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180 records from EconBiz based on author Name
1. Currency wars and trade
Mitchener, Kris; Wandschneider, Kirsten;2025
Type: Arbeitspapier; Working Paper;
Availability:
Link 2. Currency wars and trade
abstractThe Great Depression is the canonical case of a widespread currency war, with more than 70 countries devaluing their currencies relative to gold between 1929 and 1936. What were the currency war’s effects on trade flows? We use newly-compiled, highfrequency bilateral trade data and gravity models that account for when and whether trade partners had devalued to identify the effects of the currency war on global trade. Our empirical estimates show that a country’s trade was reduced by more than 21% following devaluation. This negative and statistically significant decline in trade suggests that the currency war destroyed the trade-enhancing benefits of the global monetary standard, ending regime coordination and increasing trade costs.
Mitchener, Kris; Wandschneider, Kirsten;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link Link 3. Connected lending of last resort
Mitchener, Kris; Monnet, Eric;2023
Type: Arbeitspapier; Working Paper;
Availability:
Link 4. Connected lending of last resort
abstractBecause of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for this core function of central banks. We show that, when faced with a banking panic in November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to connected banks - those whose board members were BdF shareholders. The BdF's selective lending policy failed to internalize a negative externality - that lending would be insufficient to arrest the panic and that distress via contagion would spillover to connected banks. Connected lending of last resort fueled the worst banking crisis in French history, caused an unprecedented government bailout of the central bank, and resulted in loss of shareholder control over the central bank.
Mitchener, Kris; Monnet, Eric;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link Link 5. How Do Financial Crises Redistribute Risk?
abstractWe examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century – the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental truncation that jointly considers bank survival, the type of bank closure (consolidations, absorption, and failures), and changes to bank risk. Despite roughly 9,000 bank closures, risk did not leave the financial system; instead, it increased. We show that risk was redistributed to banks that were healthier prior to the financial crisis. A key mechanism driving the redistribution of risk was bank acquisition. Each acquisition increases the balance-sheet and systemic risk of the acquiring bank by 25%. Our findings suggest that financial crises do not quickly purge risk from the system, and that merger policies commonly used to deal with troubled financial institutions during crises have important implications for systemic risk
Mitchener, Kris; Vossmeyer, Angela;2023
Availability: Link Link
6. How do financial crises redistribute risk?
abstractWe examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental truncation that jointly considers bank survival, the type of bank closure (consolidations, absorption, and failures), and changes to bank risk. Despite roughly 9,000 bank closures, risk did not leave the financial system; instead, it increased. We show that risk was redistributed to banks that were healthier prior to the financial crisis. A key mechanism driving the redistribution of risk was bank acquisition. Each acquisition increases the balance-sheet and systemic risk of the acquiring bank by 25%. Our findings suggest that financial crises do not quickly purge risk from the system, and that merger policies commonly used to deal with troubled financial institutions during crises have important implications for systemic risk.
Mitchener, Kris; Vossmeyer, Angela;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link Link 7. Domino secessions : evidence from the U.S.
Lacroix, Jean; Mitchener, Kris; Oosterlinck, Kim;2023
Type: Arbeitspapier; Working Paper;
Availability:
Link 8. Connected Lending of Last Resort
abstractBecause of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for this core function of central banks. We show that, when faced with a banking panic in November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to connected banks – those whose board members were BdF shareholders. The BdF’s selective lending policy failed to internalize a negative externality – that lending would be insufficient to arrest the panic and that distress via contagion would spillover to connected banks. Connected lending of last resort fueled the worst banking crisis in French history, caused an unprecedented government bailout of the central bank, and resulted in loss of shareholder control over the central bank
Mitchener, Kris; Monnet, Eric;2023
Availability: Link Link
9. Do disinflation policies ravage central bank finances?
Humann, Theodore; Mitchener, Kris; Monnet, Eric;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 10. How do financial crises redistribute risk?
Mitchener, Kris; Vossmeyer, Angela;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link