In October 2017, the European Systemic Risk Board (ESRB) set up a group whose objective was to examine cyber security vulnerabilities within the financial sector, and their potential impact on financial stability and the real economy. In its first year, the European Systemic Cyber Group (ESCG)...

On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...

Die Europäische Union (EU) sieht sich innerhalb kürzester Zeit mit zwei großen und historisch einmaligen Krisen konfrontiert. Die Corona-Krise führte zu asymmetrischen wirtschaftlichen Auswirkungen in der EU. Maßgeblich für die konjunkturelle Entwicklung zwischen dem vierten Quartal 2019...

Die Dissertation beinhaltet drei Kapitel zu den größten Finanzkrisen des letzten Jahrhunderts - der Großen Depression (ab 1929) und der Großen Rezession (ab 2007-08). Der Kern der Arbeit liegt in der Verbindung zwischen einer ungleicheren Einkommensverteilung, Haushaltsverschuldung,...

SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was...

The paper deals with the geographies of the European economic crisis that had its origins in the global financial crisis of 2008-09. The crisis pushed many European economies into a deep recession and caused a mass unemployment in many countries. The crisis is analysed in a monetary economy...

This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into...

Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that has been built up over the last two decades or more....

This paper proposes a general statistical framework for systemic financial stress indexes. Several existing index designs can be represented as special cases. We introduce a daily variant of the ECB's CISS for the euro area and the US. The CISS aggregates a representative set of stress...