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Leaning against the wind and crisis risk
Schularick, Moritz; Ter Steege, Lucas; Ward, Felix - 2020
Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest …
Persistent link: https://www.econbiz.de/10012260596
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The International Monetary Fund : 70 years of reinvention
Reinhart, Carmen M.; Trebesch, Christoph - 2015 - This draft: December 10, 2015
A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a "demand driven" theory of institutional change, as the needs of its clients and the type of crisis...
Persistent link: https://www.econbiz.de/10011406766
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The problems of inflation targeting originate in the monetary theory of Knut Wicksell
Jonung, Lars - 2022
The theoretical foundation of inflation targeting was laid out by the Swedish economist Knut Wicksell (1851-1926) in his groundbreaking treatise, Interest and Prices, published originally in German in 1898. Here he proposed price stability as the rule for monetary policy. Today, inflation...
Persistent link: https://www.econbiz.de/10013270300
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The repeal of the glass-steagall act and the Federal Reserve's extraordinary intervention during the global financial crisis
Nersisyan, Yeva - 2015
to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers … banks to nonbank financial institutions. In a specialized financial system, which the GSA had helped create, the use of the … lender-of-last-resort safety net could be more comfortably limited to commercial banks. However, the elimination of GSA …
Persistent link: https://www.econbiz.de/10010467778
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Foreign banks and The bank lending channel
Denderski, Piotr; Paczos, Wojciech - 2017
We provide new evidence on the bank lending channel of monetary policy using bank-level data of 440 banks from eleven … CEE transition economies between 1998 and 2012. Our findings are: i) banks adjust their loans to changes in host country …’s monetary policy, ii) foreign-owned banks are less responsive to monetary policy of a host country than domestic-owned banks in …
Persistent link: https://www.econbiz.de/10011689468
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Global cycles : capital flows, commodities, and sovereign defaults, 1815-2015
Reinhart, Carmen M.; Reinhart, Vincent; Trebesch, Christoph - 2016 - This draft: January 13, 2016
Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it difficult to connect their timing. We date turning points in global capital flows and commodity prices across two centuries and provide estimates from alternative data...
Persistent link: https://www.econbiz.de/10011421571
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International propagation of financial shocks in a search and matching environment
Isoré, Marlène - 2011 - First draft: April 30, 2010, This version: April 13, 2011
This paper develops a two-country multi-frictional model where the freeze on liquidity access to commercial banks in …
Persistent link: https://www.econbiz.de/10011346436
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Decomposing financial (in)stability in emerging economies
Lepers, Etienne; Sánchez Serrano, Antonio - 2017
The build-up of risks in advanced economies has seen a lot of research efforts in the recent years, while similar research efforts on emerging economies have not been so strong and, when undertaken, have focused mostly on its international dimension. Simultaneously, the financial system of the...
Persistent link: https://www.econbiz.de/10011976156
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Individual behavior and collective action : the path to Iceland's financial collapse
Thorvaldur Gylfason; Gylfi Zoega - 2019
accounting and in the operation of the banks. …
Persistent link: https://www.econbiz.de/10012110219
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Best friend or worst enemy? : dynamics and multiple equilibria with financial arbitrage, production and collateral constraints
Zhang, Quan - 2017 - Last update: March 23, 2017
We develop a tractable model to study the macroeconomic impacts of limited arbitrage by linking arbitrage activities with the macroeconomy through collateralization. We show that the interactions between speculative trading and the business cycle can work as a powerful transmission mechanism,...
Persistent link: https://www.econbiz.de/10011626467