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This paper investigates the bubbles hypothesis with a dynamic panel data model of British regional house prices between 1972 and 2003. The model consists of a system of inverted housing demand equations, incorporating spatial interactions and lags and relevant spatial parameter heterogeneity....
Persistent link: https://www.econbiz.de/10005124041
the global financial crisis. This is due in part to the fact that many small economies continue to use hard exchange rate … hard fixers have been similar to those for inflation targeters during the Global Financial Crisis and its aftermath. …
Persistent link: https://www.econbiz.de/10011083734
Conventional wisdom holds that protectionism is counter-cyclic; tariffs, quotas and the like grow during recessions. While that may have been a valid description of the data before the Second World War, it is no longer accurate. In the post-war era, protectionism has not actually moved...
Persistent link: https://www.econbiz.de/10011083599
We present a model in which issuers of asset backed securities choose to release coarse information to enhance the liquidity of their primary market, at the cost of reducing secondary market liquidity or even causing it to freeze. The degree of transparency is inefficiently low if the social...
Persistent link: https://www.econbiz.de/10005504512
Systemic risk is modeled as the endogenously chosen correlation of returns on assets held by banks. The limited … systemic risk-shifting incentive where all banks undertake correlated investments, thereby increasing economy-wide aggregate … risk. Regulatory mechanisms such as bank closure policy and capital adequacy requirements that are commonly based only on a …
Persistent link: https://www.econbiz.de/10004980206
respective major crisis triggers (Lehman’s collapse in the US and the 2009 admission by Papandreou, that Greece’s deficit was … those widely observed crisis triggers is similar in the EA and in the US, the behavior of their reserves is quite different …
Persistent link: https://www.econbiz.de/10011096105
financial crisis of 2007-09, they raised substantial amounts of new capital, both from private investors and through government …
Persistent link: https://www.econbiz.de/10011083440
crisis since mid-2007. We also find that there is some tendency of the yield movements to be larger when the demand for the … dealers require compensation for inventory risk and this compensation needs to be higher when market uncertainty is larger. We … explanation of yield movements based on the behaviour of primary dealers with limited risk-bearing capacity. …
Persistent link: https://www.econbiz.de/10011083630
relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis … firms in a crisis. Using detailed credit register information for Italian banks before and after the Lehman Brothers …' default, we are able to study how relationship and transaction-banks responded to the crisis and we test existing theories of …
Persistent link: https://www.econbiz.de/10011083688
are not stronger during the 2008-2009 crisis; if anything, the opposite is true. We then show that this weaker resilience …
Persistent link: https://www.econbiz.de/10011084140