PSN: International Financial Crises (Topic)最新文献

{"title":"Liquidity and Tail-Risk Interdependencies in the Euro Area Sovereign Bond Market","authors":"Daragh Clancy, Peter G. Dunne, Pasquale Filiani","doi":"10.2139/ssrn.3474826","DOIUrl":"https://doi.org/10.2139/ssrn.3474826","url":null,"abstract":"The likelihood of severe contractions in an asset’s liquidity can feed back to the ex-ante risks faced by the individual providers of such liquidity. These self-reinforcing effects can spread to other assets through informational externalities and hedging relations. We explore whether such interdependencies play a role in amplifying tensions in European sovereign bond markets and are a source of cross-market spillovers. Using highfrequency data from the inter-dealer market, we find significant own- and cross-market effects that amplify liquidity contractions in the Italian and Spanish bond markets during times of heightened risk. The German Bund’s safe-haven status exacerbates these amplification effects. We provide evidence of a post-crisis dampening of cross-market effects following crisisera changes to euro area policies and institutional architecture. We identify a structural break in Italy’s cross-market conditional correlation during rising political tensions in 2018, which significantly reduced liquidity. Overall, our findings demonstrate potential for the provision of liquidity across sovereign markets to be vulnerable to sudden fractures, with possible implications for euro area economic and financial stability.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86801502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Domestic and Global Uncertainty: A Survey and Some New Results","authors":"Efrem Castelnuovo","doi":"10.2139/ssrn.3482166","DOIUrl":"https://doi.org/10.2139/ssrn.3482166","url":null,"abstract":"This survey features three parts. The first one covers the recent literature on domestic (i.e., country-specific) uncertainty and offers ten main takeaways. The second part reviews contributions on the fast-growing strand of the literature focusing on the macroeconomic effects of uncertainty spillovers and global uncertainty. The last part proposes a novel measure of global financial uncertainty and shows that its unexpected variations are associated to statistically and economically fluctuations of the world business cycle.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82250735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Aggregate Implications of Financial Frictions for Unemployment","authors":"Feng Dong","doi":"10.2139/ssrn.3464062","DOIUrl":"https://doi.org/10.2139/ssrn.3464062","url":null,"abstract":"The Great Recession has witnessed not only a marked disruption in the credit markets and a sharp increase of capital unemployment but also a severe deterioration of the matching efficiency in the labor market, as evidenced by the historically high unemployment rate and a significant outward shift of the Beveridge curve. Motivated by these facts, I developed a tractable dynamic general-equilibrium model to show that financial frictions can manifest themselves as changes in the matching efficiency in the labor market. I used a calibrated version of the model to show quantitatively that the credit crunch during the financial crisis was a key driving force behind the outward shift of the Beveridge curve and financial frictions can explain around 40% of unemployment rate over business cycles.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81702494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hospital Financial Health and Clinical Choices: Evidence From the Financial Crisis","authors":"Manuel Adelino, Katharina Lewellen, W. McCartney","doi":"10.2139/ssrn.3224667","DOIUrl":"https://doi.org/10.2139/ssrn.3224667","url":null,"abstract":"Financial constraints can cause firms to reduce product quality when quality is difficult to observe. We test this hypothesis in the context of medical choices at hospitals. Using heart attacks and child deliveries, we ask whether hospitals shift toward more profitable treatment options after a financial shock—the 2008 financial crisis. The crisis was followed by an unprecedented drop in hospital investments, yet the aggregate trends show no discrete shifts in treatment intensity post-2008. For cardiac treatment (but not for child deliveries), we find evidence that hospitals with larger financial losses during the financial crisis subsequently increased their use of intensive treatments relative to hospitals with smaller losses, consistent with the effects of financing constraints. This paper was accepted by David Simchi-Levi, finance.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82195991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Behavior of Credit-Rating Agencies During the Recent Global Financial Crisis","authors":"Joel Spina","doi":"10.2139/ssrn.3434155","DOIUrl":"https://doi.org/10.2139/ssrn.3434155","url":null,"abstract":"Referring to the role credit-rating agencies played in the most recent global financial crisis, the Financial Crisis Inquiry Commission – FCIC concluded that “… the failures of credit rating agencies were essential cogs in the wheel of financial destruction.” The reasons for such failures include changes in technology, the rapid transformation of market structure, volume of business and complexity of financial instruments to be rated by these entities. These changes started in the late 1990s and culminated in the 2000 – 2007 period, but the consequences of such failures have pervaded global markets until recently. In addition to describing trends and circumstances surrounding these agencies during the global financial crisis, this study analyzes behavioral themes that intervened in the events and influenced the development of undesirable outcomes to the agencies and their clients.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89168991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Ongoing Aftermath to the Financial Crisis and the Great Recession. A Review Essay","authors":"Gerardo del Cerro Santamaría","doi":"10.2139/ssrn.3412408","DOIUrl":"https://doi.org/10.2139/ssrn.3412408","url":null,"abstract":"This paper discusses the consequences of the financial crisis that started in 2008 in the West, and particularly in the United States, as a manifestation of neoliberal capitalism’s multiple failures. In doing so, we focus on the scholarly contributions of Manuel Castells and his colleagues in two important books: <i>Aftermath. The Cultures of the Economic Crisis (2012)</i> and <i>Another Economy Is Possible (2017)</i>. Both books are collective works led and edited by Castells. We also include in our review a third book by Castells, Rupture. <i>The Crisis of Liberal Democracy (2018)</i>, which can be read as a statement on some of the political consequences of the 2008 financial crisis and a report on the current crisis of liberal democracy.<br> <br>Our contention is that Castells et al make an important contribution to the socio-economic literature on the financial crisis, its consequences, and the interpretation of the societal changes that ensued and are key to understand our contemporary world. Such contribution, as observed in the three books under review, can be summarized as follows: <br><br>(1) Castells and colleagues provide cases and examples from around the world in a broad comparative fashion, thus expanding our understanding of a crisis that was essentially a crisis of the West with ramifications in other countries but never a truly global crisis; <br><br>(2) the approach of Castells and colleagues is interdisciplinary and goes beyond purely economic arguments to include sociological, political and cultural ideas and insights that help us understand the complexity of the historical period under analysis; readers develop an awareness of the systemic character of the crisis, where all events were closely interrelated; in particular, both micro and macro processes leading to the crisis converged into a mutually dialectical and reinforcing relationship that warrants the contention by the authors that “economies” are “cultures.”<br><br>(3) the authors in both Aftermath and Another Economy is Possible focus on the (long) aftermath of the crisis, which is still ongoing as of September 2019 around the world; in fact, one of Castells’s main points is that the financial crisis brought about irreversible societal change, ongoing and clearly visible today, as it triggered a significant restructuring of global informational capitalism; <br><br>(4) the authors provide a focus on one of the reactive consequences of the crisis: alternative economic practices developing in the aftermath of the crisis, under the premise that we might be witnessing the rise of a new economic model based on new, alternative values; <br><br>(5) Castells provides a discussion (in Rupture) of aspects of the contemporary political landscape a decade after the outset of the financial crisis and the great recession.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87818409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Bank Lobbying as a Financial Safety Net: Evidence from the Post-Crisis U.S. Banking Sector","authors":"Kentaro Asai","doi":"10.2139/ssrn.3162911","DOIUrl":"https://doi.org/10.2139/ssrn.3162911","url":null,"abstract":"\u0000 I argue creditors, plausibly considering the link between bank lobbying and government bailouts, reflect the financial-safety-net aspect of bank lobbying. My structural estimation based on U.S. data suggests bank lobbying is negatively associated with the occurrence of a run-like equilibrium when a bank is subject to multiple equilibria. The estimated effect on bank risk and value is economically significant in the postcrisis U.S. banking sector. This result is consistent with the reduced-form evidence in this paper and has passed multiple robustness checks. Counterfactual simulations suggest the lobbying effect as a financial safety net would vary depending on policy responses to financial crisis.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"66 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86864342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Investment Agreements and Financial Crises","authors":"C. Binder, Philipp Janig","doi":"10.4337/9781785369858.00032","DOIUrl":"https://doi.org/10.4337/9781785369858.00032","url":null,"abstract":"The chapter deals with international investment agreements and financial crises. Arbitral proceedings have highlighted the complex and sometimes problematic tension between necessary state measures to address crisis situations and obligations entered into vis-à-vis foreign investors mainly in bilateral investment agreements. After an introduction into the types of pertinent state measures typically taken during financial crises, this chapter describes possible impacts on the rights of investors, the applicable regulatory framework and available legal defences on the part of the state. The contribution focuses on those State measures in financial crises that have led (and might still lead) to some arbitral case law: Argentina, Greece and Cyprus. As a final part, this contribution briefly discusses recommendations aimed at addressing the shortcomings within the current legal framework and practice.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79162856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Liquidity Backup from Commercial Banks to Shadow Banks","authors":"Zhongzheng Zhou","doi":"10.2139/ssrn.3374593","DOIUrl":"https://doi.org/10.2139/ssrn.3374593","url":null,"abstract":"During the Great Recession, liquidity did not flow out of the banking sector but transferred internally. Deposits increased, but the volumes of all other short-term debt financing instruments except for T-Bills decreased. Commercial banks, which have stable funding sources from deposits, did not render liquidity backup to shadow banks but held the increased deposits as cash on hand. This paper uses deposits and financial commercial paper outstanding as proxies for commercial and shadow banking financing instruments because they are unique liabilities of commercial and shadow banks, respectively. I provide evidence that when liquidity falls in shadow banks, commercial banks experience funding inflows. In normal times, commercial banks render liquidity backup to shadow banks in the following weeks using the increased deposits. However, the dynamic correlation breaks down in crisis times.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72872196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Dynamic Perspective of Trade Balance: Evidence from Southeast Asia Before the Global Financial Crisis of 2008","authors":"Putu Mahardika Adi Saputra","doi":"10.35609/jber.2019.4.1(7)","DOIUrl":"https://doi.org/10.35609/jber.2019.4.1(7)","url":null,"abstract":"Objective - This paper studies the influence of some determinants of trade balance for Southeast Asia countries in dynamics perspective before the global financial crisis of 2008.\u0000\u0000Methodology/Technique - Based on quarterly data (1980q1 to 2007q3), the investigation is carried out using VECM.\u0000\u0000Findings - The results show that in the long run: (i) income effect is found to be dominant in determining the change in trade balance; (ii) the cash balance effect does influence bilateral trade; (iii) bilateral trade is affected by exchange rate movements. Further, the effect of small economies are suspected to be present in Southeast Asia region. Meanwhile, in the short run: (i) the cash balance effect plays a major role in influencing trade balance improvement; (ii) compared to the cash balance effect, the income effect is present with slightly less contribution; (iii) the exchange rate effect is observed in the analysis, while a J-curve phenomenon exists in minor cases.\u0000\u0000Novelty - This paper concludes that in the long term, income effect is found to be dominant in determining the change in trade balance.\u0000\u0000Type of Paper: Empirical.\u0000\u0000Keywords: Export; Trade Balance; VECM; J-curve; Income Effect.\u0000\u0000JEL Classification: C33, F14, O14.\u0000\u0000DOI: https://doi.org/10.35609/jber.2019.4.1(7)","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"57 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89005605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}