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Who's coming to the rescue? : revenue-sharing slumps and implicit bailouts during the Great Recession

Foremny, Dirk; Solé-Ollé, Albert - 2016

This paper analyzes the distribution of discretionary transfers from higher tiers of government in the process of fiscal adjustment in local jurisdictions which were hit by a negative revenue shock in formula transfers. Spanish local governments experienced a 30% fall in their revenue-sharing...

Persistent link: https://www.econbiz.de/10011499738

Banking sector race to efficiency during corona crisis : does size matter?

Visković, Josip; Kordić, Lana; Miletić, Marko - In: International journal of business and economic sciences … 15 (2022) 2, pp. 16-24

efficiency over time. Therefore, the main aim of the study was to determine whether small banks can successfully participate in … the efficiency race with large banks. Furthermore, it was essential to clarify whether the efficiency gap arises from … technical or scale efficiency. Finally, we also analyse how the COVID-19 pandemic crisis has affected efficiency and the …

Persistent link: https://www.econbiz.de/10013489516

Fiscal policy, banks and the financial crisis

Kollmann, Robert; Ratto, Marco; Röger, Werner; Veld, … - 2012

This paper studies the effectiveness of Euro Area (EA) fiscal policy, during the recent financial crisis, using an estimated New Keynesian model with a bank. A key dimension of policy in the crisis was massive government support for banks - that dimension has so far received little attention in...

Persistent link: https://www.econbiz.de/10011590516

The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

Virtuous Financial Crises? Empirical Evidence on the Medium-Term Effects of Banking Crises on Productivity Growth

Caballero, Julián - 2015

This paper aims to shed light on the medium term effects of banking crises on productivity growth, bringing the 'creative destruction' hypothesis to the data. The analysis is done at both the macro and micro levels. At the macro level, I study the differences in mean productivity growth before...

Persistent link: https://www.econbiz.de/10013036011

Fiscal policy, banks and the financial crisis

Kollmann, Robert; Ratto, Marco; Roeger, Werner; in't … - 2012

This paper studies the effectiveness of Euro Area (EA) fiscal policy, during the recent financial crisis, using an estimated New Keynesian model with a bank. A key dimension of policy in the crisis was massive government support for banks—that dimension has so far received little attention in...

Persistent link: https://www.econbiz.de/10011506754

Financial Fragility, Sovereign Default Risk and the Limits to Commercial Bank Bail-Outs

van Wijnbergen, Sweder - 2016

We analyze the poisonous interaction between bank rescues, financial fragility and sovereign debt discounts. In our model balance sheet constrained financial intermediaries finance both capital expenditure of intermediate goods producers and government deficits. The financial intermediaries face...

Persistent link: https://www.econbiz.de/10013007059

Chapter 7. Fiscal and Financial Crises

Bordo, M.D.; Meissner, C.M. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 355-412). 2016

Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics toward modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank...

Persistent link: https://www.econbiz.de/10014024279

Why the Crisis Was Unavoidable and Why TARP Didn’t Help

Habbu, Aditya (Adi) - 2011

This paper creates a simple model to describe the relationships between, banks, mortgage agencies, mortgage arrangers, and aspiring home owners. Using this model, the author illustrates how slight changes in real estate appreciation assumptions would reverberate through the collateralized debt...

Persistent link: https://www.econbiz.de/10013122321

Euro Crisis : From the Sovereigns to the Banks and Back to the Sovereigns

Gurdgiev, Constantin - 2011

The global financial crisis of 2007-2009 crystallized the underlying imbalances that are currently acting to tear apart the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro crisis, the insolvency of the Euro area member-states...

Persistent link: https://www.econbiz.de/10013122727