The monetary pillar and the great financial crisis

Since its inception, a most distinctive (and controversial) feature of the ECB monetary policy strategy has been its emphasis on money and monetary analysis, which constitute the basis of the so-called monetary pillar. The present paper examines the performance of the monetary pillar around the recent financial crisis episode, and discusses its prospects in light of the renewed emphasis on financial stability and the need for enhanced macro-prudential policies.

Theoretical notes on bubbles and the current crisis

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of abubble or pyramid scheme in financial markets. We embed this view in a standard model of thefinancial accelerator and explore its empirical and policy implications. In particular, we show howthe model can account for: (i) a gradual and protracted expansionary phase followed by a suddenand sharp recession; (ii) the connection (or lack of connection!) between financial and real economicactivity and; (iii) a fast and strong transmission of shocks across countries. We also use the modelto explore the role of fiscal policy.

Interbank liquidity crunch and the firm credit crunch: Evidence from the 2007-2009 crisis

We study the credit supply effects of the unexpected freeze of the Europeaninterbank market, using exhaustive Portuguese loan-level data. We find thatbanks that rely more on interbank borrowing before the crisis decrease theircredit supply more during the crisis. The credit supply reduction is stronger forfirms that are smaller, with weaker banking relationships. Small firms cannotcompensate the credit crunch with other sources of debt. Furthermore, theimpact of illiquidity on the credit crunch is stronger for less solvent banks.Finally, there are no overall positive effects of central bank liquidity, but higherhoarding of liquidity.

Monetary policy in a systemic crisis

This paper examines the monetary policy followed during the current financial crisisfrom the perspective of the theory of the lender of last resort. It is argued that standardmonetary policy measures would have failed because the channels through whichmonetary policy is implemented depend upon the well functioning of the interbankmarket. As the crisis developed, liquidity vanished and the interbank market collapsed,central banks had to inject much more liquidity at low interest rates than predicted bystandard monetary policy models. At the same time, as the interbank market did notallow for the redistribution of liquidity among banks, central banks had to design newchannels for liquidity injection.

Post crisis challenges to bank regulation

The current crisis has swept aside not only the whole of the US investment banking industry butalso the consensual perception of banking risks, contagion and their implication for bankingregulation. As everyone agrees now, risks where mispriced, they accumulated in neuralgic pointsof the financial system, and where amplified by procyclical regulation as well as by the instabilityand fragility of financial institutions.The use of ratings as carved in stone and lack of adequate procedure to swiftly deal withsystemic institutions bankruptcy (whether too-big-to-fail, too complex to fail or too-many to fail).The current paper will not deal with the description and analysis of the crisis, already covered inother contributions to this issue will address the critical choice regulatory authorities will face. Inthe future regulation has to change, but it is not clear that it will change in the right direction. Thismay occur if regulatory authorities, possibly influenced by public opinion and political pressure,adopt an incorrect view of financial crisis prevention and management. Indeed, there are twoapproaches to post-crisis regulation. One is the rare event approach, whereby financial crises willoccur infrequently, but are inescapable.

Cambios en las condiciones de empleo y de salud durante la crisis económica en trabajadores inmigrantes en España

Objetivo: Evaluar la influencia de los cambios en las condiciones de empleo en la saludautopercibida y mental de trabajadores inmigrantes en España, tras un período de tresaños, en un contexto de crisis económica.

La LAU ante la crisis inmobiliaria

El present Treball de Fi de Carrera du a terme un anàlisi de l’evolució del mercat de la vivenda de lloguer a Espanya. Degut a la crisi immobiliària iniciada a l’any 2008, es posa en evidència la necessitat de potenciar l’arrendament al nostre país, opció que històricament es presentava en clar desavantatge enfront a la compra d’un immoble, però que en l’actualitat s’erigeix com una solució realista al problema d’accés a un habitatge digne. Per aquest motiu, s’analitza l’ampli ventall de normatives adoptades a través del temps, profunditzant en el problema de la vivenda i les dades rellevants a tenir en compte. Es fa menció especial al registre de morosos, un instrument que pretén pal·liar la manca de voluntat per part dels propietaris d’arrendar els seus immobles, de manera que es garanteixin els drets d’ambdues parts implicades, tenint en consideració el període de crisis en el que estem immersos en l’actualitat.

