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External Sovereign Debt in a Monetary Union : Bailouts and the Role of Corruption
Achury, Carolina - 2011
We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...
Persistent link: https://www.econbiz.de/10013121867
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Transcending the New Macroeconomic Orthodoxy in the Eurozone : A Post-Keynesian View
Kotarski, Kristijan - 2017
The main aim of this paper is to empirically test the endogenous money hypothesis for the Eurozone. Based on data on … structural VAR model. The empirical results confirm our main hypothesis on the endogeneity of money in the Eurozone as they show … in case of Eurozone and that the direction of influence goes from loans to deposits and from real sector of the economy …
Persistent link: https://www.econbiz.de/10012965084
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On the interaction between monetary and macroprudential policies
Martin, Alberto; Mendicino, Caterina; Van der Ghote, … - 2021
The Global Financial Crisis fostered the design and adoption of macroprudential policies throughout the world. This raises important questions for monetary policy. What, if any, is the relationship between monetary and macroprudential policies? In particular, how does the effectiveness of...
Persistent link: https://www.econbiz.de/10012431776
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Quantitative Easing, Collateral Constraints, and Financial Spillovers
Geanakoplos, John - 2018
The steady application of Quantitative Easing (QE) has been followed by big and non-monotonic effects on international asset prices and international capital flows. These are difficult to explain in conventional models, but arise naturally in a model with collateral. This paper develops a...
Persistent link: https://www.econbiz.de/10012906607
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Quantitative Easing, Collateral Constraints, and Financial Spillovers
Geanakoplos, John - 2019
The steady application of Quantitative Easing (QE) has been followed by big and non-monotonic effects on international asset prices and international capital flows. These are difficult to explain in conventional models, but arise naturally in a model with collateral. This paper develops a...
Persistent link: https://www.econbiz.de/10012896238
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Warding Off Financial Market Failure : How to Avoid Squeezed Margins and Bad Haircuts
Longworth, David - 2012
Regulators aiming to ward off the next financial market failure need to implement rules to smooth the boom-bust cycle in margin requirements and haircuts used in securities financing and derivative transactions, which seriously exacerbated the last financial crisis. In this study, the author...
Persistent link: https://www.econbiz.de/10013115282
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Learning, Expectations, and the Financial Instability Hypothesis
Guzman, Martin - 2016
This paper analyzes what assumptions on formation of expectations are consistent with Minsky's Financial Instability Hypothesis (FIH) and its corollaries. The FIH establishes that financial relations evolve over time turning a stable system into an unstable one. Financial crises would be more...
Persistent link: https://www.econbiz.de/10013000947
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Supply- and Demand-Side Factors in Global Banking
Amiti, Mary - 2017
What is the role of supply and demand forces in determining movements in international banking flows? Answering this question is crucial for understanding the international transmission of financial shocks and formulating policy. This paper addresses the question by using the method developed in...
Persistent link: https://www.econbiz.de/10012953793
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Supply- and Demand-Side Factors in Global Banking
Amiti, Mary - 2017
What is the role for supply and demand forces in determining movements in international banking flows? Answering this question is crucial for understanding the international transmission of financial shocks and formulating policy. This paper addresses the question by using the method developed...
Persistent link: https://www.econbiz.de/10012955333
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Supply- and Demand-Side Factors in Global Banking
Amiti, Mary - 2017
What is the role for supply and demand forces in determining movements in international banking flows? Answering this question is crucial for understanding the international transmission of financial shocks and formulating policy. This paper addresses the question by using the method developed...
Persistent link: https://www.econbiz.de/10012955709