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An Investigation of Default Prediction Models in the Taiwan Banking Sector

Hou, Tony Chieh-tse - 2016

This study investigates the determinants of bank default probability and the predictive performance of the logit and the hazard models. Using accounting and market price information in the Taiwan bank sector for the period 1999 to 2010, the result shows both models provides adequate default...

Persistent link: https://www.econbiz.de/10013007755

The Option Value of Municipal Liquidity : Evidence from Federal Lending Cutoffs during COVID-19

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions … eligibility population cutoffs introduced by the Federal sector's Municipal Liquidity Facility (MLF) to study the effects of an … emergency liquidity option on yields, primary debt issuance, and public sector employment. We find that while the announcement …

Persistent link: https://www.econbiz.de/10013241456

I currency board come strumento di stabilizzazione economica: come funzionano e dove sono adottati

Cappiello, Antonio - Volkswirtschaftliche Fakultät, … - 2006

This paper describes the functioning of a currency board within the socio-economic context in which it operates. Special focus is given to the macroeconomic implications of a currency board system compared to a central bank system. In particular the author describes the principles regulating a...

Persistent link: https://www.econbiz.de/10005837337

Fiscal Policy in a Monetary Union in the Presence of Uncertainty about the Central Bank Preferences

Dai, Meixing; Sidiropoulos, Moise - Volkswirtschaftliche Fakultät, … - 2008

In this paper, we examine the link between political transparency of a common central bank (CCB) and decentralized supply-side fiscal policies in a monetary union. We find that the opacity of a conservative CCB has a restrictive effect on national fiscal policies since each government...

Persistent link: https://www.econbiz.de/10005837367

Monetary policy and redistribution: information from central bank balance sheets in the Euro area and the US

Cour-Thimann, Philippine - In: Review of Economics 64 (2013) 3, pp. 293-324

bank liquidity, shifted risks from the private financial sector to the public sector and among taxpayers – yet, mechanisms … are in place to mitigate such risks and the associated redistributive effects. The liquidity injection, while directly … of payment inflows from the rest of the respective currency areas, equivalent in amounts to a third of the liquidity …

Persistent link: https://www.econbiz.de/10011198680

Target-Kredite, Leistungsbilanzsalden und Kapitalverkehr: Der Rettungsschirm der EZB

Sinn, Hans-Werner; Wollmershäuser, Timo - ifo Leibniz-Institut für Wirtschaftsforschung an der … - 2011

Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Insbesondere Griechenland, Irland, Portugal und Spanien wiesen in der Vergangenheit Leistungsbilanzdefizite auf, die sich bis März 2011 auf 314 Milliarden Euro akkumulierten. Dies entspricht dem Stand der aggregierten...

Persistent link: https://www.econbiz.de/10009144511

Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility

Sinn, Hans-Werner; Wollmershaeuser, Timo - National Bureau of Economic Research (NBER) - 2011

The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target...

Persistent link: https://www.econbiz.de/10009372441

Competitiveness, Adjustment and Macroeconomic Risk Management in the Eurozone

Spahn, Peter - ROME Network - 2013

Gaps in competitiveness, rooted in economic as well as in political factors, characterise postwar European economic history. The eurozone experience showed the emergence of large current account imbalances. The peculiar mixture of financial markets integration and national cycles in wages and...

Persistent link: https://www.econbiz.de/10010732497

Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis

Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2012

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...

Persistent link: https://www.econbiz.de/10010814462

European monetary integration: between hope and fulfillment

OPRITESCU, Marin; MANTA, Alina - In: Finante - provocarile viitorului (Finance - Challenges … 1 (2010) 12, pp. 12-20

Finalizing the process of European monetary integration in the euro area is an important condition for strengthening the single currency. The current crisis has shown that EU members that are not in the euro area were exposed mainly due to the floating of exchange rate of currencies against the...

Persistent link: https://www.econbiz.de/10010611880