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  1. Cybersecurity and financial stability
    Autor*in: Anand, Kartik; Duley, Chanelle; Gai, Prasanna
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Cyber attacks can impair banks operations and precipitate bank runs. When digital infrastructure is shared, banks defend themselves by investing in cybersecurity but can free-ride on the security measures of others. Ex ante free-riding by banks... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    Cyber attacks can impair banks operations and precipitate bank runs. When digital infrastructure is shared, banks defend themselves by investing in cybersecurity but can free-ride on the security measures of others. Ex ante free-riding by banks interacts with the ex post coordination frictions underpinning bank runs. While the temptation to free-ride induces underinvestment in cybersecurity, the prospect of a run encourages greater investment. System-wide cybersecurity is suboptimal and sensitive to rollover risk and bank heterogeneity. Regulatory measures, including negligence rules, liquidity regulation and cyber hygiene notices, facilitate constrained efficient cybersecurity investment. We suggest testable hypotheses to inform empirical work in this area.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957298768
    Weitere Identifier:
    hdl: 10419/251605
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 08
    Schlagworte: Cyber attacks; bank runs; global games; weaker-link public goods
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  2. A wake-up call theory of contagion
    Autor*in: Ahnert, Toni; Bertsch, Christoph
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We offer a theory of financial c ontagion b ased o n t he i nformation c hoice o f i nvestors after observing a financial crisis e lsewhere. We study global coordination games of regime change in two regions linked by an initially unobserved macro... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    We offer a theory of financial c ontagion b ased o n t he i nformation c hoice o f i nvestors after observing a financial crisis e lsewhere. We study global coordination games of regime change in two regions linked by an initially unobserved macro shock. A crisis in region 1 is a wake-up call to investors in region 2. It induces them to reassess the regional fundamental and acquire information about the macro shock. Contagion can occur even after investors learn that region 2 has no ex-post exposure to region 1. We explore normative and testable implications of the model. In particular, our results rationalize evidence about contagious currency crises and bank runs after wake-up calls and provide some guidance for future empirical work.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289951074
    Weitere Identifier:
    hdl: 10419/264483
    Schriftenreihe: Working paper series / European Central Bank ; no 2658 (May 2022)
    Schlagworte: wake-up call; information choice; financial crises; contagion; bankrun; global games; fundamental re-assessment
    Umfang: 1 Online-Ressource (circa 72 Seiten)
  3. Real interest rates, bank borrowing, and fragility
    Autor*in: Ahnert, Toni; Anand, Kartik; König, Philipp Johann
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank's optimal borrowing trades off the benefit from investing additional funds into profitable assets with... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank's optimal borrowing trades off the benefit from investing additional funds into profitable assets with the cost of greater risk of a run by bank creditors. Changes in the interest rate affect the price and amount of borrowing, both of which influence bank fragility in opposite directions. Thus, the marginal impact of changes to the interest rate on bank fragility depends on the level of the interest rate. Finally, we derive testable implications that may guide future empirical work.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289954037
    Weitere Identifier:
    hdl: 10419/278243
    Schriftenreihe: Working paper series / European Central Bank ; no 2755 (December 2022)
    Schlagworte: bank borrowing; rollover risk; fragility; real interest rates; global games; funding liquidity risk channel
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  4. Real interest rates, bank borrowing, and fragility
    Autor*in: Ahnert, Toni; Anand, Kartik; König, Philipp Johann
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank’s optimal borrowing trades off the benefit from investing additional funds into profitable assets with... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank’s optimal borrowing trades off the benefit from investing additional funds into profitable assets with the cost of greater risk of a run by bank creditors. Changes in the interest rate affect the price and amount of borrowing, both of which influence bank fragility in opposite directions. Thus, the marginal impact of changes to the interest rate on bank fragility depends on the level of the interest rate. Finally, we derive testable implications that may guide future empirical work.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957299277
    Weitere Identifier:
    hdl: 10419/266683
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 48
    Schlagworte: bank borrowing; rollover risk; fragility; real interest rates; global games; funding liquidity risk channel
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen