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PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)最新文献

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Quantitative Easing and Credit Rating Agencies 量化宽松和信用评级机构
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2021-07-06 DOI: 10.2139/ssrn.3881175
Nordine Abidi, Matteo Falagiarda, Ixart Miquel-Flores
{"title":"Quantitative Easing and Credit Rating Agencies","authors":"Nordine Abidi, Matteo Falagiarda, Ixart Miquel-Flores","doi":"10.2139/ssrn.3881175","DOIUrl":"https://doi.org/10.2139/ssrn.3881175","url":null,"abstract":"This paper investigates the behaviour of credit rating agencies using a natural experiment in monetary policy. We exploit the corporate QE of the Eurosystem and its rating-based specific design which generates exogenous variation in the probability for a bond of becoming eligible for outright purchases. We show that after the launch of the policy, rating activity was concentrated precisely on the territory where the incentives of market participants are expected to be more sensitive to the policy design. Our findings contribute to better assessing the consequences of the explicit reliance on CRAs ratings by central banks when designing monetary policy. They also support the Covid-19 monetary stimulus, and in particular the waiver of private credit rating eligibility requirements applied to recently downgraded issuers.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114688768","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}
引用次数: 0
How To Prevent a New Global Financial Crisis 如何防止新的全球金融危机
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2021-07-06 DOI: 10.2139/ssrn.3881065
V. Beker
{"title":"How To Prevent a New Global Financial Crisis","authors":"V. Beker","doi":"10.2139/ssrn.3881065","DOIUrl":"https://doi.org/10.2139/ssrn.3881065","url":null,"abstract":"The main issue addressed in this paper is whether a new financial crisis can be avoided.After reviewing the key elements that were present in the 2007/2009 financial crisis, there is an analysis of the regulatory reforms which took place during and after the financial meltdown. The role played in it by the shadow banking system and the regulatory reforms dealing with it deserve particular attention.The regulatory reforms are assessed in the context of systemic risk and run vulnerability in order to recommend what should be done to prevent a new financial crisis from happening. The main conclusions are: 1) A key issue to avoid a new financial crisis is to prevent an excessive concentration of loans in any one sector, region or kind of assets of the economy.2) The role of the central bank as lender of last resort should be reassessed in light of the experience of what has been done in the context of the COVID-19 pandemic. 3) In order to prevent managers from taking excessive risks using other people´s money, managerial compensation schemes should be changed. 4) Issues which have to do with the conflict of interests in the credit rating agencies are still waiting for better regulation.5) After the failure of mainstream economic theory, it is time to reevaluate the contributions of authors like Keynes, Kindleberger and Minsky on the subject of economic crisis.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"218 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121942420","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}
引用次数: 2
Macroprudential Policy Measures in Response to the COVID-19 Pandemic Crisis in the EU/EEA 欧盟/欧洲经济区应对新冠肺炎大流行危机的宏观审慎政策措施
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2021-06-17 DOI: 10.2139/ssrn.3905870
Katerina Lagaria
{"title":"Macroprudential Policy Measures in Response to the COVID-19 Pandemic Crisis in the EU/EEA","authors":"Katerina Lagaria","doi":"10.2139/ssrn.3905870","DOIUrl":"https://doi.org/10.2139/ssrn.3905870","url":null,"abstract":"In 2021, macroprudential authorities of the European Union (EU) and European Economic Area (EEA) countries adopted emergency macroprudential policy relaxation measures to address the impact of the COVID-19 pandemic crisis. It was the first widespread and almost simultaneous use of macroprudential tools in Europe. However, given national competency over macroprudential policy issues, power to take action was not uniform across the EU/EEA.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121634883","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}
引用次数: 1
Monetary Measures by European Central Bank under COVID Periods 欧洲央行在新冠疫情期间的货币措施
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2020-12-01 DOI: 10.31033/IJEMR.10.6.18
Naina Hasija
{"title":"Monetary Measures by European Central Bank under COVID Periods","authors":"Naina Hasija","doi":"10.31033/IJEMR.10.6.18","DOIUrl":"https://doi.org/10.31033/IJEMR.10.6.18","url":null,"abstract":"To run the euro-region economy easily (saving from the awful impacts of crown), the European Central Bank (ECB) has reported countless measures since the start of the COVID-19 emergency. This reaction has set off apprehensions of a future expansion in swelling. We presume that the measures presented by the ECB during the emergency and the subsequent expansion in the size of its asset report, regardless of whether it were to be lasting, may prompt inflation. Central banks have found a way to keep their economies above water during the COVID-19 lockdowns. In the euro region, the European Central Bank (ECB) has facilitated essentially the states of its renegotiating activities and has reported another resource buy program to guarantee that its financial approach keeps on being very much communicated to all nations of the money related association. The European Central Bank worked by making cash and proficiently supplanting the credit framework by subbing cash for credit which may get terrible impacts the since quite a while ago run.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114227560","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}
引用次数: 0
The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis 主权债务、救助和欧元区危机的经济学
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2020-06-01 DOI: 10.3386/w27403
Pierre-Olivier Gourinchas, Philippe Martin, Todd Messer
