Download or read book Essays on Regulation and Financial Stability written by Hasan Doluca and published by . This book was released on 2013 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Consequences of Financial Stability Regulation written by Olga Briukhova and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Financial Stability Regulation and Ethical Behavior written by Johannes Zöphel and published by . This book was released on 2012 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Pursuit of Financial Stability written by John A. Weinberg and published by . This book was released on 2016 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays reflect much of the thinking we have done, some of it well before the financial crisis, on the sources of financial instability and the means by which public policy can promote stability. A unifying theme is that government interventions that protect creditors weaken the market discipline that might otherwise help to control risks in the financial system. This leaves us with recourse only to regulatory discipline. But as diligent and conscientious as we are in implementing financial regulation, our financial system will continue to face risks as financial market participants direct their innovative energies toward benefiting from perceived protection while circumventing regulatory controls. Ultimately, financial stability will be better served if we can scale back beliefs in a broad safety net and restore a measure of meaningful market discipline.

Download or read book Regulating Finance written by Tommaso Padoa-Schioppa and published by OUP Oxford. This book was released on 2004-03-25 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Grounding its analysis in the historical evolution of financial regulation, this book addresses a range of public policy issues that concern the design of financial regulation and its enforcement, and contributes several new ideas to the debate in this field. Financial systems have become more competitive across sectors of financial institutions and nations, and direct regulations have been removed in pursuit of efficiency. However, as the risk of institutional failures has increased, de-regulation has had to be followed by re-regulation. In which form should this happen? This book answers this question. First revisiting the issue of "why to regulate", Padoa-Schioppa argues that the need to continue to regulate banks in a special way follows from their key role as liquidity providers. At the same time, his argument recognizes the need for close interplay in the regulation of different financial sectors. The book goes on to discuss "how" regulation should be carried out in the modern environment. It should be market-friendly, but the balance between official intervention and market discipline is difficult to get right. Moreover, in an increasingly international context, financial regulation has to be evenly applied across countries to avoid regulatory arbitrage. The final part of the book turns to issues specifically connected with developments in the European Union. One major issue is the maintenance of financial stability in the Euro area where the financial system is becoming especially integrated. Another major issue is the appropriate role of central banks. As the literature and practice are still very much under development, Padoa-Schioppa analyses the general aspects of the financial stability function of central banks — particularly in relation to the monetary policy and supervision functions — as well as the tools available for the Eurosystem.

Download or read book Essays on Stock Performance Regulation and Financial Stability of Banks and Insurers written by Felix Irresberger and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Public Policy Financial Economics Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession written by Douglas D Evanoff and published by World Scientific. This book was released on 2018-03-08 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central goal of this volume was to assemble outstanding scholars and policymakers in the field of financial markets and institutions and have them articulate significant market developments in their particular areas of expertise during the past few decades.Not just a celebratory volume, Public Policy and Financial Economics selected internationally recognized financial economists who have worked with Professor Kaufman during his years of scholarly research, and have a combined mastery of specialized financial markets themes and, very importantly, knowledge of public policies in the areas. All 15 chapters offer unique, innovative, and exciting expositions of several critical topics in financial economics.

Download or read book Essays on Financial Stability written by Kemar Whyte and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Financial Regulation Stability and Inequality written by Maria Alejandra Amado Garfias and published by . This book was released on 2021 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence has shown that regulatory policies aimed at achieving financial stability disproportionally affect firms facing tighter borrowing constraints. However, little is known about the consequences of these policies in dollarized economies, where cheaper dollar financing plays a crucial role in relaxing small firms' borrowing constraints. Furthermore, the impact of these policies on income distribution has remained unexplored in the literature. In Chapter 1, I propose a theoretical mechanism to understand the effects of a tax on foreign currency financial intermediation. I analyze the equilibrium of a credit market game in which currency mismatch acts as a means for relaxing small firms' borrowing constraints. I show that a tax on dollar lending negatively affects the total debt of constrained (small) firms, while it only has compositional effects on total debt of unconstrained (large) firms. In Chapter 2, I study the implementation of a macroprudential FX tax by the Central Bank of Peru. I build a novel dataset that combines confidential data on the universe of loans granted by Peruvian banks to nontradable firms and a confidential dataset on the universe of all formally registered firms. Exploiting the heterogeneity in the strictness of the tax among banks, I provide causal evidence of the heterogeneous effects of this tax on firms of different sizes. I find that a 10% increase in bank exposure to the tax significantly increases disparities in the growth of total loans between small and large firms by 1.5 percentage points. When accounting for firms switching to soles financing from different banks, the effect on large firms financing is only compositional. Chapter 3 explores the links between macroprudential policies and labor income inequality. I develop a survey of two strands of the literature that have remained disconnected thus far: First, the literature that explores the heterogeneous effects of banking regulation and capital controls on firms of different sizes. And second, the literature that studies the drivers of the firm size wage puzzle, and the implications of firm demography on income inequality. I conjecture that, by disproportionally hurting small firms' financing and growth possibilities, macroprudential policies can contribute to increase labor income inequality.

