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Foreign currency loans and systemic risk in Europe
Yeşin, Pınar - 2013
Foreign currency loans to the unhedged non-banking sector are remarkably prevalent in Europe and create a significant … exchange-rate-induced credit risk to European banking sectors. In particular, Swiss franc (CHF)-denominated loans, popular in … that banks in Europe have continuously held more foreign-currency-denominated assets than liabilities, indicating their …
Persistent link: https://www.econbiz.de/10010221680
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Financing investment: the choice between bonds and bank loans
Morellec, Erwan; Valta, Philip; Zhdanov, Alexei - 2014
bargaining power in default, operating in more competitive product markets, and facing lower credit supply are more likely to …
Persistent link: https://www.econbiz.de/10010258730
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Debt restructuring with multiple bank relationships
Baglioni, Angelo; Colombo, Luca; Rossi, Paola - 2019
When the debt of firms in distress is dispersed, a restructuring agreement is difficult to reach because of free riding. We develop a repeated game in which banks come across each other frequently, allowing them to threaten a punishment in case of free riding. As the number of lending banks...
Persistent link: https://www.econbiz.de/10011962128
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Debt restructuring with multiple bank relationships
Baglioni, Angelo; Colombo, Luca; Rossi, Paola - 2018
Persistent link: https://www.econbiz.de/10011944440
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Assessing the impact of demand shocks on the US term premium
Barnett, Russell; Zmitrowicz, Konrad - 2018
During and after the Great Recession of 2008-09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more...
Persistent link: https://www.econbiz.de/10011873794
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Settlement balances deconstructed
Chu, Parnell; Johnson, Grahame; Kinnear, Scott; … - 2022
The concept of settlement balances is simple in its definition but complex when attempting to understand how they interplay between a central bank and the financial system. Settlement balances can be defined as interest-bearing deposits that belong to participants of Canada's payment system and...
Persistent link: https://www.econbiz.de/10013256950
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Assessing the impact of the Bank of Canada's government bond purchases
Azizova, Chinara; Witmer, Jonathan; Zhang, Xu - 2024
Persistent link: https://www.econbiz.de/10014577895
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International capital market frictions and spillovers from quantitative easing
MacDonald, Margaux - 2015
This paper analyzes the impact of large-scale, unconventional asset purchases by advanced country central banks on emerging market economies (EMEs) during 2008–2014. I show that there was substantial heterogeneity in the way EME currency, equity, and long-term sovereign bond markets were...
Persistent link: https://www.econbiz.de/10011300668
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Financial institutions' business models and the global transmission of monetary policy
Argimón, Isabel; Bonner, Clemens; Correa, Ricardo; … - 2018
Global financial institutions play an important role in channeling funds across countries and, therefore, transmitting monetary policy from one country to another. In this paper, we study whether such international transmission depends on financial institutions' business models. In particular,...
Persistent link: https://www.econbiz.de/10011859474
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US monetary policy and international bond markets
Gilchrist, Simon; Yue, Vivian Z.; Zakrajšek, Egon - 2018
addition a conventional US monetary easing leads to a significant narrowing of the credit spreads on dollar …-denominated sovereign bonds that are issued by countries with a speculative-grade sovereign credit rating. However, during the …
Persistent link: https://www.econbiz.de/10011927015