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Inside Safe Assets
Gelpern, Anna - 2016
“Safe assets” is a catch-all term for financial contracts that market participants treat as if they were risk ….S. economic output that year.To treat any contract as if it were risk-free seems delusional after apparently super-safe public and ….Precisely because there are no risk-free contracts, state intervention supplies the essential infrastructure to let people act as if …
Persistent link: https://www.econbiz.de/10012982449
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Securitization, deregulation, economic stability, and financial crisis
Tymoigne, Éric (contributor) - 2009
This study analyzes the trends in the financial sector over the past 30 years, and argues that unsupervised financial innovations and lenient government regulation are at the root of the current financial crisis and recession. Combined with a long period of economic expansion during which...
Persistent link: https://www.econbiz.de/10003942985
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Double-dip recession over, yet no boom in sight
Astrov, Vasily (contributor); Gligorov, Vladimir (contributor) - 2013
The protracted recession in the euro area will continue to be a drag on the economic growth of most CESEE countries in 2013. By and large, those countries are small open economies held hostage to the excessive fiscal austerity pursued in the euro area and the sluggish progress on the part of its...
Persistent link: https://www.econbiz.de/10009722030
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Systemic Risk and the Great Depression
Das, Sanjiv Ranjan - 2019
We employ a unique hand-collected dataset and a novel methodology to examine systemic risk before and after the largest … U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … that we can measure how predisposed the entire network was to risk, where risk was concentrated, and how the failure of …
Persistent link: https://www.econbiz.de/10012892160
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Macro-Financial Stability in the COVID-19 Crisis : Some Reflections
Adrian, Tobias; Natalucci, Fabio; Qureshi, Mahvash Saeed - 2023
The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This paper takes stock of the factors that contributed to this resilience, focusing on the role of...
Persistent link: https://www.econbiz.de/10014258592
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Cyclical Systemic Risk and Downside Risks to Bank Profitability
Lang, Jan Hannes - 2020
This paper studies the impact of cyclical systemic risk on future bank profitability for a large representative panel … risk predict large drops in the average bank-level return on assets (ROA) with a lead time of 3-5 years. Based on quantile … local projections we further show that the negative impact of cyclical systemic risk on the left tail of the future bank …
Persistent link: https://www.econbiz.de/10012834322
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Uncertain Booms and Fragility
Lee, Michael - 2017
I develop a framework of the build-up and outbreak of financial crises in an asymmetric information setting. In equilibrium, two distinct economic states arise endogenously: normal times – periods of modest investment, and booms – periods of expansionary investment. Normal times occur when...
Persistent link: https://www.econbiz.de/10012960899
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Uncertainty shocks and financial crisis indicators
Hristov, Nikolay; Roth, Markus - 2019
The current paper broadens the understanding for the role of uncertainty in the context of a macroeconomic environment. It focuses on the implications of uncertainty shocks on indicators that tend to precede financial crises. In an empirical analysis we show for a set of four euro area countries...
Persistent link: https://www.econbiz.de/10012102657
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Uncertainty shocks and financial crisis indicators
Hristov, Nikolay; Roth, Markus - 2019
The current paper broadens the understanding of the role played by uncertainty in the context of macroeconomic fluctuations. It focuses on the implications of uncertainty shocks for indicators that tend to precede financial crises. In an empirical analysis we show for a set of four euro area...
Persistent link: https://www.econbiz.de/10012103607
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Uncertain Booms and Fragility
Lee, Michael - 2018
I develop a framework of the buildup and outbreak of financial crises in an asymmetric information setting. In equilibrium, two distinct economic states arise endogenously: “normal times,” periods of modest investment, and “booms,” periods of expansionary investment. Normal times occur...
Persistent link: https://www.econbiz.de/10012914217