What Caused the Global Financial Crisis: Evidenceon the Drivers of Financial Imbalances 1999: 2007
This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequat...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/265 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis |
| Beschreibung: | 1 Online-Ressource (64 p) |
| ISBN: | 1455210722 9781455210725 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:16Z |
| indexdate | 2024-07-10T09:35:23Z |
| institution | BVB |
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| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Merrouche, Ouarda Verfasser aut What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 Merrouche, Ouarda Washington, D.C International Monetary Fund 2010 1 Online-Ressource (64 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/265 This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis Online-Ausg Nier, Erlend Sonstige oth http://elibrary.imf.org/view/IMF001/11421-9781455210725/11421-9781455210725/11421-9781455210725.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Merrouche, Ouarda What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 |
| title | What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 |
| title_auth | What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 |
| title_exact_search | What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 |
| title_exact_search_txtP | What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 |
| title_full | What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 Merrouche, Ouarda |
| title_fullStr | What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 Merrouche, Ouarda |
| title_full_unstemmed | What Caused the Global Financial Crisis Evidenceon the Drivers of Financial Imbalances 1999: 2007 Merrouche, Ouarda |
| title_short | What Caused the Global Financial Crisis |
| title_sort | what caused the global financial crisis evidenceon the drivers of financial imbalances 1999 2007 |
| title_sub | Evidenceon the Drivers of Financial Imbalances 1999: 2007 |
| url | http://elibrary.imf.org/view/IMF001/11421-9781455210725/11421-9781455210725/11421-9781455210725.xml |
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