Opis projektu
Nowy wskaźnik dla systemów finansowych zależny od kraju
Europejskimi systemami finansowymi wstrząsały różne kryzysy: od globalnego kryzysu finansowego po kryzys w strefie euro oraz pandemię COVID-19. Twórcy finansowanego ze środków Unii Europejskiej projektu FINSYS RECOVERY opracują nowe sposoby rozumienia systemów finansowych i ich przekształceń. W szczególności badacze wykorzystają interdyscyplinarne ramy oparte na ekonomii finansowej, ekonomii politycznej oraz ładzie korporacyjnym. W oparciu o innowacyjny, zależny od kraju wskaźnik dla systemów finansowych naukowcy będą w stanie stworzyć spektrum systemów finansowych w krajach, które można będzie monitorować w czasie. Pomoże to rzucić światło na często pomijane kwestie, takie jak rola transgranicznych list lub pożyczki i rola pozabankowych pośredników finansowych.
Cel
FINSYS RECOVERY i) provides a detailed view of how European financial systems (FS) evolved in the period 2005-2020; and ii) quantitatively investigates how shocks in the shape of crisis events (e.g. the global financial crisis, the EURO crisis and the COVID-19 pandemic) and related policy responses influenced FS trajectories across European countries in this period.
The project seeks to generate new ways of understanding FS and their transformations by drawing on an interdisciplinary framework based on financial economics, political economy and corporate governance. By regressing panel data on macroeconomic outcomes and policy responses of different crises on an innovative country-based FS metric, it applies methods that are uncommon in research on FS. The FS metric enables the construction of a spectrum of FS across countries that can be tracked over time. This, in turn, allows for looking beyond the extant literature’s dichotomous conceptualization of FS as either bank- or market-based. In addition, it sheds light on issues that are often neglected in FS research, such as the role of cross-border listings or borrowing and the role of non-bank financial intermediaries. By using a large European panel dataset, the project seeks to generate new insights on the direction, speed and lag by which shocks influence FS. FINSYS RECOV thereby complements earlier research that typically focuses on how outcomes of shocks vary between different FS, or case-based research on how select small numbers of FS have responded to particular shocks.
Generating insights on how FS respond to shocks, and if EU FS are converging or diverging, could hardly be timelier. There are ongoing political initiatives to promote deeper integration of EU FS, while at the same time counterfactors such as Brexit and nationalism appear to pull the EU apart. And this occurs against the backdrop of another major economic crisis, as the grip COVID-19 has tightened over our economies.
Dziedzina nauki
Program(-y)
Temat(-y)
System finansowania
MSCA-IF-EF-ST - Standard EFKoordynator
2000 Frederiksberg
Dania