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Bailouts and the Preservation of Competition
Roberts, James W. - 2011
Governments rescue private companies partly to prevent other firms from gaining excessive market power. However, if failing firms exit, new entry may limit remaining firms' market power if there are potential entrants who can be as effective competitors as the firms leaving the market. We...
Persistent link: https://www.econbiz.de/10013131956
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Imported or Home Grown? The 1992-3 EMS Crisis
Eichengreen, Barry; Naef, Alain - 2023
Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in...
Persistent link: https://www.econbiz.de/10014351705
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Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries
Carbo-Valverde, Santiago - 2010
EU financial safety nets are social contracts that assign uncertain benefits and burdens to taxpayers in different … develops a way to estimate how well markets and regulators in 14 of the EU-15 countries have controlled deposit … safety-net benefits for individual EU financial institutions. For stockholder-owned banks, input data feature 1993-2004 data …
Persistent link: https://www.econbiz.de/10012759547
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Incentive Conflict in Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries
Kane, Edward J. - 2010
National safety nets are imbedded in country-specific regulatory cultures that encompass contradictory goals of nationalistic welfare maximization, merciful treatment of distressed institutions, and bureaucratic blame avoidance. Focusing on this goal conflict, this paper develops two hypotheses....
Persistent link: https://www.econbiz.de/10012759699
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A Crash Course on the Euro Crisis
Brunnermeier, Markus K. - 2019
The financial crises of the last twenty years brought new economic concepts into classrooms discussions. This article introduces undergraduate students and teachers to seven of these models: (i) misallocation of capital inflows, (ii) modern and shadow banks, (iii) strategic complementarities and...
Persistent link: https://www.econbiz.de/10012863270
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Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis
Kalemli-Ozcan, Sebnem - 2018
We quantify the role of financial leverage behind the sluggish post-crisis investment performance of European firms. We use a cross-country firm-bank matched database to identify separate roles for firm leverage, bank balance sheet weaknesses arising from sovereign risk, and aggregate demand...
Persistent link: https://www.econbiz.de/10012920366
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Measuring Sovereign Contagion in Europe
Caporin, Massimiliano - 2020
This paper analyzes the sovereign risk contagion using credit default swaps (CDS) and bond premiums for the major eurozone countries. By emphasizing several econometric approaches (nonlinear regression, quantile regression and Bayesian quantile regression with heteroskedasticity) we show that...
Persistent link: https://www.econbiz.de/10012823085
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Contagion in the European Sovereign Debt Crisis
Glover, Brent - 2014
We use a network model of credit risk to measure market expectations of the potential spillovers from a sovereign default. Specifically, we develop an empirical model, based on the recent theoretical literature on contagion in financial networks, and estimate it with data on sovereign credit...
Persistent link: https://www.econbiz.de/10013045650
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Ending the Euro Crisis?
Feldstein, Martin S. - 2015
All of the attempts to end the euro crisis and to return the Eurozone countries to healthy growth rates of income and employment have failed. The options that are currently being discussed are not likely to be more successful.If there is a politically feasible way out of the crisis, it will be...
Persistent link: https://www.econbiz.de/10013030065