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Wyplosz, Charles - 2010

This paper contrasts the United States (US) and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of...

Persistent link: https://www.econbiz.de/10003983135

Financial cycles in Europe : dynamics, synchronicity and implications for business cycles and macroeconomic imbalances

Adarov, Amat - 2019

the period 1960Q1–2015Q4 capturing imbalances across credit, housing, bond and equity markets. The paper documents the … VAR models to assess interactions between external and internal macroeconomic imbalances suggest that financial cycles are … an important driver of business cycles and public debt dynamics, with much stronger shock transmission observed in the …

Persistent link: https://www.econbiz.de/10012153925

Financial Liberalization and Business Cycles : The Experience of Countries in the Baltics and Central Eastern Europe

Vinhas de Souza, Lucio Vinhas - 2016

Persistent link: https://www.econbiz.de/10012991348

Financial Liberalization and Business Cycles : The Experience of New EU Member States in the Baltics and Central Eastern Europe

Vinhas de Souza, Lucio Vinhas - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European new Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging...

Persistent link: https://www.econbiz.de/10014072529

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

Measuring Financial Cycle Time

Filardo, Andrew J. - 2019

Motivated by the traditional business cycle approach of Burns and Mitchell (1946), we explore cyclical similarities in financial conditions over time in order to improve our understanding of financial cycles. Looking back at 120 years of data, we find that financial cycles exhibit behaviour...

Persistent link: https://www.econbiz.de/10012894116

Measuring Financial Cycle Time

Filardo, Andrew J. - 2019

Persistent link: https://www.econbiz.de/10012896704

Gauging Procyclicality and Financial Vulnerability in Asia Through the BIS Banking and Financial Statistics

Avdjiev, Stefan - 2018

We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of...

Persistent link: https://www.econbiz.de/10012914110

Global Imbalances, Risk and the Great Recession

Evans, Martin D.D. - 2013

This paper describes a new analytical framework for the quantitative assessment of international external positions. The framework links each country's current net foreign asset position to its current trade flows, forecasts of future trade flows, and expectations concerning future returns on...

Persistent link: https://www.econbiz.de/10013073447

Monetary policy and cross-border interbank market fragmentation : lessons from the crisis

Blattner, Tobias S.; Swarbrick, Jonathan M. - 2020 - Last updated: August 27, 2020

We present a two-country model featuring risky lending and cross-border interbank market frictions. We find that (i) the strength of the financial accelerator, when applied to banks operating under uncertainty in an interbank market, will critically depend on the economic and financial structure...

Persistent link: https://www.econbiz.de/10012271646

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