Narrow search
Showing 1 - 10 of 131
Cover Image
Balance Sheet Interlinkages and Macro-Financial Risk Analysis in the Euro Area
Kavonius, Ilja Kristian; Castrén, Olli - 2009
increase a sector’s vulnerability to shocks and contagion. …
Persistent link: https://www.econbiz.de/10009640455
Cover Image
Macro-financial vulnerabilities and future financial stress
Lo Duca, Marco; Peltonen, Tuomas A. - 2011
This paper develops a framework for assessing systemic risks and for predicting (out-of-sample) systemic events, i.e. periods of extreme financial instability with potential real costs. We test the ability of a wide range of “stand alone” and composite indicators in predicting systemic...
Persistent link: https://www.econbiz.de/10009640687
Cover Image
The great inflation, limited asset markets participation and aggregate demand
Bilbiie, Florin O. - 2004
When enough agents do not participate in asset markets, the slope of the aggregate demand curve is reversed. Monetary policy should be passive, to ensure equilibrium determinacy and to minimize variations in output and inflation. This paper presents evidence that asset markets participation in...
Persistent link: https://www.econbiz.de/10009639468
Cover Image
Finance and diversification
Manganelli, Simone; Popov, Alexander - 2010
We study how financial market efficiency affects a measure of diversification of output across industrial sectors borrowed from the portfolio allocation literature. Using data on sector-level value added for a wide cross section of countries and for various levels of disaggregation, we construct...
Persistent link: https://www.econbiz.de/10009640281
Cover Image
Trusting the bankers
Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - 2010
channel is active through the balance-sheets of households, firms and banks; (2) the credit channel amplifies the impact of a …
Persistent link: https://www.econbiz.de/10009640312
Cover Image
Credit supply
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2010
reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to … applications for the same loan, weak banks are less likely to grant the loan. Our results suggest that firms cannot offset the … resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …
Persistent link: https://www.econbiz.de/10009640362
Cover Image
Corporate bond spreads and real activity in the euro area
Buchmann, Marco - 2011
This paper aims at providing a detailed analysis of the leading indicator properties of corporate bond spreads for real economic activity in the euro area. In- and out-of-sample predictive content of corporate bond spreads are examined along three dimensions: the bonds’ quality , their term to...
Persistent link: https://www.econbiz.de/10009640612
Cover Image
Business cycle synchronisation
Dées, Stéphane; Zorell, Nico - 2011
Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....
Persistent link: https://www.econbiz.de/10009640698
Cover Image
Theoretical notes on bubbles and the current crisis
Martin, Alberto; Ventura, Jaume - 2011
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme …
Persistent link: https://www.econbiz.de/10009640837
Cover Image
Taking stock
Ehrmann, Michael; Fratzscher, Marcel - 2004
This paper analyses the effects of US monetary policy on stock markets. We find that, on average, a tightening of 50 basis points reduces returns by about 3%. Moreover, returns react more strongly when no change had been expected, when there is a directional change in the monetary policy stance...
Persistent link: https://www.econbiz.de/10009639408