http://www.bis.org/cbhub/list/recent_additions/index.rss Recent additions to the Central Bank Research Hub en http://www.bankofcanada.ca/wp-content/uploads/2013/05/wp2013-13.pdf Bank of Canada Working papers by Ian Christensen, Fuchun Li A Semiparametric Early Warning Model of Financial Stress Events 2013-05-15T17:32:59Z The authors use the Financial Stress Index created by the International Monetary Fund to predict the likelihood of financial stress events for five developed countries: Canada, France, Germany, the United Kingdom and the United States. They use a semiparametric panel data model with nonparametric specification of the link functions and linear index function. The empirical results show that the semiparametric early warning model captures some well-known financial stress events. For Canada, Germany, the United Kingdom and the United States, the semiparametric model can provide much better out-of-sample predicted probabilities than the logit model for the time period from 2007Q2 to 2010Q2, while for France, the logit model provides better performance for non-financial stress events than the semiparametric model. A Semiparametric Early Warning Model of Financial Stress Events 2013-05-15T17:32:59Z Abstract http://www.bankofcanada.ca/2013/05/research/working-paper-2013-13/ Full text http://www.bankofcanada.ca/wp-content/uploads/2013/05/wp2013-13.pdf Fuchun Li Ian Christensen Ian Christensen, Fuchun Li 2013-05 Bank of Canada Working papers http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/13/Fich/dt1306e.pdf Bank of Spain Working Papers by Fernando López Vicente The effect of foreclosure regulation: evidence for the US mortgage market at state level 2013-05-14T12:35:00Z The effect of foreclosure regulation: evidence for the US mortgage market at state level 2013-05-14T12:35:00Z Full text http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/13/Fich/dt1306e.pdf Fernando López Vicente Fernando López Vicente 2013-05 Bank of Spain Working Papers http://www.chicagofed.org/webpages/publications/working_papers/2013/wp_03.cfm Chicago Fed Working papers by Ben Chabot, Charles C. Moul Bank Panics, Government Guarantees and the Long-Run Size of the Financial Sector: Evidence from Free-Banking America 2013-05-13T12:35:59Z Bank Panics, Government Guarantees and the Long-Run Size of the Financial Sector: Evidence from Free-Banking America 2013-05-13T12:35:59Z Abstract http://www.chicagofed.org/webpages/publications/working_papers/2013/wp_03.cfm Charles C. Moul Ben Chabot Ben Chabot, Charles C. Moul 2013-05 Chicago Fed Working papers http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_05_10_dkp_18.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Markus Baltzer, Oscar Stolper, Andreas Walter Is local bias a cross-border phenomenon? Evidence from individual investors' international asset allocation 2013-05-10T12:45:00Z Is local bias a cross-border phenomenon? Evidence from individual investors' international asset allocation 2013-05-10T12:45:00Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_05_10_dkp_18.pdf?__blob=publicationFile Oscar Stolper Andreas Walter Markus Baltzer Markus Baltzer, Oscar Stolper, Andreas Walter 2013-05-10 Deutsche Bundesbank Discussion Papers http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_19.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Friederike Niepmann Banking across borders 2013-05-10T12:45:00Z Banking across borders 2013-05-10T12:45:00Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_19.pdf?__blob=publicationFile Friederike Niepmann Friederike Niepmann 2013-05-10 Deutsche Bundesbank Discussion Papers http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/13/Fich/dt1307e.pdf Bank of Spain Working Papers by Enrique Moral-Benito and Luis Serven Testing weak exogeneity in cointegrated panels 2013-05-10T12:52:59Z Testing weak exogeneity in cointegrated panels 2013-05-10T12:52:59Z Full text http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/13/Fich/dt1307e.pdf Luis Servén Enrique Moral-Benito Enrique Moral-Benito and Luis Serven 2013-05 Bank of Spain Working Papers http://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/5705/WP1302.pdf South African Reserve Bank Working Papers by F Ruch The Impact of International Spillovers on the South African Economy 2013-05-09T12:56:59Z This paper estimates a multi-country vector autoregressive model (VAR) using South African, the euro area, the United States, Japan and China industrial production in order to determine the impact of business cycle spillovers on South Africa and the synchronisation of business cycles. The spillover index methodology of Diebold and Yilmaz is applied, using forecast error variance decompositions implemented over seven-year rolling windows in order to get a time evolution of the variables of interest. The results show that the South African economy has been significantly affected by international spillovers