A Flow-of-Funds Perspective on the Financial Crisis Volume II

1. Front Matter

   Pages i-xx

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2. 1 Introduction and Overview

   1. Introduction and Overview

      • Bernhard Winkler, Ad van Riet, Peter Bull

      Pages 1-8

3. Flow of Funds and Macrofinancial Analysis

   1. Front Matter

      Pages 9-9

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   2. Tobin LIVES: Integrating Evolving Credit Market Architecture into Flow-of-Funds Based Macro-Models

      • John Duca, John Muellbauer

      Pages 11-39

   3. Growing Fragilities? Balance Sheets in The Great Moderation

      • Richard Barwell, Oliver Burrows

      Pages 40-109

   4. Japan’s Flow-of-Funds Accounts: Main Characteristics and Measures for Enhancement

      • Shuji Kobayakawa, Ryoichi Okuma

      Pages 110-127

   5. Conceptual Framework of Financial Accounts: The Case of Slovenia

      • Janez Fabijan

      Pages 128-151

4. Flow of Funds and Macroeconomic Imbalances in Europe

   1. Front Matter

      Pages 153-153

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   2. The Financial Crisis in the Light of the Euro Area Accounts: Selected Issues

      • Philippe de Rougemont, Bernhard Winkler

      Pages 155-198

   3. The Surveillance of Macroeconomic Imbalances in the EU: The Sectoral Perspective

      • Carlos Cuerpo, Alexandr Hobza

      Pages 199-229

   4. Debt, Assets and Imbalances in the Euro Area: An Aggregate View

      • Christophe Van Nieuwenhuyze

      Pages 230-259

5. Flow of Funds and Financial Stability

   1. Front Matter

      Pages 261-261

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   2. Towards a Systemic Risk Indicator Based on Contingent Claim Analysis

      • Nuno Silva, Nuno Ribeiro, António Antunes

      Pages 263-285

   3. The Role of Financial Accounts Data in Financial Stability Analysis: The Case of Lithuania

      • Virgilijus Rutkauskas

      Pages 286-304

   4. Analysis of the Sectoral Financial Interlinkages of the Financial Sector in Austria against the Background of the Recent Financial Crisis

      • Michael Andreasch

      Pages 305-326

6. Back Matter

   Pages 327-336

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Based on the crisis experience, the book offers an overview of lessons for macrofinancial analysis and financial stability. It illustrates the interlinkages between the financial side and the real side of the economy and highlights the role of balance sheet variables and sectoral balance sheet positions in the evolution of the financial crisis.

• economy
• Euro
• Euro area
• financial crisis
• macroeconomics
• stability
• Surveillance
• banking

• European Central Bank, Frankfurt am Main, Germany

  Bernhard Winkler, Ad Riet, Peter Bull

Vítor Constâncio, European Central Bank, Germany John Duca, Federal Reserve Bank of Dallas and Southern Methodist University, USA John Muellbauer, Nuffield College and Oxford Martin School, UK Richard Barwell, Royal Bank of Scotland, UK Oliver Burrows, Bank of England, UK Shuji Kobayakawa, Bank of Japan, Japan Ryoichi Okuma, Bank of Japan, Japan Janez Fabijan, Bank of Slovenia, Slovenia Philippe de Rougemont, European Central Bank, Germany Carlos Cuerpo, European Commission, Belgium Alexandr Hobza, European Commission, Belgium Christophe Van Nieuwenhuyze, National Bank of Belgium, Belgium Nuno Silva, Banco de Portugal, Portugal Nuno Ribeiro, Banco de Portugal, Portugal António Antunes, Banco de Portugal, Portugal Virgilijus Rutkauskas, Bank of Lithuania, Lithuania Michael Andreasch, Oesterreichische Nationalbank, Austria

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