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This article undertakes a critical comparison of two books­-Private Banking in Europe: Rise, Retreat, and Resurgence by Youssef Cassis and Philip Cottrell, and Financial Elites and European Banking: Historical Perspectives, edited by Youssef Cassis and Giuseppe Telesca-to explore how different...
Persistent link: https://www.econbiz.de/10013267797
step toward normalizing monetary policy which has been very expansive since the onset of the financial crisis. Ahead of the …
Persistent link: https://www.econbiz.de/10011449320
In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the value of the fiat currency. These assets can be in the form of gold, foreign exchange or some other internationally recognised reserve asset and are held to permit the country to...
Persistent link: https://www.econbiz.de/10011450546
Global games with endogenous information often exhibit multiple equilibria. In this paper we show how one can nevertheless identify useful predictions that are robust across all equilibria and that could not have been delivered in the common-knowledge counterparts of these games. Our analysis is...
Persistent link: https://www.econbiz.de/10011685063
periods of financial deregulation and/or innovation. Finding also some support for a link of countries' pre-crisis monetary … stance with the extent to which their financial sectors were hit during the recent crisis, the paper argues that …) unwinding of which helped trigger the recent financial market crisis. -- Interest rates ; monetary policy ; housing ; sub …
Persistent link: https://www.econbiz.de/10003952786
In diesem Beitrag wird erstens die These aufgestellt, dass die konjunkturelle Erholung in der Eurozone allein auf die Ankündigung des OMT-Programms (Outright Monetary Transactions) durch die EZB zurückzuführen ist. Zweitens wird dargelegt, dass die Sparpolitik eine nicht tragbare Verschuldung...
Persistent link: https://www.econbiz.de/10011289566
The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...
Persistent link: https://www.econbiz.de/10014464256
Theoretically based on national income accounting identities, the Feldstein-Horioka hypothesis downplays, if not totally ignores, the influence of monetary factors on international capital mobility. Recognizing the historical development of economics and the institutional arrangements of the...
Persistent link: https://www.econbiz.de/10014518598
Based on a sample of 87 countries, this paper shows that non-financial institutions, specifically rule of law, do matter for the relative merits of bank-based and market-based financial systems. Market-based systems work better in low rule of law countries, while bank-based systems are more...
Persistent link: https://www.econbiz.de/10009673697
Persistent link: https://www.econbiz.de/10012260234