over the sample period, with the variation in South African industrial production due to spillovers from other countries or common shocks averaging 37,6 per cent. This variation peaked to an average of 62,2 per cent over the financial crisis period and remains significantly high. The Impact of International Spillovers on the South African Economy 2013-05-09T12:56:59Z Abstract http://www.resbank.co.za/Publications/Detail-Item-View/Pages/Publications.aspx?sarbweb=3b6aa07d-92ab-441f-b7bf-bb7dfb1bedb4&sarblist=21b5222e-7125-4e55-bb65-56fd3333371e&sarbitem=5705 Full text http://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/5705/WP1302.pdf F Ruch F Ruch 2013-05-09 South African Reserve Bank Working Papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1541.pdf European Central Bank Working papers by Eleni Angelopoulou, Hiona Balfoussia, Heather Gibson Building a financial conditions index for the euro area and selected euro area countries: what does it tell us about the crisis?, 2013-05-02T17:34:00Z In this paper we construct Financial Conditions Indices (FCIs) for the euro area, for the period 2003 to 2011, using a wide range of prices, quantities, spreads and survey data, grounded in the theoretical literature. One FCI includes monetary policy variables, while two versions without monetary policy are also constructed, enabling us to study the impact of monetary policy on financial conditions. The FCIs constructed fit in well with a narrative of financial conditions since the creation of the monetary union. FCIs for individual euro area countries are also provided, with a view to comparing financial conditions in core and periphery countries. There is evidence of significant divergence both before and during the crisis, which becomes less pronounced when monetary policy variables are included in the FCI. However, the impact of monetary policy on financial conditions appears not to be entirely symmetric across the euro area. Building a financial conditions index for the euro area and selected euro area countries: what does it tell us about the crisis?, 2013-05-02T17:34:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1541.pdf Hiona Balfoussia Heather Gibson Eleni Angelopoulou Eleni Angelopoulou, Hiona Balfoussia, Heather Gibson 2013-05-02 European Central Bank Working papers http://www.snb.ch/n/mmr/reference/working_paper_2013_05/source/working_paper_2013_05.n.pdf Swiss National Bank Working Papers by Matthias Gubler and Matthias S. Hertweck Commodity Price Shocks and the Business Cycle: Structural Evidence for the U.S. 2013-05-02T17:36:00Z This paper evaluates the relative importance of commodity price shocks in the U.S. business cycle. Therefore, we extend the standard set of business cycle shocks to include unexpected changes in commodity prices. The resulting SVAR shows that commodity price shocks are a very important driving force of macroeconomic fluctuations - second only to investment-specific technology shocks - particularly with respect to inflation. Neutral technology shocks and monetary policy shocks, on the other hand, seem less relevant at business cycle frequencies. Neutral technology shocks rather play an important role at low frequencies. Commodity Price Shocks and the Business Cycle: Structural Evidence for the U.S. 2013-05-02T17:36:00Z Full text http://www.snb.ch/n/mmr/reference/working_paper_2013_05/source/working_paper_2013_05.n.pdf Matthias S. Hertweck Matthias Gubler Matthias Gubler and Matthias S. Hertweck 2013-05-02 Swiss National Bank Working Papers http://www.chicagofed.org/webpages/publications/working_papers/2013/wp_02.cfm Chicago Fed Working papers by Sumit Agarwal, Richard J. Rosen, Vincent Yao Why Do Borrowers Make Mortgage Refinancing Mistakes? 2013-05-02T17:36:59Z Why Do Borrowers Make Mortgage Refinancing Mistakes? 2013-05-02T17:36:59Z Abstract http://www.chicagofed.org/webpages/publications/working_papers/2013/wp_02.cfm Vincent Yao Sumit Agarwal Richard J. Rosen Sumit Agarwal, Richard J. Rosen, Vincent Yao 2013-05 Chicago Fed Working papers http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_16.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Cornelia Düwel Repo funding and internal capital markets in the financial crisis 2013-05-03T12:33:59Z Repo funding and internal capital markets in the financial crisis 2013-05-03T12:33:59Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_16.pdf?