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Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out Effects
Broner, Fernando - 2014
reallocated from the private to the public sector, reducing investment and deepening the recession even further. To account for …. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce …
Persistent link: https://www.econbiz.de/10013058811
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Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out
Broner, Fernando - 2014
reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for …. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce …
Persistent link: https://www.econbiz.de/10013059093
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Sovereign Debt Repatriation During Crises
Arslanalp, Serkan; Sunder-Plassmann, Laura - 2022
We use a new, comprehensive data set on the sovereign debt investor base to document three novel empirical facts: (i) sovereign debt is repatriated - that is, shifted from external private to domestic investors - prior to sovereign defaults; (ii) not all crises are equal: evidence for...
Persistent link: https://www.econbiz.de/10013288911
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Flight-to-Liquidity and the Great Recession
Radde, Sören - 2012
This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to financial frictions and idiosyncratic funding liquidity risk in their...
Persistent link: https://www.econbiz.de/10013101108
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Flight to Liquidity and the Great Recession
Radde, Sören - 2014
This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their inter- mediation activity....
Persistent link: https://www.econbiz.de/10013048760
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Economic Crises in a Model with Capital Scarcity and Self-Reflexive Confidence
Morelli, Federico; Naumann-Woleske, Karl; Benzaquen, Michael - 2021
and investment. We show that, depending on the model parameters, four qualitatively different outcomes can emerge … investment and high unemployment …
Persistent link: https://www.econbiz.de/10013211846
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Capital deaccumulation and the large persistent effects of financial crises
Knowles, Matthew - 2023
investment and more persistent drops in output if they occur simultaneously with banking crises. Furthermore, the banking crises … that are followed by more persistent output slumps are associated with particularly large initial drops in investment. I … for investing entrepreneurs. This leads to a drop in investment and a very persistent slump in output and employment …
Persistent link: https://www.econbiz.de/10014233623
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Capital, Finance, and Trade Collapse
Jiao, Yang - 2012
This paper proposes a model of international trade with capital accumulation and financial intermediation. This is achieved by embedding the Melitz (2003) model into an incomplete-markets neoclassical framework with an endogenous credit market. The model preserves the analytical tractability of...
Persistent link: https://www.econbiz.de/10013109531
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Follow the Money : Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
Cetorelli, Nicola - 2012
Foreign banks pulled significant funding from their U.S. branches during the Great Recession. We estimate that the average-sized branch experienced a 12 percent net internal fund “withdrawal,” with the fund transfer disproportionately bigger for larger branches. This internal shock to the...
Persistent link: https://www.econbiz.de/10013110969
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Financial Crises, Investment Slumps, and Slow Recoveries
Cerra, Valerie; Hakamada, Mai; Lama, Ruy - 2022
particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions …. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of …
Persistent link: https://www.econbiz.de/10013306789