Relationship and transaction lending in a crisis

We study how relationship lending and transaction lending varyover the business cycle. We develop a model in which relationshipbanks gather information on their borrowers, which allows them toprovide loans for profitable firms during a crisis. Due to the servicesthey provide, operating costs of relationship-banks are higher thanthose of transaction-banks. In our model, where relationship-bankscompete with transaction-banks, a key result is that relationship-banks charge a higher intermediation spread in normal times, butoffer continuation-lending at more favorable terms than transactionbanks to profitable firms in a crisis. Using detailed credit registerinformation for Italian banks before and after the Lehman Brothers'default, we are able to study how relationship and transaction-banksresponded to the crisis and we test existing theories of relationshipbanking. Our empirical analysis confirms the basic prediction of themodel that relationship banks charged a higher spread before the crisis, offered more favorable continuation-lending terms in response tothe crisis, and suffered fewer defaults, thus confirming the informational advantage of relationship banking.

Reprisals remembered: German-Greek conflict and car sales during the Euro crisis

During the Greek debt crisis after 2010, the German government insisted on harshausterity measures. This led to a rapid cooling of relations between the Greekand German governments. We compile a new index of public acrimony betweenGermany and Greece based on newspaper reports and internet search terms. Thisinformation is combined with historical maps on German war crimes during theoccupation between 1941 and 1944. During months of open conflict between Germanand Greek politicians, German car sales fell markedly more than those of cars fromother countries. This was especially true in areas affected by German reprisals duringWorldWar II: areas where German troops committed massacres and destroyed entirevillages curtailed their purchases of German cars to a greater extent during conflictmonths than other parts of Greece. We conclude that cultural aversion was a keydeterminant of purchasing behavior, and that memories of past conflict can affecteconomic choices in a time-varying fashion. These findings are compatible withbehavioral models emphasizing the importance of salience for individual decision-making.

CRISIS DE LA SANIDAD: EL BIENESTAR LABORAL DE LOS PROFESIONALES DE LA MEDICINA DESDE LA PSICOLOGÍA SOCIAL DEL TRABAJO.

Los cambios en el mundo del trabajo fruto de mega tendencias globalizadoras y postfordistas, han producido profundos procesos de modernización en la sanidad latinoamericana y española, que han supuesto transformaciones en la organización del trabajo y en el sentido del servicio público. La irrupción del New Management en la sanidad ha conllevado importantes cambios en las condiciones de trabajo. Estas circunstancias sumadas a la relevancia sociopolítica de crisis del Estado de Bienestar y de sus derivadas en América Latina, indujeron al planteamiento de la pregunta principal de esta investigación: ¿Cómo las nuevas condiciones de trabajo impuestas por el new management sanitario influyen en el bienestar laboral de los profesionales de la medicina?. Participaron (voluntariamente) 281 profesionales de la medicina de España (47,7%) y de América Latina (52,3%), empleados en hospitales, a quienes se accedió mediante un muestreo de conveniencia, intencional y estratificado. Para ello, se articuló un diseño mixto que combinó tanto metodología cualitativa (entrevistas en profundidad y focus group – análisis de contenido temático inspirado en grounded theory) como cuantitativa (cuestionarios de lápiz y papel – estadística inferencial. Los resultados pusieron de manifiesto la tendencia general a una valoración moderadamente positiva de las condiciones de trabajo y del bienestar laboral general, contrapesada por sentimientos y percepciones ambivalentes hacia el contexto y la propia experiencia laboral. Destacó una valoración de los aspectos materiales y tecnológicos del entorno de trabajo, así como el clima social en los grupos de trabajo y el apoyo social horizontal de parte de colegas. En la negativa sobresalió un complejo entramado de sobrecarga laboral y de intensificación y aceleración del tiempo de trabajo, crecientes niveles percibidos de estrés laboral y algunos síntomas menores relacionados con la salud física y mental, todo ello asociado al aumento percibido de la presión asistencial y de los nuevos requerimientos técnicos y administrativos de la información que los profesionales deben producir y gestionar.

