This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

This study characterizes volatility dynamics in external emerging bond markets and examines how prices and volatility respond to news about macroeconomic fundamentals. As in mature bond markets, macroeconomic surprises in external emerging bond markets are found to acurren;ect both conditional...

To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...

Structural conditionality of IMF-supported programs is designed to support structural reforms by countries borrowing from the IMF. Taking stock of program conditions and their implementation, this paper finds that conditionality focuses on fiscal, monetary and financial issues—areas where IMF...

Wir analysieren erstmalig die Rolle von Zukunftsthemen in Bundestagsreden zwischen 1949 und 2021 mithilfe computerlinguistischer Methoden. Die Ergebnisse zeigen, dass der Diskurs über Zukunftsthemen im Bundestag mit dem Wirtschaftswunder zwischen den 1960er und 1990er Jahren stark anstieg. Seit...

In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolution policies may need to be adapted to help contain negative feedback loops while...

This paper calculates implied recovery rates and implied default probabilities in a risk neutral setting for Argentine US-Dollar Eurobonds during the Argentine crisis from 2000 to 2002. In a model which is related to Jarrow (1995), the hazard rate is modelled as risk neutral probability using...