Download or read book Banking Monetary Policy and the Political Economy of Financial Regulation written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2014-07-31 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the

Download or read book Essays on Financial Stability written by John Vourdas and published by . This book was released on 2017 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of two essays concerning how banking regulations may promote financial stability. The first chapter investigates the competition-concentration-stability nexus from a novel perspective, by considering how concentration and, inter alia competition, affect the likelihood of an individual bank failing, and the likelihood of the bank failure spreading contagiously to the rest of the banking system. Competition is shown to reduce individual bank and systemic stability by reducing banks' profit buffers to absorb liquidity shocks. The impact of concentration on stability is more nuanced however, as increased concentration increases banks' profit buffers but also increases the concentration risk in the interbank market, widening the channel of contagion by which a liquidity shock can spread throughout the network. The second chapter concerns optimal ex-ante prudential regulation and ex-post resolution policy of globally systemically important banks. It characterises the conditions under which weakly capitalised, limitedly liable banks have incentives to ’gamble for resurrection’ by investing in risky asset portfolios, in the knowledge that the downside risk is shifted onto the deposit insurance fund. In this context it is shown that a bank resolution by ‘bailing in’ unsecured debt holders can restore the incentive for banks to act prudently, and that the bail-in should occur above the point of insolvency to ensure the bank has sufficient skin in the game. The interplay of three ex-ante prudential regulatory instruments is analysed: the minimum capital and total loss absorbing capacity requirements and the minimum capital buffer. The minimum capital and TLAC requirements are set to ensure that the bank has sufficient skin in the game to invest prudently and tradeoff the ex-post costs of bailing in unsecured debt holders, the cost of bailing out depositors and the cost of equity issuance, and minimum equity buffer is set to ensure an appropriate trigger for resolution.

Download or read book Essays on the Stability and Regulation of International Financial Markets written by Manuel Buchholz and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Regulation after the Global Recession written by C. Peláez and published by Springer. This book was released on 2015-12-04 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of principles, institutions and experience of financial regulation, to help illustrate current regulatory proposals.

Download or read book Essays on the Stability and Regulation of International Financial Markets written by Manuel Buchholz and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Stability and Regulation of the Banking System written by Shasta Shakya and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters each of which explores different topics in the area of banking. In the first chapter, I ask how a banks connectedness affects its financial stability and what mechanisms amplify or mitigate this effect. I consider connectedness arising due to linkages that are formed between banks when they are exposed to common housing markets, and investigate whether such connectedness explains stability around the 2007 housing crash. I show that linkages facilitate contagion of risk, and that high leverage and securitization activity of other banks amplify contagion while high liquidity ratio of other banks minimizes contagion. Finally, I provide policy implications by suggesting minimum levels of capital and liquidity ratios that could contain contagion.In the second chapter, I study the impact of a newly introduced liquidity requirement in the banking sector the Liquidity Coverage Ratio (LCR) rule on loan contract terms. This chapter employs a differences-in-differences testing method, and exploits the setting of multiple events arising from the timing of the implementation of the rule to identify the effect of LCR. I do not find evidence of high costs to lenders due to this rule, because loan pricing terms do not change in an average loan post LCR. However, banks limit their risk exposure by increasing collateral requirements. For banks that are ex-ante expected to find the rule less costly, I find evidence of cost savings because they offer lower spreads. Further results suggest that while banks provided extra benefits to relationship borrowers in the form of lower spreads pre LCR, this is no longer true post LCR, and they reduce risk exposure to borrowers with weaker relationship strength by increasing collateral requirements.In the third chapter, I study the relationship between liquidity created by a bank and its overall financial stability. I contrast results during the period of 2007 financial crisis with those during normal times. While I find that overall liquidity creation is a risky activity during both times, breaking it into different components (on- vs. off-balance sheet, asset side vs. liability side) reveals nuances on the driving forces behind this relationship. While asset side liquidity creation decreases stability during both times, results show that the effects of other components depend on overall market conditions. During the crisis period, off-balance sheet liquidity creation hurts stability, while it has no apparent benefit during normal times. Liability side liquidity creation improves stability during crisis, however there is evidence of costs of such activity during normal times. Further results show that liquid holdings and core deposits can mitigate the costs of liquidity creation during crisis without significantly hurting benefits during normal times.

Download or read book Essays on Financial Stability and Regulation in Integrated Markets written by Lena Tonzer and published by . This book was released on 2014 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial stability is an as valuable as fragile good. Given recent experiences, it seems understandable that a lot of resources are spent on financial supervision and regulation. However, as financial crisis history would tell, enhancing financial stability in a sustainable and long-lasting way is an ambitious objective. This holds the more so in financially integrated markets. This thesis investigates the implications of financiallyintegrated markets for financial stability and analyzes the effectiveness of oneimplemented regulatory instrument. In the first chapter, which is derived from joint work with Manuel Buchholz, we start from the observation that with the onset of the eurozone sovereign debt crisis, credit risk spreads have diverged. Nevertheless, our results reveal a high degree of co-movements in sovereign credit risk, especially for eurozone countries during thesovereign debt crisis. By investigating the causes behind this pattern of co-movements,we find strong evidence for both fundamentals and non-fundamentals based contagion.Similarities in economic fundamentals, cross-country linkages in banking and commonmarket sentiment play a significant role. In the second chapter, which is based on joint work with Claudia Buch and Björn Hilberg, we analyze the effects of the German bank levy implemented in 2011. The objective of the levy is to make banks internalize their contributions to systemic risk and generate rescue funds for future financial crises financed by the banking sector. We document that, first, the revenue raised through the bank levy has been small. Second, the bulk of the payments have been contributed by large commercial banks and head institutes of savings banks and credit unions. Third, only for those banks that are affected most by the levy, there is evidence for a decline in loans, higher lending rates, and lower deposit rates. In the third chapter, I assess the effect of the network structure in international interbank markets on banking stability. Cross-border linkages in the global banking network have increased to a large extent over recent decades. This raises the question which role these interconnections play for systemic stability and the transmission of shocks. My main finding is that countries which are linked through foreign borrowing or lending positions to more stable banking systems abroad are significantly affected by positive spillover effects. Hence, bilateral cross-border linkages between banking systems, and the network they span, affect financial stability.

Download or read book Essays on Capital Regulation the Chinese Banking System and Financial Stability written by Victoria Böhnke and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: