This paper provides a framework to analyse emergency liquidity assistance of central banks on financial markets in response to aggregate and idiosyncratic liquidity shocks. The model combines the microeconomic view of liquidity as the ability to sell assets quickly and at low costs and the...

Dieses Dissertationsprojekt untersucht die Finanzkrise 2007-09, die sich ausgehend vom US-Hypothekenmarkt in mehreren Phasen zu einer der schwerwiegendsten Krisen unseres heutigen Finanzsystems entwickelte. In der bereits zu Beginn der Krise aufkommenden Debatte über Reformen der...

During the global financial crisis, a large number of banks worldwide either failed or received financial aid thus inflicting substantial losses on the system. We contribute to the early warning literature by constructing a dynamic competing risks hazard model that explores the joint...