__blob=publicationFile Cornelia Düwel Cornelia Düwel 2013-05-03 Deutsche Bundesbank Discussion Papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1542.pdf European Central Bank Working papers by Ulrich Bindseil, Juliusz Jablecki Central bank liquidity provision, risk-taking and economic efficiency, 2013-05-03T17:34:00Z After the Lehman default, but also during the euro area sovereign debt crisis, central banks have tended to extend the ability of banks to take recourse to central bank credit operations through changes of the collateral framework (e.g. CGFS, 2008 - in consistence with previous narratives, such as Bagehot, 1873). We provide a simple four sector model of the economy in which we illustrate the relevant trade-offs, derive optimal central bank collateral policies, and show why in a financial crisis, in which liquidity shocks become more erratic and the total costs of defaults increase, central banks may want to allow for greater potential recourse of banks to central bank credit. The model also illustrates that the credit riskiness of counterparties and issuers is endogenous to the central bank's credit policies and related risk control framework. Finally, the model allows identifying the circumstances under which the counterintuitive case arises in which a relaxation of the central bank collateral policy may reduce its expected losses. Central bank liquidity provision, risk-taking and economic efficiency, 2013-05-03T17:34:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1542.pdf Juliusz Jablecki Ulrich Bindseil Ulrich Bindseil, Juliusz Jablecki 2013-05-03 European Central Bank Working papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1543.pdf European Central Bank Working papers by Livio Stracca Financial imbalances and household welfare: empirical evidence from the EU, 2013-05-03T17:34:00Z This paper uses Eurobarometer survey data from 26 EU countries to evaluate whether the general public cares about financial stability and imbalances over and above their effects on key macroeconomic variables such as unemployment and inflation. I confirm previous results in the literature that life satisfaction - a widely used measure of household welfare - negatively depends on the unemployment rate. In addition to previous results in the literature, I establish a strong empirical link between life satisfaction and consumer confidence as measured by the European Commission consumer survey. The main result of the paper is that life satisfaction generally does not systematically depend on a number of measures of financial imbalance based on credit and asset prices once the other macroeconomic controls are included. Financial imbalances and household welfare: empirical evidence from the EU, 2013-05-03T17:34:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1543.pdf Livio Stracca Livio Stracca 2013-05-03 European Central Bank Working papers http://www.federalreserve.gov/pubs/ifdp/2013/1079/ifdp1079.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brendan Epstein and Ryan Nunn Taxation, Match Quality and Social Welfare 2013-05-04T06:21:00Z Brendan Epstein and Ryan Nunn. A large public finance literature argues that taxable income elasticities are a sufficient statistic for the social welfare consequences of taxation. We develop calibrations that show such deadweight loss calculations are overestimates proportional to the quantitative significance of heterogeneity in amenities across job matches. In particular, the endogenous supply of amenities can substantially exacerbate this overestimation in both static and dynamic environments. Given the possibility of gradual migration of workers into more amenity-focused job matches in response to tax increases, welfare calculations based on long-run taxable income elasticities can be more misleading than those based on short-run elasticities. Taxation, Match Quality and Social Welfare 2013-05-04T06:21:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2013/1079/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2013/1079/ifdp1079.pdf Brendan Epstein Ryan Nunn Brendan Epstein and Ryan Nunn 2013-05-01 Board of Governors of the Federal Reserve System International Financial Discussion Papers http://www.federalreserve.gov/pubs/feds/2013/201322/201322pap.pdf Board of Governors of the Federal Reserve System FEDS series by Robert Argento, Victoria L. Bryant, and John Sabelhaus Early Withdrawals from Retirement Accounts During the Great Recession 2013-05-04T06:21:00Z Robert Argento, Victoria L. Bryant, and John Sabelhaus. Early withdrawals from retirement accounts are a double-edged sword, because withdrawals reduce retirement resources, but they also allow individuals to smooth consumption when they experience demographic and economic shocks. Using tax data, we show that pre-retirement withdrawals increased between 2004 and 2010, especially after 2007, but early withdrawal rates are substantial (relative to new contributions) in all of those years. Early withdrawal events are strongly correlated with shocks to income and marital status, and lower-income taxpayers are more likely to experience the types of shocks associated with early withdrawals and more likely to have a taxable withdrawal when they experience a given shock. Early Withdrawals from Retirement Accounts During the Great Recession 2013-05-04T06:21:00Z Abstract http://www.federalreserve.gov/pubs/feds/2013/201322/201322abs.html Full text