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PSN: International Financial Crises (Topic)最新文献

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MENA Banking Competitiveness in the New Era of Global Financial Crisis and Increasing Political Risk 全球金融危机和政治风险增加的新时期中东和北非地区银行业竞争力
PSN: International Financial Crises (Topic) Pub Date : 2018-06-11 DOI: 10.2139/ssrn.3193965
Hatem Elfeituri, K. Vergos
{"title":"MENA Banking Competitiveness in the New Era of Global Financial Crisis and Increasing Political Risk","authors":"Hatem Elfeituri, K. Vergos","doi":"10.2139/ssrn.3193965","DOIUrl":"https://doi.org/10.2139/ssrn.3193965","url":null,"abstract":"This paper investigates competitive conditions and the role of institutional environment and political risk as revenue drivers of commercial banks in the Middle East and North Africa (MENA) region. In this paper, we examine an extended period (1999-2015) consist of political and economic unrest and transformation that includes the 2007 global crisis and the recent Arab uprising. The Panzar-Rosse model and Arrelano-Bond and System GMM methodologies have been employed to examine such issues. Our findings indicate that MENA banks are still operating under monopolistic competition conditions. With regards to political instability, bank revenues is negatively affected by such matter and policies that favour deregulation and a more inclusive role for all stakeholders in the banking system stimulate growth. The findings are beneficial in terms of valuable policy implications to structure the banking system of these countries optimally.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"25 2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88355063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Macroprudential Policy in the EU: A Political Economy Perspective 欧盟宏观审慎政策:政治经济学视角
PSN: International Financial Crises (Topic) Pub Date : 2018-06-05 DOI: 10.2139/ssrn.3191023
Elias Bengtsson
{"title":"Macroprudential Policy in the EU: A Political Economy Perspective","authors":"Elias Bengtsson","doi":"10.2139/ssrn.3191023","DOIUrl":"https://doi.org/10.2139/ssrn.3191023","url":null,"abstract":"Abstract In response to the lessons of the global financial crisis, macroprudential policy is now firmly established as a financial policy area to prevent excessive risk taking in the financial sector and mitigate its effects on the real economy. However, macroprudential policy is facing several challenges relating to its political sensitivity and institutional context. These include political and interest group resistance, weaknesses in the governance framework, and limited institutional memory among policy makers. This article seeks to contribute to the contextual understanding of macroprudential policy by exploring how factors relating to these challenges influence policy in the EU. More specifically, it develops and empirically tests a number of hypotheses on how wider institutional and structural factors influence the actual use of macroprudential measures across Europe. The findings yield considerable support for theoretical predictions that institutions and contexts matter - Political pressure and interest group resistance tend to influence the intensity of macroprudential policy stances. Weaker policy stances characterise countries where banking systems depend on domestic banks, whereas the opposite holds for financial systems with significant market shares of other financial intermediaries. Results on institutional arrangements show that governance arrangements on relating to transparency influence policy stances. The results also indicate that policy makers' inertia is best counteracted by appointing a single macroprudential authority. The results differ somewhat depending on whether countries are based in the Euro zone or not. This suggests that policy frameworks that are multi-layered and complex pose tricky conundrums on how to ensure sufficient institutional autonomy, policy capacity and discretion among macroprudential authorities. This also has implications on other policy areas macroprudential policy, such as microprudential policy, crisis management and fiscal policy.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"54 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90844965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
Real Effects of Banking Crises: Imports of Capital Goods by Developing Countries 银行业危机的实际影响:发展中国家的资本货物进口
PSN: International Financial Crises (Topic) Pub Date : 2018-06-01 DOI: 10.1111/rode.12399
Nektarios A. Michail, A. Savvides
{"title":"Real Effects of Banking Crises: Imports of Capital Goods by Developing Countries","authors":"Nektarios A. Michail, A. Savvides","doi":"10.1111/rode.12399","DOIUrl":"https://doi.org/10.1111/rode.12399","url":null,"abstract":"We examine the hypothesis that banking crises have real effects on developing economies by reducing imports of capital goods. We test this hypothesis by estimating a model for the determinants of imports of capital goods by a panel of developing economies during 1961 to 2010. Our results suggest that not only do banking crises have statistically significant and economically important effects on imports of capital goods, but these effects increase the longer a banking crisis lasts. Imports of capital goods are a critical component of the capital stock and the production process in developing economies and, thus, our results highlight one important channel through which banking crises may hamper the growth prospects of these economies.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78924266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Financial and Fiscal Interaction in the Euro Area Crisis: This Time Was Different 欧元区危机中的金融和财政互动:这次不同
