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EAGLE-FLI. A Macroeconomic Model of Banking and Financial Interdependence in the Euro Area

Bokan, Nikola - 2016

We incorporate financial linkages in EAGLE, a New Keynesian multi-country dynamic general equilibrium model of the euro area (EA) by including financial frictions and country-specific banking sectors. In this new version, termed EAGLE-FLI (Euro Area and Global Economy with Financial Linkages),...

Persistent link: https://www.econbiz.de/10012980517

ESBies : Safety in the Tranches

Brunnermeier, Markus K. - 2016

The euro crisis was fueled by the diabolic loop between sovereign risk and bank risk, coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a union-wide safe asset without joint liability, would help to resolve these problems. We make three contributions. First,...

Persistent link: https://www.econbiz.de/10012982881

The Role of Systemic Risk Spillovers in the Transmission of Euro Area Monetary Policy

Skouralis, Alexandros - 2021

This paper empirically investigates the transmission of systemic risk across the Euro Area by employing a Global VAR model. We find that a union aggregate systemic risk shock results in a sharp decline in output, with two thirds of the response to be attributed to cross-country spillovers. The...

Persistent link: https://www.econbiz.de/10013310753

Macro and micro of external finance premium and monetary policy transmission

Altavilla, Carlo; Gürkaynak, Refet S.; Quaedvlieg, Rogier - 2024

We establish basic facts about the external finance premium. Tens of millions of individual loan contracts extended to euro area firms allow studying the determinants of the external finance premium at the country, bank, firm, and contract levels of disaggregation. At the country level, the...

Persistent link: https://www.econbiz.de/10014527119

Italy in the Eurozone

Keuschnigg, Christian; Kirschner, Linda; Kogler, Michael; … - 2020

benign exit from the Eurozone with stable investor expectations could substantially dampen the short-run impact …

Persistent link: https://www.econbiz.de/10012269486

Intra-European imbalances, adjustment, and growth in the eurozone

Guerrieri, Paolo; Esposito, Piero - In: Oxford review of economic policy 28 (2012) 3, pp. 532-550

Persistent link: https://www.econbiz.de/10009727413

Speculative eurozone attacks and departure strategies

Homburg, Stefan - 2018

This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks …. TARGET2 cannot inhibit this drain but only protects central bank assets. Evidence presented here suggests that a run on Italy … distributive effects of an orderly eurozone dissolution. …

Persistent link: https://www.econbiz.de/10012030926

Speculative Eurozone Attacks and Departure Strategies

Homburg, Stefan - 2018

Persistent link: https://www.econbiz.de/10011932093

Yields on Sovereign Debt, Fragmentation and Monetary Policy Transmission in the Euro Area : A GVAR Approach

Echevarria-Icaza, Victor - 2017

The divergence in sovereign yields has been presented as a reason for the lack of traction of monetary policy. We use a GVAR framework to assess the transmission of monetary policy in the period 2005-2016. We identify sovereign yield divergence as a key mechanism by which the leverage channel of...

Persistent link: https://www.econbiz.de/10012963254

Revisiting the Monetary Presentation of the Euro Area Balance of Payments

Picón Aguilar, Carmen - 2020

We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments (b.o.p.). This is possible because the net external assets of the monetary financial institutions (MFIs) are present in two statistical frameworks that follow similar...

Persistent link: https://www.econbiz.de/10012841808