Banks Government Bonds And Default What Do The Data Say

Author: Nicola Gennaioli
Publisher: International Monetary Fund
ISBN: 1498320899
Size: 13.62 MB
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Banks Government Bonds And Default What Do The Data Say from the Author: Nicola Gennaioli. We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign default-banking crisis nexus.

Systemic Risk Crises And Macroprudential Regulation

Author: Xavier Freixas
Publisher: MIT Press
ISBN: 0262028697
Size: 45.29 MB
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Systemic Risk Crises And Macroprudential Regulation from the Author: Xavier Freixas. A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation.

Is Banks Home Bias Good Or Bad For Public Debt Sustainability

Author: Mr. Tamon Asonuma
Publisher: International Monetary Fund
ISBN: 1498393535
Size: 41.81 MB
Format: PDF, ePub
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Is Banks Home Bias Good Or Bad For Public Debt Sustainability from the Author: Mr. Tamon Asonuma. Motivated by the recent increase in domestic banks’ holdings of domestic sovereign debt (i.e., home bias) in the European periphery, this paper analyzes implications of banks’ home bias for the sovereign’s debt sustainability. The main findings, based on a sample of advanced (AM) and emerging market (EM) economies, suggest that home bias generally reduces the cost of borrowing for AMs and EMs when debt levels are moderate to high. A worsening of market sentiments appears to dimish the favorable impact of home bias on cost of borrowing particularly for EMs. In addition, for AMs and EMs, higher home bias is associated with higher debt levels, and less responsive fiscal policy. The findings suggest that home bias indeed matters for debt sustainability: Home bias may provide fiscal breathing space, but delays in fiscal consolidation may actually delay problems until debt reaches dangerously high levels.

The Future Of Large Internationally Active Banks

Author: Asli Demirg?-Kunt
Publisher: World Scientific
ISBN: 9813141409
Size: 37.96 MB
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The Future Of Large Internationally Active Banks from the Author: Asli Demirg?-Kunt. ' The Great Financial Crisis of 2007–2010 has had a major impact on large cross-border banks, which are widely blamed for the start and severity of the crisis. As a result, much public policy, both in the United States and elsewhere, has been directed at making these banks safer and less influential by reducing their size and permissible powers through increased government regulation. At the Federal Reserve Bank of Chicago''s 18th annual International Banking Conference, held in November 2015, the status of these large cross-border banks was critically evaluated. In collaboration with the World Bank, the conference held discussions on the current regulatory landscape for large and internationally active financial institutions; the impact of regulation on bank permissible activities and international trade; improvements in risk management; necessary repairs to the bank safety net; the resolution of insolvent banks operating across national borders; corporate governance for banks in the new environment; implications for market and government discipline; and, progress in achieving international cooperation. Contributors include international policymakers, practitioners, researchers, and academics from more than 30 countries. The papers from the conference are collected in this volume. Contents:Special Addresses:Shared Responsibility for the Regulation of International Banks (Daniel K Tarullo)Post-Crisis Risks and Bank Equity Capital (Thomas M Hoenig)Reputational Risks and Large International Banks (Ingo Walter)The Cross-Border Banking Landscape:Cross-Border Banking Flows and Organizational Complexity in Financial Conglomerates (Linda S Goldberg)Global Banks: Good or Good-Bye? (Thomas F Huertas)The Future of Large, Internationally Active Banks: Does Scale Define the Winners? (Joseph P Hughes and Loretta J Mester)The International Banking Landscape: Developments, Drivers, and Potential Implications (Juan A Marchetti)Banking Activity Trends Following the Financial Crisis: Expansion? Retrenchment?:How Did Foreign Bank Lending Change During the Recent Financial Crisis: An Overview (Allen N Berger, Tanakorn Makaew, and Rima Turk-Ariss)Banking Activity Trends Following the Financial Crisis: Expansion or Retrenchment? (Stijn Claessens and Neeltje van Horen)Global Banking: Old and New Lessons from Emerging Europe (Ralph De Haas)Banks'' Love Story with Sovereign Debt: Causes, Consequences, and Policy (Alexander Popov)Implications for Supervision and Regulation:Patterns in International Banking and Their Implications for Prudential Policies (Ingo Fender and Patrick McGuire)Supervision and Regulation: Effects of Global Financial Crisis on Japan and Asia (Takatoshi Ito)The Future of Large, Internationally Active Banks: Implications for Supervision and Regulation (Anil K Kashyap)Risk Management:At a Crossroad? Regulatory Capital and Operational Risk (Dietmar Serbee and Michael Alix)The Transmission of Bank Default Risk During the Global Financial Crisis (Deniz Anginer, Eugenio Cerutti, and Maria Soledad Martinez Peria)An Overview of Regulatory Stress-Testing and How to Improve It (Matt Pritsker)The Role of Foreign Banks in Local Credit Booms (Stijn Claessens and Neeltje van Horen)Safety Net and Resolution Issues for Large and Cross-Border Banks:Towards a Global Solution for a Global Problem (Eva H G Hüpkes)Cross-Border Bank Resolution: Recent Developments (Ceyla Pazarbasioglu, Ross Leckow, Barend Jansen, Marina Moretti, Wouter Bossu, Alvaro Piris, Elsie Addo Awadzi, Marc Dobler, Alessandro Gullo, Oana Nedelescu, Sven Stevenson, and Oliver Wünsch)Corporate Governance Issues in the New Environment:Corporate Governance and Bank Risk Taking (Deniz Anginer, Asli Demirgüç-Kunt, Harry Huizinga, and Kebin Ma)Vertical and Horizontal Problems in Financial Regulation and Corporate Governance (Jonathan R Macey and Maureen O''Hara)Incentive Compensation and Bank Risk: Insights from Organizational Economics (Edward Simpson Prescott)Cultural Failures at Banks: A Review and Possible Solutions (Alan Morrison and Joel Shapiro)Policy Discussion: Where to from Here?:Understanding the Future of Banking Scale and Scope Economies, and Fintech (Arnoud W A Boot)Four Key Factors Affecting the Future of Large, Internationally Active Banks (John C Dugan)The Last Crisis, the Next Crisis, and the Future of Large Banks (Phillip Swagel)The Future of Large, Internationally Active Banks (Mahmoud Mohieldin) Readership: Advanced economics, finance and policy undergraduates and postgraduates; finance professionals; policy makers and researchers who are interested in money and banking, international banks and financial institutions. '

