The article analyses the structural changes of the financial intermediary system of Eastern-Central European (ECE) countries, that joined the EU in 2004, namely the Czech Republic, Hungary, Poland, Slovakia and Slovenia (ECE5) in the light of global and European trends from 2004 to 2016. Its two...

We model bank management actions in severe stress test conditions using a game-theoretical framework. Banks update their balance sheets to strategically maximize risk-adjusted returns to shareholders given three regulatory constraints and feedback effects related to fire sales, interactions of...

At the forefront of macroeconomic research on the causes of the Great Financial Cri- sis (GFC) was and still is the usage of dynamic stochastic general equilibrium (DSGE) models. To capture the nonlinearities of the GFC, these models were enriched with a variety of financial frictions. This...