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Debt Rule Design in Theory and Practice : The SGP's Debt Benchmark Revisited

Hauptmeier, Sebastian - 2020

This paper is linked to two debates on fiscal policies: first, the implications of low interest-growth differentials for debt sustainability and, second, the reform of the EU fiscal governance framework. In both debates the choice of government debt anchor and the speed of adjustment take centre...

Persistent link: https://www.econbiz.de/10012840203

Competition and Bank Risk : The Effect of Securitization and Bank Capital

Marqués Ibáñez, David - 2014

We find that the increased use of securitisation activity in the banking sector prior to the 2007-2009 crisis augmented …

Persistent link: https://www.econbiz.de/10013054085

Asymmetric Information in Credit Markets, Bank Leverage Cycles and Macroeconomic Dynamics

Rannenberg, Ansgar - 2012

I add a moral hazard problem between banks and depositors as in Gertler and Karadi (2009) to a DSGE model with a costly state verification problem between entrepreneurs and banks as in Bernanke et al. (1999) (BGG). This modification amplifies the response of the external finance premium and the...

Persistent link: https://www.econbiz.de/10013099227

Debt Overhang and Investment Eﬃciency

Popov, Alexander A. - 2018

, if it is dominated by short maturities, and during systemic banking crises. Our results are consistent with theories of …

Persistent link: https://www.econbiz.de/10012906647

Funding Behaviour of Debt Management Offices and the ECB's Public Sector Purchase Programme

Plessen-Mátyás, Katharina; Kaufmann, Christoph; … - 2021

This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the start of the ECB’s Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The...

Persistent link: https://www.econbiz.de/10013227324

Drivers of European Public Debt Management

2020

This study analyses the choice of government debt managers in the euro area between issuing short‐term or long‐term debt over the period 1992‐2017. Debt managers increased short‐term debt issuance in response to higher interest rate spreads and to rising government debt, notably in...

Persistent link: https://www.econbiz.de/10012829297

Major Public Debt Reductions : Lessons From the Past, Lessons for the Future

Nickel, Christiane; Rother, Philipp C.; Zimmermann, Lilli - 2021

The financial crisis of 2008/2009 has left European economies with a sizeable public debt stock bringing back the question what factors help to reduce these fiscal imbalances. Using data for the period 1985-2009 this paper identifies factors determining major public debt reductions. On average,...

Persistent link: https://www.econbiz.de/10013316168

Banks' Risk-Taking within a Banking Union

Farnè, Matteo; Vouldis, Angelos - 2021

We study the relationship between banks’ size and risk-taking in the context of supranational banking supervision …. Consistently with theoretical work on banking unions and in contrast to analyses emphasising incentives underpinned by the too …

Persistent link: https://www.econbiz.de/10013210707

Bank Capital Structure and the Credit Channel of Central Bank Asset Purchases

Darracq Pariès, Matthieu - 2016

programme. We analyse the macroeconomic effects of the Asset Purchase Programme via the banking system, exploiting the cross … (2013), featuring a segmented banking sector, is estimated for the euro area and combined with a bank portfolio optimisation … lending conditions, which can vary significantly across jurisdictions and segments of the banking system …

Persistent link: https://www.econbiz.de/10012988604

Bank Leverage Cycles

Nuño, Galo - 2013

We document the cyclical dynamics in the balance sheets of US leveraged financial intermediaries in the post-war period. Leverage has contributed more than equity to fluctuations in total assets. All three variables are several times more volatile than GDP. Leverage has been positively...

Persistent link: https://www.econbiz.de/10013086096