http://www.federalreserve.gov/pubs/feds/2013/201322/201322pap.pdf Victoria L. Bryant Robert Argento John Sabelhaus Robert Argento, Victoria L. Bryant, and John Sabelhaus 2013-04-25 Board of Governors of the Federal Reserve System FEDS series http://www.federalreserve.gov/pubs/feds/2013/201323/201323pap.pdf Board of Governors of the Federal Reserve System FEDS series by Javed I. Ahmed, Brad M. Barber, and Terrance Odean Made Poorer by Choice: Worker Outcomes in Social Security v. Private Retirement Accounts 2013-05-04T06:21:00Z Javed I. Ahmed, Brad M. Barber, and Terrance Odean. Can the freedom to choose how retirement funds are invested leave workers worse off? We analyze social risks of allowing choice, using the Social Security system as an example. Comparing a privatized alternative with the current system via simulation, we document that choice in both equity allocation and equity composition lead to increased income inequality and risk of shortfalls relative to currently promised benefits. While private accounts disproportionately increase shortfall risk for low-income workers, allowing choice increases risk for all workers (even with high return outcomes). Our results suggest that restricted choice should be a central component of private-account-based systems. Made Poorer by Choice: Worker Outcomes in Social Security v. Private Retirement Accounts 2013-05-04T06:21:00Z Abstract http://www.federalreserve.gov/pubs/feds/2013/201323/201323abs.html Full text http://www.federalreserve.gov/pubs/feds/2013/201323/201323pap.pdf Terrance Odean Javed I. Ahmed Brad M. Barber Javed I. Ahmed, Brad M. Barber, and Terrance Odean 2013-05-03 Board of Governors of the Federal Reserve System FEDS series http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_17.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Matthias Köhler Does non-interest income make banks more risky? Retail- versus investment-oriented banks 2013-05-06T12:35:00Z Does non-interest income make banks more risky? Retail- versus investment-oriented banks 2013-05-06T12:35:00Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_17.pdf?__blob=publicationFile Matthias Köhler Matthias Köhler 2013-05-06 Deutsche Bundesbank Discussion Papers http://www.minneapolisfed.org/research/wp/WP705.pdf Minneapolis Fed Working Papers by Vadym Lepetyuk, Christian A. Stoltenberg Reconciling Consumption Inequality with Income Inequality 2013-05-01T06:21:59Z Reconciling Consumption Inequality with Income Inequality 2013-05-01T06:21:59Z Full text http://www.minneapolisfed.org/research/wp/WP705.pdf Christian A. Stoltenberg Vadym Lepetyuk Vadym Lepetyuk, Christian A. Stoltenberg 2013-04 Minneapolis Fed Working Papers http://www.suomenpankki.fi/bofit_en/tutkimus/tutkimusjulkaisut/dp/Pages/dp0613.aspx Bank of Finland BOFIT Discussion Papers by Mustafa Disli, Koen Schoors and Jos Meir Political connections and depositor discipline 2013-04-30T06:19:00Z >?Abstract We examine the effects of political connections on depositor discipline in a sample of Turkish banks. Banks with former members of parliament at the helm enjoy reduced depositor discipline, especially if the former politician's party is currently in power - less so if the former politician served as a minister. Banks with structural problems are more likely to appoint former politicians, but our results remain robust after controlling for selection effects. Ministers may reduce depositor discipline less because they signal severe problems and because the additional government deposits they bring to the bank during their term tend to leave with them. Political connections and depositor discipline 2013-04-30T06:19:00Z Abstract http://www.suomenpankki.fi/bofit_en/tutkimus/tutkimusjulkaisut/dp/Pages/dp0613.aspx Koen Schoors Mustafa Disli Jos Meir Mustafa Disli, Koen Schoors and Jos Meir 2013-04-29 Bank of Finland BOFIT Discussion Papers http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_15.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Jana Kremer, Nikolai Stähler Structural and cyclical effects of tax progression 2013-04-29T12:35:00Z Structural and cyclical effects of tax progression 2013-04-29T12:35:00Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_29_dkp_15.pdf?__blob=publicationFile Nikolai Stähler Jana Kremer Jana Kremer, Nikolai Stähler 2013-04-29 Deutsche Bundesbank Discussion Papers http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_15_dkp_12.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Martin Kliem, Alexander Kriwoluzky, Samad Sarferaz On the low-frequency relationship between public deficits and inflation 2013-04-22T12:37:59Z On the low-frequency relationship between public deficits and inflation 2013-04-22T12:37:59Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_15_dkp_12.pdf?__blob=publicationFile Alexander Kriwoluzky Martin Kliem Samad Sarferaz Martin Kliem, Alexander Kriwoluzky, Samad Sarferaz 2013-04-22 Deutsche Bundesbank Discussion Papers http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_15_dkp_13.