The Role of Crises in Shaping Financial Systems: From the Global Financial Crisis to COVID-19

Cover
Half Title
Series Information
Title Page
Copyright Page
Table of Contents
1 Introduction
2 Safety Net Responses to Crises
	2.1 Monetary Response
		2.1.1 Policy Space
		2.1.2 How Much Monetary Support Was Needed and Why?
		2.1.3 What Tools to Use
		2.1.4 The (Side) Effects of Monetary Easing
	2.2 Prudential Response
		2.2.1 Regulatory Measures
		2.2.2 Capital and Liquidity Regulations
		2.2.3 Lessons Learned? Impact of Regulatory and Institutional Overhaul
		2.2.4 First Experiences With Macroprudential Policy in the EU
	2.3 In the Eye of the Storm – Crises and Banking Sector Financial Standing
		2.3.1 Pre- and Post-Crisis Trends in the European Banking Sector Condition
		2.3.2 Determinants of Bank Soundness During Crises
3 Fiscal Policy Reaction to Crises
	3.1 Policy Response – Towards Strengthening European Integration
		3.1.1 EU Emergency and Recovery Initiatives
		3.1.2 Tailoring the State Aid Framework
		3.1.3 Strengthening the Fiscal Framework
		3.1.4 Financial Assistance Facilities
	3.2 Support Measures for the Financial System – Case Studies
		3.2.1 Ireland
		3.2.2 Greece
		3.2.3 Cyprus
	3.3 Support Measures for the Real Economy – Case Studies
		3.3.1 Germany
		3.3.2 Poland
	3.4 Balancing Fiscal and Financial Stability
4 Financial Market in Crisis
	4.1 Origin of Asset Pricing – Who Drives the Market in a Crisis?
	4.2 Financial Markets in Crisis – A Victim or a Culprit?
		4.2.1 Financial Benchmark Regulation
		4.2.2 MiFID Customer Protection
		4.2.3 EMIR Infrastructure
		4.2.4 Discussion
	4.3 Emerging Markets Asymmetry – How Contagion Works
	4.4 Case Studies for Foreign Exchange, Interest Rate, Liquidity and Equities
		4.4.1 CEE Currency Rates in Autumn 2008
		4.4.2 Euro Fixed Income and Money Markets in Late 2011
		4.4.3 The Currency Basis for PLN in Early 2015
		4.4.4 The Global Equity Market in Spring 2020
		4.4.5 CEE Markets in 2020–21
5 The Interplay between the Financial Sphere and the Real Sphere
	5.1 Finance and Growth Nexus – State of Play
	5.2 Tail Wagging the Dog?
	5.3 Financial and Real Spheres in Western and Eastern Europe
		5.3.1 Financial and Real Spheres in Europe
		5.3.2 Data and Methodology
		5.3.3 Results and Discussion: Tail (Finance) Wagging the Dog?
6 Challenges Ahead
	6.1 Epilogue
Index