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Per Jacobsson Lecture : Central Banking in the Crisis: Conceptual Convergence and Open Questions on Unconventional Monetary Policy

International Monetary Fund - 2014

Since the grave disruption of the subprime market at the start of the global financial crisis triggered major turbulences in the functioning of money markets in all large advanced economies, central bankers have experienced extraordinarily demanding and difficult times, characterized by a...

Persistent link: https://www.econbiz.de/10014411203

India’s Recent Macroeconomic Performance : An Assessment and Way Forward

Kapur, Muneesh - 2014

The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and growth slowdown, then exacerbated by domestic policy bottlenecks and volatility in...

Persistent link: https://www.econbiz.de/10014411209

The Role of Country Concentration in the International Portfolio Investment Positions for the European Union Members

Brushko, Iuliia - 2014

This paper examines the international portfolio flows of European Union. Our analysis includes three dimensions: (1) the level of countries' portfolio investment concentration (those who invest evenly among counterparties versus those who invest more heavily in some counterparties); (2) the...

Persistent link: https://www.econbiz.de/10014411215

Transmission of Financial Stress in Europe : The Pivotal Role of Italy and Spain, but not Greece

González-Hermosillo, Brenda - 2014

Germany, Greece, Ireland, Italy, Spain and Portugal. The stability of Germany is a close proxy for the resilience of the euro …

Persistent link: https://www.econbiz.de/10014411217

Safe Havens, Feedback Loops, and Shock Propagation in Global Asset Prices

Ohnsorge, Franziska - 2014

We create a network of bilateral correlations of changes in sovereign bond yields and individual bank equity price changes since 2000. We extract some stylized facts from this network of asset price correlations and document the clear differences in asset price correlations between safe havens...

Persistent link: https://www.econbiz.de/10014411222

Bank Size and Systemic Risk

Laeven, Luc - 2014

The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by economies of scale or “too big to fail” subsidies. The paper then presents evidence on the extent to which bank size and market-based...

Persistent link: https://www.econbiz.de/10014411240

Bank Risk Within and Across Equilibria

Agur, Itai - 2014

The global financial crisis highlighted that the financial system can be most vulnerable when it seems most stable. This paper models non-linear dynamics in banking. Small shocks can lead from an equilibrium with few bank defaults straight to a full freeze. The mechanism is based on...

Persistent link: https://www.econbiz.de/10014411354

How to Capture Macro-Financial Spillover Effects in Stress Tests?

Hesse, Heiko - 2014

One of the challenges of financial stability analysis and bank stress testing is how to establish scenarios with meaningful macro-financial linkages, i.e., taking into account spillover effects and other forms of contagion. We come up with an approach to simulate the potential impact of...

Persistent link: https://www.econbiz.de/10014411388

After the Fall : Lessons for Policy Cooperation from the Global Crisis

Bayoumi, Tamim - 2014

A crisis is a terrible thing to waste, and nowhere is this truer than in the arena of international economic policy cooperation. With the world facing the largest and most synchronized plunge in output of the postwar era, policy makers banded together to find solutions. This paper looks at the...

Persistent link: https://www.econbiz.de/10014411401

Global Imbalances and External Adjustment after the Crisis

Lane, Philip R. - 2014

This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock …” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the … cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances …

Persistent link: https://www.econbiz.de/10014411435