Search results for " crisi"
showing 10 items of 669 documents
STRATEGIC CHOICES FOR THE ECONOMIC DEVELOPMENT THE REPUBLIC OF LATVIA AS EU MEMBER STATE
2012
After joining the EU in 2004, came to an end an important phase of the economic development of Latvian, which opened as new opportunities, as new challenges. Accession to the EU can be viewed on the one hand, the transitional period, on the other hand, it can be characterized as the period when Latvia was standing at the new crossroads and was ready for new, fundamental alternatives. Accession of Latvia in the EU contributed to the deepening of economic integration, radically changing the situation, as in financial, as in labor markets. Since 2004 Latvian experienced both, rapid economic growth, with GDP growth exceeded 12% per annum, and a significant recession, when GDP fell by nearly 18%…
The economic impact of European financial integration: The importance of the banking union
2015
Abstract The aim of the paper is to analyze the effect of European financial integration on economic growth. We focus on how the international financial crisis that started in 2007 has affected integration and growth. By combining information at country, sector and firm level, we quantify the effect of financial integration on financial development and therefore on economic growth. Our results illustrate that until the outbreak of the crisis, a significant part of financial development is attributable to progress in integration, with a positive contribution of around 0.04 pp to the EU-15 countries’ GDP growth over the period 1999–2007 of advance in integration. However, during the crisis, t…
From the Global Crisis to the National Crises: The Case of the European Union Countries
2013
Abstract The aim of this paper is to examine the way in which the 2007 global financial crisis has emerged into more specific national ones. The interventionist policies responses have led to an intensification of the economic unhealthy situations in some countries of the European Union. At the same time through well-chosen economic policies other countries, managed to escape from the threat of collapse of their national economies.
The Credit Cooperative System in Spain
2016
Like other European countries, Spain has a long tradition of cooperative banks. Although some credit unions existed previously, essentially they date from the early twentieth century, originating as institutions founded by medium and small-sized farmers to improve their access to banking services. However, they occupied a marginal position in the financial system until the legislative reforms of the 1970s. During the two last decades of the twentieth century, Spanish cooperative banks suffered a deep crisis, two changes in their organizational model and the shock of transformation and innovation in the financial system. Currently, the sector is made up of 65 small institutions with a relati…
Banking Crises and Short and Medium Term Output Losses in Emerging and Developing Countries: The Role of Structural and Policy Variables
2012
The aim of this paper is to assess the dynamic impact of banking crises on output for a panel of developing economies. Using an unbalanced panel of 159 countries from 1970 to 2006, the paper shows that banking crises produce significant output losses. Output losses are larger for relatively richer economies, characterized by a higher level of financial deepening and larger current account imbalances. Flexible exchange rates, fiscal and monetary policy, and liquidity support policies have been found to attenuate the effect of the crises. © 2012 Elsevier Ltd.
Commodity market based hedging against stock market risk in times of financial crisis: The case of crude oil and gold
2018
Based on daily data from 1989-2016 we find that the correlations between some relevant commodity market futures and equity returns in the aggregate U.S. market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between crude oil futures and aggregate U.S. equities increases in crisis periods, whereas in case of gold futures the correlation becomes negative, which supports the safe haven hypothesis of gold. For energy sector equities, the dynamics of hedge ratios does not support using either crude oil or gold futures for cross-hedging during stock market crises.
The adjustment of bank ratings in the financial crisis: International evidence
2018
Abstract This paper analyses the adjustment of bank ratings which occurred in the United States, some European countries and Japan as a result of the financial crisis. We use a methodology which allows us to decompose the observed change in the rating into an effect associated with the change in agency rating policies (understood in a broad sense) and into another effect associated with the situation of bank assets. The results obtained show that with the crisis there was a generalised fall in the ratings, caused by both a worsening of the bank asset situation and the hardening of rating policies. Specifically, we find that 39.95% and 19.25% of the fall in ratings in the United States and E…
Potential spillovers from the banking sector to sovereign credit ratings
2020
The global financial crisis and European sovereign debt crisis underlined the links between the banking sector and sovereign risk. This paper uses a machine learning technique (random forest regres...
Bank rating migrations before and since the onset of the financial crisis
2020
This paper analyses bank rating dynamics in Europe and the United States from 2000 to 2016. In particular, two questions are addressed: (i) whether the rating agencies replicate prior changes in ra...
Financial Sector Reform After the Subprime Crisis: Has Anything Happened?
2015
We analyze the reactions of stock returns and the spreads of credit default swaps (CDS) of banks from Europe and the USA to four major regulatory reforms in the aftermath of the subprime crisis, employing an event study analysis. Contrary to public perception, we find that financial markets indeed reacted to the structural reforms enacted at the national level. The reforms succeeded in reducing bail-out expectations relative to the post-bail-out period, especially for systemic banks. The strongest effects were found for the Dodd–Frank Act and in particular for the Volcker rule. Bank profitability was affected in all countries, showing up in lower equity returns.