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Trade Credit and the Transmission of Unconventional Monetary Policy

Adelino, Manuel; Ferreira, Miguel A.; Giannetti, Mariassunta - 2023

. We find that firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program …

Persistent link: https://www.econbiz.de/10014258705

Pegxit Pressure : Evidence from the Classical Gold Standard

Mitchener, Kris - 2016

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on...

Persistent link: https://www.econbiz.de/10012978846

Financial Spillovers and Macroprudential Policies

Aizenman, Joshua - 2017

We estimate the impact of the extensity of macroprudential policies on the correlation of the policy interest rates between the center economies (CEs, i.e., the U.S., Japan, and the Euro area), and the peripheral economies (PHs). We find a more extensive implementation of macroprudential...

Persistent link: https://www.econbiz.de/10012941469

Interbank Networks in the Shadows of the Federal Reserve Act

Anderson, Haelim Park; Erol, Selman; Ordoñez, Guillermo - 2022

private cross-bank insurance. We show that the creation of the Federal Reserve System and the provision of public liquidity …

Persistent link: https://www.econbiz.de/10013295076

Looking for Contagion : Evidence from the Erm

Favero, Carlo A.; Giavazzi, Francesco - 2021

This paper applies a full-information technique to test for the presence of contagion across the money markets of ERM member countries. We show that whenever it is possible to estimate a model for interdependence, a test for contagion based on a full information technique is more powerful. We...

Persistent link: https://www.econbiz.de/10013232000

The Price of Stability : The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)

Bazot, Guillaume - 2014

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game …"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …

Persistent link: https://www.econbiz.de/10013046162

Financial Intermediation in Private Equity : How Well Do Funds of Funds Perform?

Harris, Robert S. - 2017

This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts...

Persistent link: https://www.econbiz.de/10012955933

Equity is Cheap for Large Financial Institutions : The International Evidence

Gandhi, Priyank - 2016

In most countries, equity is a cheap source of funding for a country's largest financial institutions. On average, the stocks of the top 10% financial companies in a country account for over a quarter of total market capitalization, but these stocks earn returns that are significantly lower than...

Persistent link: https://www.econbiz.de/10012988503

Financial Intermediation and the Great Depression : A Multiple Equilibrium Interpretation

Cooper, Russell W. - 2010

This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process...

Persistent link: https://www.econbiz.de/10012763745

Estimating Global Bank Network Connectedness

Demirer, Mert - 2017

dynamic network connectedness using rolling-window estimation. Statically, we find that global bank equity connectedness has a … the world's top 150 banks, 2003-2014. We characterize static network connectedness using full-sample estimation and … Debt Crisis, and with movements coming mostly from changes in cross-country as opposed to within-country bank linkages …

Persistent link: https://www.econbiz.de/10012963187