical perspective
Bibow, Jörg - 2019
's liquidity preference theory informs the analysis of the loss of policy space and widespread instabilities in emerging economies …
Persistent link: https://www.econbiz.de/10012059766
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Global trends in interest rates
Del Negro, Marco; Giannone, Domenico; Giannoni, Marc Paolo - 2018
convenience yield for safety and liquidity and by lower global economic growth …
Persistent link: https://www.econbiz.de/10012030041
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The determinants of stock and bond return comovements
Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen - 2007
dynamics of stock-bond return correlations poorly. Alternative factors, such as liquidity proxies, help explain the residual …
Persistent link: https://www.econbiz.de/10011617371
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Flights to safety
Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen; Wei, Min - 2012
Despite a large and growing theoretical literature on flights to safety, there does not appear to exist an empirical characterization of flight-to-safety (FTS) episodes. Using only data on bond and stock returns, we identify and characterize flight to safety episodes for 23 countries. On...
Persistent link: https://www.econbiz.de/10011590578
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Procyclical finance : the money view
Li, Ye - 2017
, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold …. Introducing government debt as a competing source of liquidity is a double-edged sword: firms hold more liquidity in every state … of the world, but by squeezing intermediaries' profits and amplifying their leverage cycle, public liquidity increases …
Persistent link: https://www.econbiz.de/10011968932
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Global trends in interest rates
Del Negro, Marco; Giannone, Domenico; Giannoni, Marc Paolo - 2018
convenience yield for safety and liquidity and by lower global economic growth. …
Persistent link: https://www.econbiz.de/10011904671
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ECB monetary operations and the interbank repo market
Dunne, Peter G.; Fleming, Michael J.; Zholos, Andrey - 2013
We examine the relationship between monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations between these funding sources and that this...
Persistent link: https://www.econbiz.de/10010222894
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What Does the CDS Market Imply for a U.S. Default?
Benzoni, Luca; Cabanilla, Christian; Cocco, Alessandro; … - 2023
We document the sharp increase in trading activity, gross and net notional outstanding, and overall premiums in the U.S. credit default swaps (CDS) market that took place during the 2023 debt ceiling episode. Unlike the periods leading up to the 2011 and 2013 debt ceiling events, we show that in...
Persistent link: https://www.econbiz.de/10014350983