Patterns in average money and credit growth around the time of past economic and financial crises represent a useful benchmark for the assessment of current and future developments in money, credit and output. This is especially true if a distinction is made between different types of recession, namely those which coincided with a financial [...]
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Posted on February 21st, 2012
Posted on February 20th, 2012
This paper studies the role of systematic risk in the credit market and in CDS spreads in particular. The studied variables are the mark-to-market returns of a protection-seller in CDS contracts of a set of investment grade firms. The authors propose a simple linear market model to describe the returns of the single [...] Posted on February 19th, 2012
This paper studies the implications of cross-border financial integration for financial stability when banks’ loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When banks have a comparative advantage in providing credit to certain industries, financial integration may [...] Posted on February 19th, 2012
Contents: EDITORIAL The external environment of the euro area ARTICLES Money and credit growth after economic and financial crises – a historical global perspective EURO AREA STATISTICS Posted on February 19th, 2012
Foreign banks pulled significant funding from their U.S. branches during the Great Recession. This paper estimates that the average-sized branch experienced a 12 percent net internal fund “withdrawal,” with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheets of U.S. branches of foreign banks had sizable effects [...] 86 pages
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