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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
With a view to establishing a Capital Markets Union (CMU), efforts to integrate (private) capital markets and private risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial potential threat to sovereign bond market stability in the...
Persistent link: https://www.econbiz.de/10012051172
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Die Schuldenkrise des Globalen Südens : Verfahren zu ihrer Bewältigung schaffen
Liebal, Mara; Rehbein, Kristina - In: Vierteljahrshefte zur Wirtschaftsforschung 88 (2019) 4, pp. 67-76
Ausgelöst durch das Zusammentreffen niedriger Zinsen in reichen Ländern und einem hohen Finanzierungsbedarf für Infrastruktur in vielen ärmeren Ländern befindet sich die Verschuldung der Länder des Globalen Südens seit Jahren auf einem dramatisch hohen Niveau. Hohe Schuldendienstzahlungen...
Persistent link: https://www.econbiz.de/10012155264
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The impacts of credit standards on aggregate fluctuations in a small open economy : the role of monetary policy
Le, Hai - In: Economies : open access journal 9 (2021) 4, pp. 1-26
Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...
Persistent link: https://www.econbiz.de/10012800343
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Untangling crises : GFC and COVID-19 through the lens of a DSGE model
Peña, Rogelio De la; García, Ignacio - In: Latin American journal of central banking : LAJCB 4 (2023) 2, pp. 1-29
In this paper, we aim to compare the anatomy of the impact of the COVID-19 outbreak and the Great Financial Crisis (GFC) in the context of an emerging market economy. To this end, we develop a small open economy DSGE model with the Bernanke-Gertler-Gilchrist financial accelerator that features...
Persistent link: https://www.econbiz.de/10014382934
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European equity market contagion : an empirical application to Ireland's sovereign debt crisis
Corbet, Shaen; Twomey, Cian - In: European financial and accounting journal : EFAJ 10 (2015) 3, pp. 15-34
This paper examines the time-varying conditional correlations of daily European equity market returns during the Irish sovereign debt crisis. A dynamic conditional correlation (DCC) multivariate GARCH model is used to estimate to what extent the collapse of Irish equity markets and subsequent...
Persistent link: https://www.econbiz.de/10011471074
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Commercial banking from oil crisis to debt crisis : the case of Lloyds Bank
Altamura, Edoardo - In: Jahrbuch für Wirtschaftsgeschichte 64 (2023) 2, pp. 469-487
In January 1998, the British weekly The Economist called the British bank Lloyds a "money machine". Such an outcome was far from inevitable for a bank that had been one of the hardest hit victims of the 1982 sovereign debt crisis, when most developing countries found themselves unable to repay...
Persistent link: https://www.econbiz.de/10014436578
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Zypern: Insel ohne Geschäftsmodell?
Bencek, David; Dettmer, Bianka; Schrader, Klaus - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 8, pp. 563-571
Cyprus appeared to be a South European success story until the beginning of the economic and financial crisis in 2008 … the Cypriot service industry in the course of a reunification of Cyprus. A reunification could rebuild confidence lost …
Persistent link: https://www.econbiz.de/10010226600
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Systemic risk in the European Union : a network approach to banks' sovereign debt exposures
Westphal, Annika - In: International Journal of Financial Studies : open … 3 (2015) 3, pp. 244-279
This paper draws on network theory to investigate European banks' sovereign debt exposures. Banks' holdings of sovereign debt build a network of financial linkages with European countries that exhibits a long-tail distribution of node degrees. A highly connected network core of 15 banks is...
Persistent link: https://www.econbiz.de/10011312216
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Financial frictions, trends, and the great recession
Guerrón-Quintana, Pablo A.; Jinnai, Ryo - In: Quantitative economics : QE ; journal of the … 10 (2019) 2, pp. 735-773
We study the causes behind the shift in the level of U.S. GDP following the Great Recession. To this end, we propose a … disturbances during the recession and the lack of strong tailwinds post-crisis resulted in a severe contraction and the downward … its average growth rate. From a historical perspective, the Great Recession was unique because of the size and persistence …
Persistent link: https://www.econbiz.de/10012049309
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Modeling and simulating cross country banking contagion risks
Zedda, Stefano; Spinace-Casale, Antonella - In: Journal of risk and financial management : JRFM 14 (2021) 8, pp. 1-16
The recent financial crisis proved that financial contagion could spread among countries resulting in disruptive effects. In this paper, by modeling and simulating banking system behavior and linkages across countries, we assess, based on data from the BIS and IMF, the possible outcome of...
Persistent link: https://www.econbiz.de/10012626421