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Does banks' zombie lending induced by unconventional monetary policy also allow zombie firms to leverage their trade credit borrowing? We first provide evidence suggesting that - even in Germany - particularly weak banks used the European Central Bank's very long-term refinancing operations...
Persistent link: https://www.econbiz.de/10012518410
Das Ziel der Einheit von Eigentum und Haftung, dem bei der Einführung des Euro unter anderem durch das No-Bailout-Prinzip Rechnung getragen wurde, hat sich während der Finanzkrise nicht erfüllt. Viel zu häufig ist Bail-out an die Stelle von Bail-in getreten und hat damit substantielle Lasten...
Persistent link: https://www.econbiz.de/10010464606
In March 2012 a conference, organised jointly by the ICFR and SUERF, on "Future Risks and Fragilities for Financial Stability", explored what the next pressure points for financial stability might be, how these may arise from the response to the last financial crisis, and how the industry and...
Persistent link: https://www.econbiz.de/10011689954
The cost of equity for banks equates to the compensation that market participants demand for investing in and holding banks' equity, and has important implications for the transmission of monetary policy and for financial stability. Notwithstanding its importance, the cost of equity is...
Persistent link: https://www.econbiz.de/10012521158
Das Verschuldungsverhalten der privaten Haushalte in Deutschland hat sich durch die jüngste Finanz- und Wirtschaftskrise nicht wesentlich geändert. Der Anteil von Haushalten mit Konsumenten- oder Immobilienkrediten war 2009 niedriger als während der "Dotcom-Krise" um die Jahrtausendwende, und...
Persistent link: https://www.econbiz.de/10011602356
We present a methodology based on quarterly sectoral accounts to build a map of the euro area financial system. The map can be used to visualise existing cross-sectoral interconnections and exposures, to analyse how the main bilateral positions have evolved over time, and to understand how past...
Persistent link: https://www.econbiz.de/10015123033
Using a generalized vector autoregressive framework in which forecast-error variance decompositions are invariant to variable ordering, we propose measures of both total and directional volatility spillovers. We use our methods to characterize daily volatility spillovers across U.S. stock, bond,...
Persistent link: https://www.econbiz.de/10010277262
This paper examines the presence of a contagion effect between Chinese and G20 stock markets as well as its intensity over a recent period from 1st January 2013 to 7 April 2022. The empirical study is conducted using the time-varying copula approach. The obtained results show strong evidence of...
Persistent link: https://www.econbiz.de/10015074623
The European low-carbon transition began in the last few decades and is accelerating to achieve net-zero emissions by 2050. This paper examines how climate-related transition indicators of a large European corporate firm relate to its CDS-implied credit risk across various time horizons....
Persistent link: https://www.econbiz.de/10014285746
In December 2017, during the One Planet Summit in Paris, a group of eight central banks and supervisory authorities launched the "Network for Greening the Financial Sector" (NGFS) to address challenges and risks posed by climate change to the global financial system. Until 06/2023 an additional...
Persistent link: https://www.econbiz.de/10014466960