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Was the Cyprus Crisis Banking or Sovereign Debt?
Panayi, Efrosyni - 2015
The complexity of the Cyprus crisis makes answering the question of the title difficult, while the policy implications make the question important. However, the answer to this question unavoidably points the finger to those responsible, and as a result the quest for an answer is clouted by...
Persistent link: https://www.econbiz.de/10013031535
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TARGET2 imbalances and the ECB as lender of last resort
Purificato, Francesco; Astarita, Caterina - In: International Journal of Financial Studies : open … 3 (2015) 4, pp. 482-509
This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...
Persistent link: https://www.econbiz.de/10011408880
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Current account adjustment in EU countries : does euro-area membership make a difference?
Herrmann, Sabine; Jochem, Axel - 2013
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10010211960
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019
open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G … that comes with imposed debt limits. The government endogenously asks for the bailout during recessions and repays it when … the economy recovers. Hence, the bailout acts as an imperfect state contingent asset that makes the economy better off …
Persistent link: https://www.econbiz.de/10012160653
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Bailouts, Capital, or CoCos : Can Contingent Convertible Bonds Help Banks Cope with Financial Stress?
Eisenbeis, Robert - 2019
Since the 2008 financial crisis, banking regulators' capital enhancement efforts have focused on permitting systemically important financial institutions to issue alternative forms of debt and quasi-debt instruments as a means of meeting their Basel III primary capital (Tier 1) and secondary...
Persistent link: https://www.econbiz.de/10012857978
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A Poisonous (?) Mix : Bail-Out of Credit Institutions Combined with Bail-In of Their Liabilities Under the BRRD – The Use of ‘Government Financial Stabilisation Tools’ (GFSTs)...
Gortsos, Christos - 2016
)-(d) thereof incorporated in Member States of the European Union (hereinafter the ‘EU'). This special ‘government bail-out regime …
Persistent link: https://www.econbiz.de/10012978464
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Measuring the impact of a failing participant in payment systems
Heijmans, Ronald; Wendt, Froukelien - In: Latin American journal of central banking : LAJCB 4 (2023) 4, pp. 1-16
Large banks and critical financial market infrastructures (FMIs) that are not able to fulfill their payment obligations, for example following a bankruptcy or cyber-attack, can be a source of financial instability and contagion in the financial system. This paper develops a composite risk...
Persistent link: https://www.econbiz.de/10014496898
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Liquidity risk and interdependence in payment systems : the case of Peru
Baldoceda, Jushua; Meza, Anthony - 2022
The failure of a financial institution (banks and microfinance institutions) to meet its payment obligations can have implications, not only for its continuity, but also for the stability of payment systems, markets, and the financial system in general. Central banks, as monetary authorities,...
Persistent link: https://www.econbiz.de/10012887762
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626