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Reprint of: Market liquidity in the financial crisis: The role of liquidity commonality and flight-to-quality
Rösch, Christoph G.; Kaserer, Christoph - In: Journal of Banking & Finance 45 (2014) C, pp. 152-170
We examine the dynamics and the drivers of market liquidity during the financial crisis, using a unique volume-weighted spread measure. According to the literature we find that market liquidity is impaired when stock markets decline, implying a positive relation between market and liquidity...
Persistent link: https://www.econbiz.de/10011065648
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Market liquidity in the financial crisis: The role of liquidity commonality and flight-to-quality
Rösch, Christoph G.; Kaserer, Christoph - In: Journal of Banking & Finance 37 (2013) 7, pp. 2284-2302
We examine the dynamics and the drivers of market liquidity during the financial crisis, using a unique volume-weighted spread measure. According to the literature we find that market liquidity is impaired when stock markets decline, implying a positive relation between market and liquidity...
Persistent link: https://www.econbiz.de/10011065669
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Monetary Union with a Single Currency and Imperfect Credit Market Integration
Bignon, Vincent; Breton, Régis; Breu, Mariana Rojas - 2015
This paper shows that currency arrangements impact on credit available through default incentives. To this end we build …-border purchases. We show that for a high enough level of this cost, currency integration may magnify default incentives, leading to …
Persistent link: https://www.econbiz.de/10011345558
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Banking union as a shock absorber
Belke, Ansgar; Gros, Daniel - 2015
This study investigates the shock-absorbing properties of a banking union by providing a detailed comparison between the way regional financial shocks have been absorbed at the federal level in the US, but have led to severe regional (national) financial dislocation and tensions in Europe and...
Persistent link: https://www.econbiz.de/10011372046
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Banking Union as a Shock Absorber
Belke, Ansgar; Gros, Daniel - 2015
This study investigates the shock-absorbing properties of a banking union by providing a detailed comparison between the way regional financial shocks have been absorbed at the federal level in the US, but have led to severe regional (national) financial dislocation and tensions in the euro...
Persistent link: https://www.econbiz.de/10010527627
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Monetary union with a single currency and imperfect credit market integration
Bignon, Vincent; Breton, Régis; Rojas Breu, Mariana - 2015
This paper shows that currency arrangements impact on credit available through default incentives. To this end we build …-border purchases. We show that for a high enough level of this cost, currency integration may magnify default incentives, leading to …
Persistent link: https://www.econbiz.de/10011374047
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Banking union as a shock absorber
Belke, Ansgar; Gros, Daniel - 2015
This study investigates the shock-absorbing properties of a banking union by providing a detailed comparison between the way regional financial shocks have been absorbed at the federal level in the US, but have led to severe regional (national) financial dislocation and tensions in Europe and...
Persistent link: https://www.econbiz.de/10011334996
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Banking union as a shock absorber
Belke, Ansgar; Gros, Daniel - 2015
This study investigates the shock-absorbing properties of a banking union by providing a detailed comparison between the way regional financial shocks have been absorbed at the federal level in the US, but have led to severe regional (national) financial dislocation and tensions in the euro...
Persistent link: https://www.econbiz.de/10010529306
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Currency Union with and without Banking Union.
Bignon, V.; Breton, R.; Rojas Breu, M. - Banque de France - 2013
This paper analyzes a two-country model of currency, banks and endogenous default to study whether impediments to …
Persistent link: https://www.econbiz.de/10010816016
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Monetary Union, Banks and Financial Integration
Breton, Régis; Rojas Breu, Mariana; Bignon, Vincent - Université Paris-Dauphine (Paris IX) - 2013
This paper analyzes a two-country model of money and banks to examine the conditions under which the creation of a monetary union between two countries is optimal. Is is shown that if agents resort to banks to adjust their monetary holdings through borrowing and if nobody can force them to repay...
Persistent link: https://www.econbiz.de/10010712484