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Esteban Prieto, Sandra Eickmeier, Massimiliano Marcellino Time variation in macro-financial linkages 2013-04-23T12:35:00Z Time variation in macro-financial linkages 2013-04-23T12:35:00Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_15_dkp_13.pdf?__blob=publicationFile Sandra Eickmeier Massimiliano Marcellino Esteban Prieto Esteban Prieto, Sandra Eickmeier, Massimiliano Marcellino 2013-04-23 Deutsche Bundesbank Discussion Papers http://www.dallasfed.org/assets/documents/institute/wpapers/2013/0146.pdf Dallas Fed Institute Working Papers by Supplement Alexander Chudik and M. Hashem Pesaran Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors 2013-04-26T17:36:00Z Abstract: This paper extends the Common Correlated Effects (CCE) approach developed by Pesaran (2006) to heterogeneous panel data models with lagged dependent variable and/or weakly exogenous regressors. We show that the CCE mean group estimator continues to be valid but the following two conditions must be satisfied to deal with the dynamics: a sufficient number of lags of cross section averages must be included in individual equations of the panel, and the number of cross section averages must be at least as large as the number of unobserved common factors. We establish consistency rates, derive the asymptotic distribution, suggest using co-variates to deal with the effects of multiple unobserved common factors, and consider jackknife and recursive de-meaning bias correction procedures to mitigate the small sample time series bias. Theoretical findings are accompanied by extensive Monte Carlo experiments, which show that the proposed estimators perform well so long as the time series dimension of the panel is sufficiently large. Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors 2013-04-26T17:36:00Z Full text http://www.dallasfed.org/assets/documents/institute/wpapers/2013/0146.pdf Supplement Alexander Chudik M. Hashem Pesaran Supplement Alexander Chudik and M. Hashem Pesaran 2013-04 Dallas Fed Institute Working Papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1540.pdf European Central Bank Working papers by Geoff Kenny, Thomas Kostka, Federico Masera Can macroeconomists forecast risk? Event-based evidence from the euro area SPF 2013-04-26T12:35:00Z We propose methods to evaluate the risk assessments collected as part of the ECB Survey of Professional Forecasters (SPF). Our approach focuses on direction-of-change predictions as well as the prediction of relatively more extreme macroeconomic outcomes located in the upper and lower regions of the predictive densities. For inflation and GDP growth, we find such surveyed densities are informative about future direction of change. Regarding more extreme high and low outcome events, the surveys are really only informative about GDP growth outcomes and at short-horizons. The upper and lower regions of the predictive densities for inflation are much less informative. Can macroeconomists forecast risk? Event-based evidence from the euro area SPF 2013-04-26T12:35:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1540.pdf Federico Masera Thomas Kostka Geoff Kenny Geoff Kenny, Thomas Kostka, Federico Masera 2013-04-26 European Central Bank Working papers C22 C53 http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_26_dkp_14.pdf?__blob=publicationFile Deutsche Bundesbank Discussion Papers by Claudio Albanese, Damiano Brigo, Frank Oertel Restructuring counterparty credit risk 2013-04-26T12:35:59Z We introduce an innovative theoretical framework for the valuation and replication of derivative transactions between defaultable entities based on the principle of arbitrage freedom. Our framework extends the traditional formulations based on credit and debit valuation adjustments (CVA and DVA). Depending on how the default contingency is accounted for, we list a total of ten different structuring styles. These include bi-partite structures between a bank and a counterparty, tri-partite structures with one margin lender in addition, quadripartite structures with two margin lenders and, most importantly, configurations where all derivative transactions are cleared through a central counterparty (CCP). We compare the various structuring styles under a number of criteria including consistency from an accounting standpoint, counterparty risk hedgeability, numerical complexity, transaction portability upon default, induced behaviour and macro-economic impact of the implied wealth allocation. Restructuring counterparty credit risk 2013-04-26T12:35:59Z Full text http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2013/2013_04_26_dkp_14.pdf?__blob=publicationFile Damiano Brigo Claudio Albanese Frank Oertel Claudio Albanese, Damiano Brigo, Frank Oertel 2013-04-26 Deutsche Bundesbank Discussion Papers C51 C63 E51 G01 G32 G33