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578 Ergebnisse, ab 501
  • Referierte Aufsätze Web of Science

    Drivers of Structural Change in Cross-Border Banking since the Global Financial Crisis

    The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro area. Our results suggest that expansionary monetary policy in the source countries – as measured by the ...

    In: Journal of International Money and Finance 52 (2015), 32-59 | Franziska Bremus, Marcel Fratzscher
  • Diskussionspapiere 1479 / 2015

    Euro Area Government Bonds: Integration and Fragmentation during the Sovereign Debt Crisis

    The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for identification. The paper finds that euro ...

    2015| Michael Ehrmann, Marcel Fratzscher
  • Referierte Aufsätze Web of Science

    Cross-Border Banking, Bank Market Structures and Market Power: Theory and Cross-Country Evidence

    Patterns in cross-border banking have changed since the global financial crisis. This may affect domestic bank market structures and macroeconomic stability in the longer term. In this study, I theoretically and empirically analyze how different modes of cross-border banking impact bank concentration and market power. I use a two-country general equilibrium model with heterogeneous banks developed ...

    In: Journal of Banking & Finance 50 (2015), S. 242-259 | Franziska M. Bremus
  • Referierte Aufsätze Web of Science

    The Cyclicality of Automatic and Discretionary Fiscal Policy: What Can Real-Time Data Tell Us?

    This paper develops a new methodology for estimating both the automatic and discretionary components of fiscal policy in one reaction function using the differences between real-time and ex post data. Discretionary policy should respond to information available to the policy maker at the time (real-time data), whereas automatic fiscal policy should respond to the true state of the economy at the time ...

    In: Macroeconomic Dynamics 19 (2015), Iss. 1, S. 221-243 | Kerstin Bernoth, Andrew Hughes Hallet, John Lewis
  • Nicht-referierte Aufsätze

    Neue Banken- und Fiskalarchitektur für Europa: Krisen vermeiden, statt sie nur zu bewältigen

    Durch die europäische Schuldenkrise wurde offensichtlich, wie wichtig eine Vertiefung der europäischen Integration ist. Wichtige Reformen zur Weiterentwicklung der Wirtschafts- und Währungsunion sind zwar auf den Weg gebracht, aber häufig unvollendet. Dieser Artikel gibt einen Überblick über aktuelle Entscheidungen zur Bankenunion und diskutiert, wie die Entkopplung des Teufelskreislaufs zwischen Staats- ...

    In: Wirtschaftsdienst 94 (2014), Heft 13, S. 15-21 | Marcel Fratzscher, Claudia Lambert, Malte Rieth
  • Externe Monographien

    Credit Rating Agency Downgrades and the Eurozone Sovereign Debt Crises

    Warsaw: Economic Inst., 2014, 37 S.
    (National Bank of Poland Working Paper ; 177)
    | Christopher F. Baum, Margarita Karpava, Dorothea Schäfer, Andreas Stephan
  • Externe Monographien

    Capital Controls and Macroprudential Measures: What Are They Good For?

    Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by ...

    London: CEPR, 2014, 54 S.
    (Discussion Paper Series / Centre for Economic Policy Research ; 9798)
    | Kristin Forbes, Marcel Fratzscher, Roland Straub
  • Externe Monographien

    Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

    This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as bank ...

    Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2014, 56 S.
    (Discussion Paper / School of Business & Economics ; 2014,35)
    | Philipp Engler, Christoph Große Steffen
  • Externe Monographien

    On the Relationship between Public and Private Investment in the Euro Area

    This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the evidence is quite fragile for public and private investment flows. They enter a long run relationship only after ...

    Bonn: IZA, 2014, 18 S.
    (Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 8002)
    | Christian Dreger, Hans-Eggert Reimers
  • Referierte Aufsätze Web of Science

    The Global Crisis and Equity Market Contagion

    We analyze the transmission of the 2007 to 2009 financial crisis to 415 country-industry equity portfolios. We use a factor model to predict crisis returns, defining unexplained increases in factor loadings and residual correlations as indicative ofcontagion. While we find evidence of contagion from the United States and the global financial sector, the effects are small. By contrast, there has been ...

    In: The Journal of Finance 69 (2014), No.6, S. 2597-2649 | Geert Bekaert, Michael Ehrmann, Marcel Fratzscher, Arnaud Mehl
578 Ergebnisse, ab 501
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