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Sudden stop of capital flows and the consequences for the banking sector and the real economy
Neagu, Florian; Mihai, Irina - European Central Bank - 2013
The paper develops a macro-prudential liquidity stress-testing tool in order to capture the possible consequences of a capital outflow (including a run of deposits). The tool includes a feedback from the banking sector to the real economy, incorporates a link between liquidity risk and solvency...
Persistent link: https://www.econbiz.de/10010709533
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - European Central Bank - 2013
The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1) were highly effective in lowering sovereign yields and raising equity markets, especially in the US relative to...
Persistent link: https://www.econbiz.de/10010686827
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Balance of payment crises in emerging markets: how early were the “early” warning signals?
Bussière, Matthieu - European Central Bank - 2007
Although many papers have already proposed empirical models of currency crises, the timing of such crises has received relatively little attention so far. Most papers use indeed a static specification and impose the same lag structure across all explanatory variables. This, by construction,...
Persistent link: https://www.econbiz.de/10005816180
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Financial integration and entrepreneurial activity: evidence from foreign bank entry in emerging markets
Giannetti, Mariassunta; Ongena, Steven - European Central Bank - 2005
-1993 – arguably the most connected businesses – benefit least from foreign bank entry. This finding suggests that foreign banks can …
Persistent link: https://www.econbiz.de/10005222406
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Globalization and Innovation in Emerging Markets
Gorodnichenko, Yuriy; Svejnar, Jan; Terrell, Katherine - Institute for the Study of Labor (IZA) - 2008
globalization through the impact of increased competition and foreign direct investment on domestic firms’ efforts to raise their … into account firm heterogeneity. We find support for the prediction that competition has a negative effect on innovation … are important channels for domestic firm innovation. We do not find support for the inverted U effect of competition on …
Persistent link: https://www.econbiz.de/10005703100