You are looking at 1 - 10 of 15 items

  • Author or Editor: Helene Schuberth x
Clear All Modify Search
You do not have access to this content

Markus Eller, Helene Schuberth and Lukas Vashold

Taking up the increasingly discussed argument that strong macroprudential frameworks could be a useful cushion against external shocks (especially in the context of a fixed exchange rate regime), we study the impact of macroprudential policy intensity on credit and capital flow dynamics for a sample of EU Member States in CESEE. We introduce a novel macroprudential policy index for measuring not only the occurrence – as it is done in most of the literature – but also the strength of the implemented measures. The index reveals that several CESEE countries had already actively used macroprudential policies before the global financial crisis, with a few countries becoming more active only in the aftermath of the crisis. Over time, there have been considerable shifts in the role of different instruments. Using the intensity-adjusted index in a panel regression framework, we find that tighter macroprudential policies could be effective in containing private sector credit growth and gross capital inflows into CESEE. Finally, borrower-based macroprudential measures, such as LTV or DSTI limits, tend to have a larger and more robust impact than broader sets of macroprudential instruments.

This content is available to you

Peter Mooslechner, Helene Schuberth and Beat Weber

This content is available to you

Peter Mooslechner, Helene Schuberth and Beat Weber

You do not have access to this content

The Political Economy of Financial Market Regulation

The Dynamics of Inclusion and Exclusion

Edited by Peter Mooslechner, Helene Schuberth and Beat Weber

This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation.
This content is available to you

Thomas Reininger, Helene Schuberth and Michael Wögerer

Cross-border bank flows, which had surged in the run-up to the global financial crisis (GFC), shrank significantly after the GFC. According to our findings, this development did not point to financial deglobalization, as was widely expected. Instead, it reflected a cross-border deleveraging of (core) European banks seeking to restore their capital positions. The GFC triggered regulatory reforms that were remarkable, especially with regard to the banking system. Nevertheless, the opportunity to fundamentally overhaul the regulatory regime in general and the global monetary order in particular was not seized. While regulatory reform has progressed incrementally during the last decade, the partial retreat of the USA from multilateralism has brought this issue back onto the table.

This content is available to you

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

You do not have access to this content

Martin Gächter, Martin Geiger, Florentin Glötzl and Helene Schuberth

You do not have access to this content

The Challenge of Economic Rebalancing in Europe

Perspectives for CESEE Countries

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

In the long aftermath of the acute global financial crisis of 2008/09, “rebalancing” the economy with new sources of growth and productivity remains a persistent necessity. This book addresses the resulting trade-offs and challenges. These needs, and the corresponding policy challenges, are especially prevalent in Europe, in particular Central, Eastern and South-Eastern Europe. On this issue, this book contributes lessons learned from earlier balance sheet recessions. It also addresses the often overlooked link between macroeconomic imbalances and economic inequality. Further contributions focus on the interaction between monetary policy and financial stability, adding a regional perspective to these important issues.
You do not have access to this content

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

Amid formidable challenges, Europe’s future depends not least on the capacity of its economies to converge toward their better performing peers. Dissecting the complexity of cohesion, this book analyzes which dimensions matter most for the smooth functioning of Economic and Monetary Union (EMU) and for the (income) convergence of Central, Eastern and Southeastern European (CESEE) countries. Central bankers, policy-makers and academics discuss how to best advance the catching-up process and look into EU structural and cohesion policies, critically assessing their contribution to economic and social development.
This content is available to you

Edited by Robert Holzmann, Doris Ritzberger-Grünwald and Helene Schuberth