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On the Global Impact of Risk-off Shocks and Policy-put Frameworks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...

Persistent link: https://www.econbiz.de/10012890990

The Global Impact of Risk-Off Shocks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilising for financial markets and, absent an adequate policy response, may trigger severe recessions. In Caballero and Kamber (2019), we document that the unconventional policies adopted by the main central banks were effective in containing asset price...

Persistent link: https://www.econbiz.de/10012870096

Cross-Border Interbank Liquidity, Crises, and Monetary Policy

Abbassi, Puriya - 2020

We analyze how the Lehman and sovereign crises affect cross-border interbank liquidity, exploiting euro-area proprietary interbank data, crisis and monetary shocks, and loan terms to the same borrower during the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of...

Persistent link: https://www.econbiz.de/10012856315

Do liquidity limits amplify money market fund redemptions during the COVID crisis?

Dunne, Peter G.; Giuliana, Raffaele - 2021

Regulation of Money Market Funds (MMFs) in the EU requires some categories of MMFs to consider applying liquidity management tools if they breach a minimum 'weekly' liquidity requirement. Anticipation of the application of such tools is a plausible amplifier of run risks. Using a larger European...

Persistent link: https://www.econbiz.de/10012670037

Systemic Risk and Monetary Policy : The Haircut Gap Channel of the Lender of Last Resort

Jasova, Martina; Laeven, Luc; Mendicino, Caterina; … - 2021

We show that lender of the last resort (LOLR) policy contributes to higher bank interconnectedness and systemic risk. Using novel micro-level data, we analyze the haircut gap channel of LOLR – the difference between the private market and central bank haircuts. LOLR increases...

Persistent link: https://www.econbiz.de/10013225855

Strategic complementarities and money market fund liquidity management

Witmer, Jonathan - 2017

Following the financial crisis, there has been increased regulatory focus on the management of liquidity in mutual funds and, specifically, whether funds hold enough liquidity to guard against the potential for investor runs. Using a novel, detailed regulatory dataset on the portfolio holdings...

Persistent link: https://www.econbiz.de/10011637400

Transcending the New Macroeconomic Orthodoxy in the Eurozone : A Post-Keynesian View

Kotarski, Kristijan - 2017

The main aim of this paper is to empirically test the endogenous money hypothesis for the Eurozone. Based on data on … structural VAR model. The empirical results confirm our main hypothesis on the endogeneity of money in the Eurozone as they show … in case of Eurozone and that the direction of influence goes from loans to deposits and from real sector of the economy …

Persistent link: https://www.econbiz.de/10012965084

Is the Eurozone on the mend? : Latin American examples to analyze the euro question

Cavallo, Eduardo A.; Fernández Arias, Eduardo; Powell, … - 2014

economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …

Persistent link: https://www.econbiz.de/10011286667

The effects of a Euro exit on growth, employment, and wages

Realfonzo, Riccardo; Viscione, Angelantonio - 2015

how a country stays in the eurozone, or on how it leaves if need be. …

Persistent link: https://www.econbiz.de/10011296744

A Re-Evaluation of the Feldstein-Horioka Puzzle in the Eurozone

Plakandaras, Vasilios - 2018

European Union and the Eurozone, based on long-run regressions. We employ the Long Run Derivative proposed by Fischer and … creation of the European Union, the introduction of the Eurozone or the 2008 global financial crisis …

Persistent link: https://www.econbiz.de/10012908620