Lectures On Corporate Finance

Author: Peter Bossaerts
Publisher: World Scientific Publishing Company
ISBN: 9814365459
Size: 57.43 MB
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Lectures On Corporate Finance from the Author: Peter Bossaerts. This course of lectures introduces students to elementary concepts of corporate finance using a more systematic approach than is generally found in other textbooks. Axioms are first highlighted and the implications of these important concepts are studied afterwards. These implications are used to answer questions about corporate finance, including issues related to derivatives pricing, state-price probabilities, dynamic hedging, dividends, capital structure decisions, and risk and incentive management. Numerical examples are provided, and the mathematics is kept simple throughout. In this second edition, explanations have been improved, based on the authors' experience teaching the material, especially concerning the scope of state-price probabilities in Chapter 12. There is also a new Chapter 22: Fourteen Insights.

Financial Cycles

Author: Dimitris N. Chorafas
Publisher: Springer
ISBN: 113749798X
Size: 59.29 MB
Format: PDF, Kindle
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Financial Cycles from the Author: Dimitris N. Chorafas. As financial positions expand, the economy becomes more vulnerable to adverse and unexpected developments taking place outside the six to seven year business cycle. Over 50 years ago Nikolai Kondratieff developed the theory of "The Long Waves in Economic Life", which incorporated an extended cycle of innovation and upward thrust, and changed our understanding of business cycles in financial settings. Financial Cycles concentrates on two areas that have thus far been omitted from mainstream economics. The first is the impact of the longer term financial cycle; the second is the beginning of de-globalization as the world enters an era of iron-glad economic blocks. Chorafas argues that to overcome the more narrow limits of the business cycle, we need to go beyond its traditional six to seven year focus and address the longer term. This includes the building-up and running-off of economic risks characterizing the financial cycle, as well as the appreciation of forces underwriting both its growth and its decay. An ever-increasing public debt and the behavior of the banking industry are two principal reasons why the structure of analysis characterizing the previous financial cycle no longer fits present-day realities. A new methodology starts getting in shape, even if it still has to acquire political legitimacy.

The Big Short Inside The Doomsday Machine Movie Tie In

Author: Michael Lewis
Publisher: W. W. Norton & Company
ISBN: 0393353168
Size: 70.40 MB
Format: PDF
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The Big Short Inside The Doomsday Machine Movie Tie In from the Author: Michael Lewis. The #1 New York Times bestseller—Now a Major Motion Picture from Paramount Pictures From the author of The Blind Side and Moneyball, The Big Short tells the story of four outsiders in the world of high-finance who predict the credit and housing bubble collapse before anyone else. The film adaptation by Adam McKay (Anchorman I and II, The Other Guys) features Academy Award® winners Christian Bale, Brad Pitt, Melissa Leo and Marisa Tomei; Academy Award® nominees Steve Carell and Ryan Gosling. When the crash of the U.S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn’t shine and the SEC doesn’t dare, or bother, to tread. Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? In this fitting sequel to Liar’s Poker, Michael Lewis answers that question in a narrative brimming with indignation and dark humor.

Popes And Bankers

Author: Jack Cashill
Publisher: Thomas Nelson
ISBN: 1418555304
Size: 50.35 MB
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Popes And Bankers from the Author: Jack Cashill. AMIDST THE WRECKAGE OF FINANCIAL RUIN, PEOPLE ARE LEFT PUZZLING ABOUT HOW IT HAPPENED. WHERE DID ALL THE PROBLEMS BEGIN? For the answer, Jack Cashill, a journalist as shrewd as he is seasoned, looks past the headlines and deep into pages of history and comes back with the goods. From Plato to payday loans, from Aristotle to AIG, from Shakespeare to the Salomon Brothers, from the Medici to Bernie Madoff—in Popes and Bankers Jack Cashill unfurls a fascinating story of credit and debt, usury and “the sordid love of gain.” With a dizzying cast of characters, including church officials, gutter loan sharks, and even the Knights Templar, Cashill traces the creative tension between “pious restraint” and “economic ambition” through the annals of human history and illuminates both the dark corners of our past and the dusty corners of our billfolds.

The Costs Of Sovereign Default Epub

Author: Mr. Eduardo Borensztein
Publisher: International Monetary Fund
ISBN: 1452701652
Size: 75.68 MB
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The Costs Of Sovereign Default Epub from the Author: Mr. Eduardo Borensztein. This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises.

Money Banking Financial Markets And Institutions

Author: Michael Brandl
Publisher: Cengage Learning
ISBN: 1305855884
Size: 31.62 MB
Format: PDF, ePub, Docs
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Money Banking Financial Markets And Institutions from the Author: Michael Brandl. Brandl's MONEY, BANKING, FINANCIAL MARKETS AND INSTITUTIONS brings key financial concepts to life in a clear, concise manner. You clearly see links between the study of macroeconomics and money and banking as you examine financial entities in detail, using the recent economic crisis as a backdrop. This unique, inviting book reads almost as a conversation that prepares and encourages you to discuss and debate these important concepts with friends, colleagues and future employers. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.