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The Eurozone 'Debt' Crisis : Another 'Center' – 'Periphery' Crisis Under Financial Globalization?
O'Connell, Arturo - 2016
This paper analyzes the Euro crisis in light of the experience of center-periphery relations over the last 40 years of renewed financial globalization. The crisis shows the characteristic pattern evident in so many other crises in the developing world: i.e. “boom” and “bust” phases of...
Persistent link: https://www.econbiz.de/10012978352
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Europe needs more than a Capital Markets Union : focus on the integration of euro area sovereign debt markets
Breitenfellner, Andreas; Schuberth, Helene - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 9-20
, synthetische Euro-Anleihen einführen, die keine Vergemeinschaftung von Schulden mit sich bringen. …
Persistent link: https://www.econbiz.de/10012051172
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Three decades of international financial crises : what have we learned and what still needs to be done?
Buckley, Ross P.; Avgouleas, Emilios; Arner, Douglas W. - Asian Development Bank - 2020
Fragility that periodically erupts into a full-blown financial crisis appears to be an integral feature of market-based financial systems in spite of the emergence of sophisticated risk management tools and regulatory systems. If anything, the increased frequency of modern crises underscores how...
Persistent link: https://www.econbiz.de/10012232895
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Sovereign credit risk co-movements in the eurozone : simple interdependence or contagion? ; conference paper
Buchholz, Manuel; Tonzer, Lena - 2014
Since the onset of the eurozone sovereign debt crisis, credit risk spreads in Europe have diverged. Despite this … divergence, credit risk comoves strongly within certain country groups such as the eurozone periphery. We seek to answer what the … eurozone countries during the sovereign debt crisis. We find strong evidence for both fundamentals and nonfundamentals based …
Persistent link: https://www.econbiz.de/10010486057
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What do we know about the global financial safety net? : a new comprehensive data set
Scheubel, Beatrice; Stracca, Livio - 2016
This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for over...
Persistent link: https://www.econbiz.de/10011565481
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Boosting the Availability of Trade Finance : A Priority in the Current Crisis?
Hallaert, Jean-Jacques - 2011
Economists disagree on the role trade finance played in the recent collapse in world trade. In contrast, policy makers seem to have reached a consensus. In a nutshell, their reasoning is that trade finance is the lifeline of international trade. The decline in trade is larger than what would be...
Persistent link: https://www.econbiz.de/10013134248
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International Capital Mobility and Financial Fragility - Part 3 : How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Econom...
Ahrend, Rudiger - 2012
This paper examines how structural policies can influence a country's risk of suffering financial turmoil. Using a panel of 184 developed and emerging economies from 1970 to 2009, the empirical analysis examines which structural policies can affect financial stability by either shaping the...
Persistent link: https://www.econbiz.de/10013102361
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The Dollar Shortage in Global Banking and the International Policy Response
von Peter, Goetz - 2013
Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. We reconstruct the worldwide...
Persistent link: https://www.econbiz.de/10013081440
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Repatriation of Debt in the Euro Crisis : Evidence for the Secondary Market Theory
Brutti, Filippo - 2013
The Euro Crisis has marked a sharp inversion in the process of the European financial integration and, more specifically, a repatriation of countries' debt from foreign to domestic investors. Yet the drivers of the financial fragmentation remain unclear. This paper investigates the empirical...
Persistent link: https://www.econbiz.de/10013083147
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Global Collateral : How Financial Innovation Drives Capital Flows and Increases Financial Instability
Fostel, Ana - 2017
We show that cross-border financial flows arise when countries differ in their abilities to use assets as collateral. Financial integration is a way of sharing scarce collateral. The ability of one country to leverage and tranche assets provides attractive financial contracts to investors in the...
Persistent link: https://www.econbiz.de/10012962544