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Financial crisis, US unconventional monetary policy and international spillovers

Chen, Qianying; Filardo, Andrew; He, Dong; Zhu, Feng - Bank for International Settlements (BIS) - 2015

We study the impact of US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error correction model (GVECM). We focus on the effects of reductions in the US term and corporate spreads. The estimated effects of QE are sizeable and vary across...

Persistent link: https://www.econbiz.de/10011210512

Global dollar credit: links to US monetary policy and leverage

McCauley, Robert N; McGuire, Patrick; Sushko, Vladyslav - Bank for International Settlements (BIS) - 2015

Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes to this policy discussion by analysing the links...

Persistent link: https://www.econbiz.de/10011123575

Chronicle of currency collapses: re-examining the effects on output

Bussière, Matthieu; Saxena, Sweta c; Tovar, Camilo - Bank for International Settlements (BIS) - 2010

The impact of currency collapses (ie large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the period...

Persistent link: https://www.econbiz.de/10008550158

The Asian crisis: what did local stock markets expect?

Gyntelberg, Jacob; Herrero, Alicia Garcia; Tesei, Andrea - Bank for International Settlements (BIS) - 2008

In this paper we investigate whether cross-sectional information from local equity markets contained information on devaluation expectations during the Asian crisis. We concentrate on the information content of equity prices as these markets were in general the largest and most liquid at the...

Persistent link: https://www.econbiz.de/10005127758

Global safe assets

Gourinchas, Pierre-Olivier; Jeanne, Olivier - Bank for International Settlements (BIS) - 2012

Will the world run out of 'safe assets' and what would be the consequences on global financial stability? We argue that in a world with competing private stores of value, the global economic system tends to favor the riskiest ones. Privately produced stores of value cannot provide sufficient...

Persistent link: https://www.econbiz.de/10010598579

The cost of barriers to entry: evidence from the market for corporate euro bond underwriting

Santos, João A. C.; Tsatsaronis, Kostas - Bank for International Settlements (BIS) - 2003

The advent of the euro has eroded many of the barriers that segmented the European corporate bond market along currency … combining their purchasing of commercial and investment banking services. This paper shows that the arrival of the euro led to a … houses, particularly those from the United States, rather than an intensification of the business links between euro area …

Persistent link: https://www.econbiz.de/10005063329

The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?

Galati, Gabriele; Wooldridge, Philip D. - Bank for International Settlements (BIS) - 2006

introduction of the euro greatly improved the functioning of euro financial markets. This paper investigates whether euro financial … markets have developed sufficiently to facilitate the emergence of the euro as a reserve currency on par with the US dollar …. We find that the liquidity and breadth of euro financial markets are fast approaching those of dollar markets, and as a …

Persistent link: https://www.econbiz.de/10005063366

Global imbalances and the financial crisis: Link or no link?

Borio, Claudio; Disyatat, Piti - Bank for International Settlements (BIS) - 2011

Global current account imbalances have been at the forefront of policy debates over the past few years. Many observers have recently singled them out as a key factor contributing to the global financial crisis. Current account surpluses in several emerging market economies are said to have...

Persistent link: https://www.econbiz.de/10009024810

The international propagation of the financial crisis of 2008 and a comparison with 1931

Allen, William A.; Moessner, Richhild - Bank for International Settlements (BIS) - 2011

We examine the international propagation of the financial crisis of 2008, and compare it with that of the crisis of 1931. We argue that the collateral squeeze in the United States, which became intense after the failure of Lehman Brothers created doubts about the stability of other financial...

Persistent link: https://www.econbiz.de/10009145872

The Impact of the International Financial Crisis on Asia and the Pacific: Highlighting Monetary Policy Challenges from a Negative Asset Price Bubble Perspective

Filardo, Andrew - Bank for International Settlements (BIS) - 2011

The international financial crisis of the late 2000s has revived interest in asset price bubble research. For some, the event confirmed the enduring relevance of studying asset price bubbles in our economies. For others, it was a realisation that asset price bubbles are of much greater...

Persistent link: https://www.econbiz.de/10009364650