Authors:Jonas Heipertz, Amine Ouazad, Romain Rancière Date:July 2019 Abstract:The paper uses bank- and instrument-level data on asset holdings and liabilities to identify and estimate a general equilibrium model of trade in financial instruments. Bilateral ties are formed as each bank selects the size and the diversification of its assets and liabilities. Shocks propagate due to[…]
Authors: Joseba Martinez, Thomas Philippon, Markus Sihvonen Date: June 2019 Abstract: We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks[…]
There is global cycle in capital flows that is intimately connected to global risk. This column argues that, contrary to common wisdom, US monetary policy is not the only factor, or even the main factor, behind global risk and this global cycle. Financial shocks matter more than US monetary policy. Domestic policies may still mitigate[…]
CfP Deadline Date: August 24, 2019 at midnight CET. Conference Event: November 11-12, 2019 Event Location: KOF, ETH Zurich, Switzerland Keynote Speaker(s): Lucrezia Reichlin, London Business School Barry Eichengreen, University of California at Berkeley Organizer(s): Nauro F. Campos, Brunel University London and KOF ETH Zurich, Jan-Egbert Sturm, KOF ETH Zurich Since its launch 1999, the[…]
CfP Deadline Date: July 15, 2019. Conference Event: November 9, 2019 Event Location: Nova School of Business & Economics, Carcavelos, Portugal Organizer(s): The Journal of Financial Intermediation The Nova Finance Center of Nova School of Business and Economics The main objective of the conference is to present and discuss recent advances in academic research on[…]