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Ten Propositions About Liquidity Crises
Borio, Claudio E. V. - 2010
What are liquidity crises? And what can be done to address them? This short article brings together some personal … issues: the distinction between idiosyncratic and systematic elements of liquidity crises; the growing reliance on funding … liquidity in a market-based financial system; the role of payment and settlement systems; the need to improve liquidity buffers …
Persistent link: https://www.econbiz.de/10013147647
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Ten Propositions About Liquidity Crises
Borio, Claudio E. V. - 2013
What are liquidity crises? And what can be done to address them? This short paper brings together some personal …: the distinction between idiosyncratic and systematic elements of liquidity crises; the growing reliance on funding … liquidity in a market-based financial system; the role of payment and settlement systems; the need to improve liquidity buffers …
Persistent link: https://www.econbiz.de/10013095362
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Monetary independence and rollover crises
Bianchi, Javier; Mondragon, Jorge - 2018
Persistent link: https://www.econbiz.de/10011967428
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Government guarantees and the two-way feedback between banking and sovereign debt crises
Leonello, Agnese - 2017
This paper studies the effects of government guarantees on the interconnection between banking and sovereign debt crises in a framework where both the banks and the government are fragile and the credibility and feasibility of the guarantees are determined endogenously. The analysis delivers...
Persistent link: https://www.econbiz.de/10011648311
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Debt sustainability and the terms of official support
Corsetti, Giancarlo; Erce, Aitor; Uy, Timothy - 2018
Persistent link: https://www.econbiz.de/10012037784
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Monetary policy under a fiscal theory of sovereign default
Schabert, Andreas - 2009
This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...
Persistent link: https://www.econbiz.de/10011379355
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Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilisation
Kirchner, Markus; Rieth, Malte - 2020
This paper examines the role of sovereign default beliefs for macroeconomic fluctuations and stabilisation policy in a small open economy where fiscal solvency is a critical problem. We set up and estimate a DSGE model on Turkish data and show that accounting for sovereign risk significantly...
Persistent link: https://www.econbiz.de/10012316605
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A dynamic theory of collateral quality and long-term interventions
Neuhann, Daniel - 2019
liquidity over incentives. Optimal interventions with commitment call for large, long-term subsidies in excess of what is … required to restore liquidity. …
Persistent link: https://www.econbiz.de/10012038843
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Predicting Inflation : Portfolio Erosion or Collapse?
Crawford, George - 2012
What is the probability of high inflation; how high, when? These questions are important to all investors since even the 2% level to which we are accustomed will cut an investor's portfolio by over 17% during a decade. This 2% level is the target of the Federal Reserve, along with near 0%...
Persistent link: https://www.econbiz.de/10013099903
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Optimal Monetary Policy in a Currency Union : Should a Central Bank Care about Output Stabilization?
Thams, Andreas - 2008
In this paper we derive optimal monetary targeting rules under various assumptions about fiscal behavior. In contrast to the existing literature we use a linear-quadratic approach and allow for dynamic games between the two policy authorities. It is shown that optimal monetary behavior is...
Persistent link: https://www.econbiz.de/10012726512