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Displaying results 1 to 6 of 6.

  1. Macroprudential institutions in Europe - what are the blind spots?
    Author: Nettekoven, Zeynep Mualla
    Published: August 2020
    Publisher:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    After the Great Financial Crisis of 2007-2008, macroprudential policy has increasingly become the mainstream. New institutions and regulations were introduced for macroprudential supervision in the EU Member States as well as at the supranational... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 369
    Inter-library loan:
    No inter-library loan

     

    After the Great Financial Crisis of 2007-2008, macroprudential policy has increasingly become the mainstream. New institutions and regulations were introduced for macroprudential supervision in the EU Member States as well as at the supranational level. This leads us to the research question: what are the blind spots of this new macroprudential institutional design in the EU? This question gained even more in substance due to the repercussions of Covid-19 pandemic. Based on desk research and talks with experts, we group the blind spots into three categories: shadow banking system, institutional power hierarchies, and monetary and macroprudential policy interactions. In this paper, we discuss these blind spots and some policy recommendations for a functional macroprudential institutional design.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/223063
    Series: Working paper / Institute for International Political Economy Berlin ; no. 147 (2020)
    Subjects: macroprudential policy; institutions; Great Financial Crisis; shadow banking system
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  2. (Un)anticipated monetary policy in a DSGE model with a shadow banking system
    Author: Verona, Fabio; Martins, Manuel Mota Freitas; Drumond, Inês
    Published: 2012
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: Version 21 Juni 2012
    Series: Working paper series / Institute for Monetary and Financial Stability ; 56
    Subjects: Zinspolitik; Investitionsfunktion; Investmentbank; Dynamisches Gleichgewicht; :z Geschichte 1953-2011
    Other subjects: (stw)1953-2011; (stw)Zinspolitik; (stw)Akzelerator; (stw)Investmentbank; (stw)Dynamisches Gleichgewicht; (stw)USA; DSGE model; shadow banking system; too low for too long; boom-bust; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  3. Why did sponsor banks rescue their SIVs?
    Author: Segura, Anatoli
    Published: [2017]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 450 (1100)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1100 (February 2017)
    Subjects: reputation risk; rescues; mispricing; implicit support; shadow banking system
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  4. The effect of tax treaties on market based finance
    evidence using firm-level data
    Author: Davies, Ronald B.; Killeen, Neill
    Published: [2018]
    Publisher:  UCD School of Economics, University College Dublin, Dublin

    Tax arbitrage is often cited as a potential motive for the substantial growth and complexity of market based finance. Tax treaties are an important feature of the international tax system and can be used to reduce the tax burden on cross-border... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 120 (2018,18)
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    Tax arbitrage is often cited as a potential motive for the substantial growth and complexity of market based finance. Tax treaties are an important feature of the international tax system and can be used to reduce the tax burden on cross-border capital flows. Using an EU firm-level dataset and a number of alternative tax treaty measures, this paper investigates the importance of tax treaties on the investment decisions of a large sample of non-bank financial institutions. The novel dataset includes conduits such as special purpose entities which are often used to channel cross-border investments. Our results show that tax treaties influence the extensive margin of non-bank financial FDI with conduit related investments particularly sensitive to international taxation.

     
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    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/198571
    Series: Working paper series / UCD Centre for Economic Research ; WP18, 18 (October 2018)
    Subjects: Tax treaties; market-based finance; shadow banking system; conditional logit model; mixed logit model; nested logit model
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  5. (Un)anticipated monetary policy in a DSGE model with a shadow banking system
    Author: Verona, Fabio; Martins, Manuel Mota Freitas; Drumond, Inês
    Published: 2012
    Publisher:  Johann Wolfgang Goethe-Univ., Frankfurt am Main

    Motivated by the US events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 464 (56)
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    Motivated by the US events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with bond financing via a shadow banking system, in which the bond spread is calibrated for normal and optimistic times. Our results suggest that the U.S. boom-bust was caused by the combination of (i) too low for too long interest rates, (ii) excessive optimism and (iii) a failure of agents to anticipate the extent of the abnormally favorable conditions.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/97743
    Series: Working paper series / Institute for Monetary and Financial Stability ; 56
    Subjects: Zinspolitik; Akzelerator; Investmentbank; Dynamisches Gleichgewicht; USA; DSGE model; shadow banking system; too low for too long; boom-bust
    Scope: Online-Resource (57 S.), graph. Darst.
  6. Why did sponsor banks rescue their sivs?
    a signaling model of rescues
    Author: Segura, Anatoli
    Published: 2014
    Publisher:  CEMFI, Madrid

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CEMFI working paper ; 1402
    Subjects: Reputation risk; rescues; mispricing; implicit support; shadow banking system
    Scope: Online-Ressource (47 S.), graph. Darst.