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Li, Ye - 2017

Financial intermediaries issue the majority of liquid securities, and nonfinancial firms have become net savers, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold their debt for unhedgeable investment needs -- but also...

Persistent link: https://www.econbiz.de/10011968932

Strengthening economic resilience : insights from the post-1970 record of severe recessions and financial crises

Caldera Sánchez, Aida; De Serres, Alain; Gori, Filippo; … - 2016

Considering the deep and long-lasting impact of severe recessions, such as the 2008-09 financial crisis, it is important that measures be taken to minimise the risk of such event. But in doing so the benefits need to be balanced against the potential costs in terms of lower average growth that...

Persistent link: https://www.econbiz.de/10011695147

Exposition, climax, denouement : life-cycle evaluation of the recent financial crisis in the EU by linking the ESRB financial crisis database to the European Commission's Macroeconomic Imbalance Procedure Scoreboard

Erhart, Szilard - 2019

The paper investigates the life-cycle of the 2008-2009 financial crisis by linking the Macroeconomic Imbalance Procedure (MIP) Scoreboard of the European Commission to the crisis database of the European Systemic Risk Board (ESRB). The novelty of the analysis is that early warning capacity of...

Persistent link: https://www.econbiz.de/10012104493

Financial cycle : a critical analysis of the methodology for its identification

Kurowski, Łukasz - In: Journal of central banking theory and practice 10 (2021) 3, pp. 99-116

While the legitimacy of the concept of the financial cycle (as distinct from the business cycle) in research and economic policy after the experience of the global financial crisis raises no concerns, the methodology for its application has become a subject of discussion. The purpose of this...

Persistent link: https://www.econbiz.de/10012650910

Fundamental, Regressive, and Structural Financialization before and after the Great Recession

Akan, Taner; Gündüz, Halil İbrahim - 2021

The paper investigates three major debates on contemporary economies: (i) if the major components of real economic activity (RECs) stimulate financial development (FND) but not vice versa, (ii) if RECs and FND jointly suppress labor, and (iii) if these two dynamics have incurred any substantial...

Persistent link: https://www.econbiz.de/10013311735

Bubbles, Crashes and the Financial Cycle : Insights from a Stock-Flow Consistent Agent-Based Macroeconomic Model

van der Hoog, Sander - 2015

This paper explores how different credit market and banking regulations affect business fluctuations. Capital adequacy and reserve requirements are analysed for their effect on the risk of severe downturns. We develop an agent-based macroeconomic model in which financial contagion is transmitted...

Persistent link: https://www.econbiz.de/10013021276

Financial Bubbles, Real Estate Bubbles, Derivative Bubbles, and the Financial and Economic Crisis

Sornette, Didier - 2010

fundamental cause of the unfolding financial and economic crisis: the accumulation of several bubbles and their interplay and …

Persistent link: https://www.econbiz.de/10013144346

Financial bubbles, real estate bubbles, derivative bubbles, and the financial and economic crisis

Sornette, Didier; Woodard, Ryan - 2009

fundamental cause of the unfolding financial and economic crisis: the accumulation of several bubbles and their interplay and …

Persistent link: https://www.econbiz.de/10003970395

Financial bubbles : mechanisms and diagnostics

Sornette, Didier; Cauwels, Peter - 2014

Financial bubbles are subject to debate and controversy. However, they are not well understood and are hardly ever … specific traces, bubbles may be recognised in advance: that is, before they burst. In this paper, we will explain the mechanism … behind financial bubbles in an intuitive way. We will show how the log-periodic power law emerges spontaneously from the …

Persistent link: https://www.econbiz.de/10010411859

Global financial crisis : causes and lessons ; a Neo-Schumpeterian perspective

Hanusch, Horst; Wackermann, Florian - 2009

This paper analyses the current financial crisis from a Neo-Schumpeterian perspective. We postulate four linkages that led to the crisis, and that will help us find our way out of the crisis. Therefore, we show that the current evolution is very similar to the Japanese crisis in the beginning of...

Persistent link: https://www.econbiz.de/10003826811