Finanz- und Bankenkrisen können seit Jahrhunderten beobachtet werden und gründen auf ähnlichen Verhaltensweisen der Beteiligten. Wie die vergangenen zwei Jahre gezeigt haben, variieren hingegen die den Krisen zugrundeliegenden tieferen Ursachen und Mechanismen. Durch statistische Daten wird...

This paper explores the interaction between the Great recession triggered by the US subprime mortgages crisis and the twin crisis of macroeconomics. We argue that a major determinant of the subprime crisis and its dire consequences has been an approach to economics that is unable to deal with...

With bank-level data from 81 developing countries, the paper shows that increased foreign bank presence is associated with increased reliance on non-deposit based funding, which leads to higher interest rate spreads, less credit to the private sector, and higher volatility in bank loans. Foreign...

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s which resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994-95 Mexican crises, the 1997-98 Asian financial crisis, the 1998 Russian...

This study examines whether bank shareholders bear the burden of required reserves tax by analyzing the reaction of banks’ stock returns to the changes in the required reserve ratio. Results show that increases in reserve requirements significantly lower bank returns implying that shareholders...

The Federal Reserve’s AMLF program was designed to provide liquidity to money market funds (MMFs). Between September 2008 and May 2009, the program made $217 billion in non-recourse loans to depository institutions and bank holding companies to purchase asset-backed commercial paper from MMFs....

Mit den Beschlüssen zur europäischen Regulierung im Dezember 2012 hat die EU einen Schritt in Richtung Bankenunion gemacht. Nach Ansicht von Sabine Lautenschläger, Deutsche Bundesbank, braucht Europa Zeit, um eine europäische Bankenaufsicht und einen europäischen Abwicklungsmechanismus auf...

Market distress can be the catalyst of a deleveraging wave, as in the 2007/08 financial crisis. This paper demonstrates how market distress and deleveraging can fuel each other in the presence of adverse selection problems in asset markets. At the core of the detrimental feedback loop is agents'...

We investigate the comovement between sovereign and bank credit riskin the Euro area over the period 2008-2010. We construct two synthetic credit risk measures of the European sovereign and banking sectors thatcan be used for macro-prudential supervision. We estimate a Vector error-correction...

We present a cross country analysis of credit growth and draw implications for Turkey. Similar credit deepening phases in many countries suggest a stable ratio of net credit use (change in credit stock) with respect to national income. To this end, we calculate an interval for this ratio in a...