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  • August 2015
  • Article

Dollar Funding and the Lending Behavior of Global Banks

By: Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein
A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale... View Details
Keywords: Banks; Global Banks; Credit Supply; Dollar Funding; International Finance; Banks and Banking; Banking Industry
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  • February 2018
  • Article

Financial Repression in the European Sovereign Debt Crisis

By: Bo Becker and Victoria Ivashina
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a... View Details
Keywords: Credit Cycles; Sovereign Debt; Financial Repression; Sovereign Finance; Borrowing and Debt; Credit; Europe
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  • 2014
  • Working Paper

Financial Repression in the European Sovereign Debt Crisis

By: Bo Becker and Victoria Ivashina
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a... View Details
Keywords: Credit Cycles; Sovereign Debt; Financial Repression; Sovereign Finance; Greece
Related

    Dollar Funding and the Lending Behavior of Global Banks

    A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale... View Details

    • 2014
    • Article

    Corporate Governance and the Financial Crisis in Italy

    By: Dante Roscini
    The financial crisis hit Italy harder than many other Eurozone countries. In part this was due to the fact that the crisis came upon a system that was weakened by years of sub-par economic growth. One of the several endogenous factors that explain the stagnation of the... View Details
    Keywords: Financial Crisis; Corporate Governance; Italy; European Union
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    • April 2015 (Revised October 2024)
    • Case

    The German Export Engine

    By: Gunnar Trumbull, Jonathan Schlefer and Sophus A. Reinert
    In fall of 2018, Germany’s chancellor Angela Merkel had logged significant successes. Germany was the largest exporter in the world, had maintained low unemployment through the 2008 financial crisis, and was gradually reforming its welfare state to meet future pension... View Details
    Keywords: Economy; Economic Growth; Success; Leadership; Problems and Challenges; Germany
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    • 2014
    • Article

    Corporate Governance and the Financial Crisis in Italy

    By: Dante Roscini
    The financial crisis hit Italy harder than many other Eurozone countries. In part this was due to the fact that the crisis came upon a system that was weakened by years of sub-par economic growth. One of the several endogenous factors that explain the stagnation of the... View Details
    Keywords: Corporate Governance; Financial Crisis; Italy
    Related
    • 2021
    • Chapter

    Dis-Atlanticism: The West in an Era of Global Fragmentation

    By: Rawi Abdelal and Ulrich Krotz
    BOOK ABSTRACT: Is the EU a Success or a Failure? Should It Stay or Should It Go? Britain and the EU. The Big Waste or Essential to Feed Europe? The Common Agricultural Policy. Observers of the European Union could be forgiven in thinking that since its inception the EU... View Details
    Related
    • Web

    Finance - Faculty & Research

    debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a crowding out of... View Details
    • Web

    Research - Behavioral Finance & Financial Stability

    Sunderam contend that risk taking by shadow banks, whose lending is largely market-based, can have similar consequences. In their analysis, they show that money market funds with large exposures to risky Eurozone banks suffered... View Details
    • 02 Jul 2015
    • Op-Ed

    The Future of the Greek Economy

    debt and served as Minister of National Planning and Economic Policy in her native Costa Rica from 2010 to 2012. Europe Needs More Europe The game of brinkmanship that the latest Greek government has played with the Eurozone is at its... View Details
    Keywords: by Laura Alfaro, Dante Roscini & George Serafeim; Banking
    • 01 Jun 2024
    • News

    Outside Voices

    In just 15 years, Greece managed to seesaw from one economic extreme to the other, from almost breaking the eurozone at the depth of its debt crisis to becoming one of the fastest growing economies in Europe in 2023, according to the IMF.... View Details
    Keywords: Jen McFarland Flint; illustration by Pete Ryan; immigration; repatriation; innovation; public policy; Greece
    • 05 Aug 2024
    • Research & Ideas

    Watching for the Next Economic Downturn? Follow Corporate Debt

    crisis of 1994 The Asian financial crises of 1996 and 1997 The Argentinian crisis of 2001 The Eurozone crisis of 2009 and 2010 The authors parsed the in-depth data by industry. They focus on lending to: Agriculture, manufacturing, retail,... View Details
    Keywords: by Rachel Layne
    • 18 Feb 2014
    • First Look

    First Look: February 18

    market funds, we show that funds with large exposures to risky Eurozone banks suffered significant outflows between June and August 2011. Due to credit market frictions, these outflows have significant spillover effects on other firms:... View Details
    Keywords: Sean Silverthorne
    • 22 Apr 2015
    • Op-Ed

    Reforming Greece: Myths and Truths

    News about the Greek economy continues on the front page of every major newspaper, as the country continues its six-year struggle to reenergize its economy. On Friday, Eurozone finance ministers will decide whether to release emergency... View Details
    Keywords: by George Serafeim
    • 18 Dec 2012
    • First Look

    First Look: December 18

    be going off patent, underscored the importance of the BPH opportunity. Purchase this case:http://hbr.org/search/513005-PDF-ENG Can the Eurozone Survive? Roscini, Dante, and Jonathan SchleferHarvard Business School Case 713-034 The... View Details
    Keywords: Carmen Nobel
    • 15 Jan 2013
    • First Look

    First Look: January 15

    model in the context of the Eurozone sovereign crisis, which escalated in the second half of 2011 and resulted in U.S. money-market funds sharply reducing the funding provided to European banks. Coincident with the contraction in dollar... View Details
    Keywords: Sean Silverthorne
    • 05 May 2023
    • News

    Fail Better

    country's history. Greece was three years into a debt crisis, with the Samaras government implementing unpopular tax increases and spending cuts and leading intense negotiations with the IMF, the European Central Bank, and Eurozone... View Details
    • 20 Feb 2018
    • First Look

    First Look at New Research and Ideas, February 20, 2018

    Crisis By: Becker, Bo, and Victoria Ivashina Abstract—By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing... View Details
    Keywords: Sean Silverthorne
    • 01 Sep 2018
    • News

    September 2018 Alumni and Faculty Books

    leaving their survival uncertain. Minorities are falling prey to an Islamist ideology that conveys values and customs diametrically opposed to European ones. Terrorist acts have become the “new normal,” part of daily life. The North-South cleavage brought about by the... View Details