{"title":"The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis","authors":"Pierre-Olivier Gourinchas, Philippe Martin, Todd Messer","doi":"10.3386/w27403","DOIUrl":"https://doi.org/10.3386/w27403","url":null,"abstract":"Despite a formal 'no-bailout clause; we estimate significant net present value transfers from the European Union to Cyprus, Greece, Ireland, Portugal, and Spain, ranging from roughly 0.5% (Ireland) to a whopping 43% (Greece) of2010 output during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed differences across countries. We characterize bailout size and likelihood as a function of the economic fundamentals (economic activity, debt-to-gdp ratio, default costs). Our model embeds a 'Southern view' of the crisis (transfers did not help) and a 'Northern view' (transfers weaken fiscal discipline). While a stronger no-bailout commitment reduces risk-shifting, it may not be optimal from the perspective of the creditor country, even ex-ante, if it increases the risk of immediate insolvency for high debt countries. Hence, the model provides a potential justification for the often decried policy of 'kicking the can down the road.' Mapping the model to the estimated transfers, we find that the main purpose of the outsized Greek bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were comparatively modest.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126248399","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}
引用次数: 45
Monetary Easing, Leveraged Payouts and Lack of Investment 货币宽松、杠杆支出和投资不足
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2019-11-01 DOI: 10.2139/ssrn.3484935
V. Acharya, Guillaume Plantin
{"title":"Monetary Easing, Leveraged Payouts and Lack of Investment","authors":"V. Acharya, Guillaume Plantin","doi":"10.2139/ssrn.3484935","DOIUrl":"https://doi.org/10.2139/ssrn.3484935","url":null,"abstract":"This paper studies a model in which a low monetary policy rate lowers the cost of capital for entrepreneurs, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase payouts to equity. Whereas such leveraged payouts privately benefit entrepreneurs, they come at the social cost of reducing their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to the presence of a shadow-banking system), then the optimal monetary policy seeks to contain such socially costly leveraged payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary policy may even consist of \"leaning against the wind,\" i.e., not stimulating the economy at all, in order to fully contain leveraged payouts and maintain productive efficiency. We provide preliminary evidence consistent with the model's implications.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128231560","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}
引用次数: 22
Quantitative Easing and the Safe Asset Illusion 量化宽松与安全资产错觉
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2019-04-02 DOI: 10.2139/ssrn.3864112
Alexandra Bechtel, J. Eisenschmidt, A. Ranaldo, Alexia Ventula Veghazy
{"title":"Quantitative Easing and the Safe Asset Illusion","authors":"Alexandra Bechtel, J. Eisenschmidt, A. Ranaldo, Alexia Ventula Veghazy","doi":"10.2139/ssrn.3864112","DOIUrl":"https://doi.org/10.2139/ssrn.3864112","url":null,"abstract":"The massive recourse to quantitative easing (QE) calls for a better understanding of its effects on safe assets. Based on a simple balance sheet framework, we show how QE impacts the total amount, cross-sectional distribution, and composition of safe assets in the economy. Analyzing the ECB’s Public Sector Purchase Programme (PSPP), we find that the amount of universally accessible safe assets decreases and there is a transfer of safe assets from the non-bank to the banking sector. We call this phenomenon the safe asset illusion. The sectoral shift in the holding structure of safe assets has important implications for financial stability and the cost of secured liquidity.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134458261","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}
引用次数: 8
Global Shocks Alert and Monetary Policy Responses 全球冲击预警与货币政策应对
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2019-01-01 DOI: 10.2139/ssrn.3467521
O. Shobande, O. Shodipe, S. Asongu
{"title":"Global Shocks Alert and Monetary Policy Responses","authors":"O. Shobande, O. Shodipe, S. Asongu","doi":"10.2139/ssrn.3467521","DOIUrl":"https://doi.org/10.2139/ssrn.3467521","url":null,"abstract":"The study examines the role of global predictors on national monetary policy formation for Kenya and Ghana within the New Keynesian DSGE framework. We developed and automatically calibrated our DSGE model using the Bayesian estimator, which made our model robust to rigorous stochastic number of subjective choices. Our simulation result indicates that global factors account for the inability of national Central Banks to predict the behaviour of macroeconomic and financial variables among these developing nations.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130858980","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}
引用次数: 2
The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area 量化宽松对回购利率的稀缺性效应:来自欧元区的证据
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2018-12-01 DOI: 10.5089/9781484386910.001
W. Arrata, Benoît Nguyen, Imène Rahmouni-Rousseau, Miklos Vari
{"title":"The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area","authors":"W. Arrata, Benoît Nguyen, Imène Rahmouni-Rousseau, Miklos Vari","doi":"10.5089/9781484386910.001","DOIUrl":"https://doi.org/10.5089/9781484386910.001","url":null,"abstract":"Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we explore empirically the interactions between the PSPP and repo rates. We document different channels through which asset purchases may affect them. Using proprietary data from PSPP purchases and repo transactions for specific ('special') securities, we assess the scarcity channel of PSPP and its impact on repo rates. We estimate that purchasing 1 percent of a bond outstanding is associated with a decline of its repo rate of 0.78 bps. Using an instrumental variable, we find that the full effect may be up to six times higher.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122591676","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}
引用次数: 10
Slow Post-Financial Crisis Recovery and Monetary Policy 金融危机后缓慢的复苏和货币政策
PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2018-10-01 DOI: 10.24149/gwp347
Daisuke Ikeda, Takushi Kurozumi
{"title":"Slow Post-Financial Crisis Recovery and Monetary Policy","authors":"Daisuke Ikeda, Takushi Kurozumi","doi":"10.24149/gwp347","DOIUrl":"https://doi.org/10.24149/gwp347","url":null,"abstract":"Post-financial crisis recoveries tend to be slow and accompanied by slowdowns in total factor productivity (TFP) and permanent losses in GDP. To prevent them, how should monetary policy be conducted? We address this issue by developing a model with endogenous TFP growth in which an adverse financial shock can induce a slow recovery. In the model, a welfare-maximizing monetary policy rule features a strong response to output, and the welfare gain from output stabilization is much larger than when TFP expands exogenously. Moreover, inflation stabilization results in a sizable welfare loss, while nominal GDP stabilization works well, albeit causing high interest rate volatility. (JEL E12, E23, E32, E43, E44, E52, G01)","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127004513","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}
引用次数: 22
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