Financial crisis: theory and practice

In the last 50 years, we have had approximately 40 events with characteristics related to financial crisis. The most severe crisis was in 1929, when the financial markets plummet and the US gross domestic product decline in more than 30 percent. Recently some years ago, a new crisis developed in the United States, but instantly caused consequences and effects in the rest of the world.This new economic and financial crisis has increased the interest and motivation for the academic community, professors and researchers, to understand the causes and effects of the crisis, to learn from it. This is the one of the main reasons for the compilation of this book, which begins with a meeting of a group of IAFI researchers from the University of Barcelona, where researchers form Mexico and Spain, explain causes and consequences of the crisis of 2007.For that reason, we believed this set of chapters related to methodologies, applications and theories, would conveniently explained the characteristics and events of the past and future financial crisisThis book consists in 3 main sections, the first one called "State of the Art and current situation", the second named "Econometric applications to estimate crisis time periods" , and the third one "Solutions to diminish the effects of the crisis". The first section explains the current point of view of many research papers related to financial crisis, it has 2 chapters. In the first one, it describe and analyzes the models that historically have been used to explain financial crisis, furthermore, it proposes to used alternative methodologies such as Fuzzy Cognitive Maps. On the other hand , Chapter 2 , explains the characteristics and details of the 2007 crisis from the US perspective and its comparison to 1929 crisis, presenting some effects in Mexico and Latin America.The second section presents two econometric applications to estimate possible crisis periods. For this matter, Chapter 3, studies 3 Latin-American countries: Argentina, Brazil and Peru in the 1994 crisis and estimates the multifractal characteristics to identify financial and economic distress.Chapter 4 explains the crisis situations in Argentina (2001), Mexico (1994) and the recent one in the United States (2007) and its effects in other countries through a financial series methodology related to the stock market.The last section shows an alternative to prevent the effects of the crisis. The first chapter explains the financial stability effects through the financial system regulation and some globalization standards. Chapter 6, study the benefits of the Investor activism and a way to protect personal and national wealth to face the financial crisis risks.

El republicanismo y la crisis del rawlsismo metodológico

Cinco generaciones de utilitaristas, apoyados en la ciencia social posterior a la revolución marginalista neoclásica, destruyeron la conexión clásica entre la reflexión filosófica normativa y el mundo de los derechos y de las instituciones sociales. El estilo de hacer filosofía política inaugurado por Rawls no sólo prometía romper a su vez con todo eso, sino que, aparentemente, apuntaba a una consciente reanudación de la manera clásica -preutilitarista, preneoclásica- de hacer filosofía política: derechos, virtudes, contratos, clases sociales y entramados institucionales -no sólo utilidades maximizadas por individuos atomísticamente y a -institucionalmente concebidos- volvían al núcleo de una filosofía política que se presentaba como «neocontractualista». En este artículo se argumenta que algunas de las opciones metodológicas asociadas al legado de Rawls (el «rawlsismo metodológico») explican el que la promesa fuera sólo muy parcialmente cumplida. A partir de la crisis del «rawlsismo metodológico» que se ha hecho patente en los últimos años, los autores, republicanos avant la mode, tratan de explicar(se) el espectacular auge experimentado recientemente -a favor y en contra- por la vieja tradición republicana.

Perdida toda coherencia: El Descubrimiento de América en la 'crisis de la conciencia europea'

Este trabajo estudia de qué modo el Descubrimiento del Nuevo Mundo contribuyó no sólo a la descomposición del Viejo Mundo, sino, más aún, a la desaparición del"mundo" o"cosmos" mismo, entendido como un todo definido y ordenado jerárquicamente según valores trascendentes. ABSTRACT: This paper studies how the Discovery of the New World contributed not only to the decomposition of the Old World, but moreover to the disappearance of the"world" or"cosmos" itself, understood as a whole defined and ordered hierarchically according to trascendent values