PSN: International Financial Crises (Topic) Pub Date : 2018-06-01 DOI: 10.1016/J.EUROECOREV.2019.08.002
Alberto Caruso, L. Reichlin, G. Ricco
{"title":"Financial and Fiscal Interaction in the Euro Area Crisis: This Time Was Different","authors":"Alberto Caruso, L. Reichlin, G. Ricco","doi":"10.1016/J.EUROECOREV.2019.08.002","DOIUrl":"https://doi.org/10.1016/J.EUROECOREV.2019.08.002","url":null,"abstract":"","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78934685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 15
Industrial Enterprises in Q1 2017: Cautious Pessimism 2017年第一季度工业企业:谨慎悲观
PSN: International Financial Crises (Topic) Pub Date : 2018-04-05 DOI: 10.2139/SSRN.3156940
S. Tsukhlo
{"title":"Industrial Enterprises in Q1 2017: Cautious Pessimism","authors":"S. Tsukhlo","doi":"10.2139/SSRN.3156940","DOIUrl":"https://doi.org/10.2139/SSRN.3156940","url":null,"abstract":"In early 2018, main features of the lingering stagnation inherent from 2015-2016 crisis persisted. The January optimism seemed unstable for enterprises and did not result in projections’ optimism. At the quarter-end, dynamics of major indexes demonstrated validity of pessimism.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77805294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bubbles and Persuasion with Second Order Uncertainty 二阶不确定性下的泡沫与说服
PSN: International Financial Crises (Topic) Pub Date : 2018-03-28 DOI: 10.2139/ssrn.3178123
Sara Negrelli
{"title":"Bubbles and Persuasion with Second Order Uncertainty","authors":"Sara Negrelli","doi":"10.2139/ssrn.3178123","DOIUrl":"https://doi.org/10.2139/ssrn.3178123","url":null,"abstract":"Recent empirical studies suggest that, during times of unexpected innovation, agents heterogeneously update their beliefs about an asset fundamental value, and they are uncertain about other agents’ beliefs on it. In this paper I show that, when there is uncertainty about the market sentiment, defined as other investors’ beliefs over an asset fundamental value, market manipulation can act through a previously unconsidered channel, by misleading agents’ learning on the market sentiment. This novel type of market manipulation becomes a severe concern with the recent diffusion of big data on agents’ beliefs, as it could strengthen existing financial bubbles, or even give rise to new ones.spect to anonymity; at the same time, the probability of the CBDC introduction increases if a return can be paid on it, and/or its implementation can guarantee at least the counterparty anonymity.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83652660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The International Spillovers of the 2010 U.S. Flash Crash 2010年美国闪电崩盘的国际溢出效应
PSN: International Financial Crises (Topic) Pub Date : 2018-03-13 DOI: 10.2139/ssrn.3140288
D. Jansen
{"title":"The International Spillovers of the 2010 U.S. Flash Crash","authors":"D. Jansen","doi":"10.2139/ssrn.3140288","DOIUrl":"https://doi.org/10.2139/ssrn.3140288","url":null,"abstract":"This paper studies the intraday spillovers of the 2010 U.S. Flash Crash to international equity markets. We document a substantial and almost immediate echo of the crash in Latin America. Using data for 148 firms trading in Argentina, Brazil, Chile, or Mexico, we estimate price declines of up to 10% within minutes after the U.S. crash. Estimates for two different factor models indicate that this echo followed from normal interdependence rather than financial contagion. There is no evidence of contagion for firms with strong links to the U.S. economy.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72664514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Volatility During the Financial Crisis Through the Lens of High Frequency Data: A Realized GARCH Approach 金融危机期间高频数据下的波动:一种已实现的GARCH方法
PSN: International Financial Crises (Topic) Pub Date : 2018-03-12 DOI: 10.2139/ssrn.3178890
Denisa Banulescu Radu, P. Hansen, Zhuo Huang, Marius Matei
{"title":"Volatility During the Financial Crisis Through the Lens of High Frequency Data: A Realized GARCH Approach","authors":"Denisa Banulescu Radu, P. Hansen, Zhuo Huang, Marius Matei","doi":"10.2139/ssrn.3178890","DOIUrl":"https://doi.org/10.2139/ssrn.3178890","url":null,"abstract":"We study financial volatility during the Global Financial Crisis and use the largest volatility shocks to identify major events during the crisis. Our analysis makes extensive use of high-frequency financial data to model volatility and to determine the timing within the day when the largest volatility shocks occurred. The latter helps us identify the events that may be associated with each of these shocks, and serves to illustrate the benefits of using high-frequency data. Some of the largest volatility shocks coincide, not surprisingly, with the bankruptcy of Lehman Brothers on September 15, 2008 and Congress’s failure to pass the Emergency Economic Stabilization Act on September 29, 2008. Yet, the largest volatility shock was on February 27, 2007, the date when Freddie Mac announced a stricter policy for underwriting subprime loans and a date that was marked by a crash on the Chinese stock market. However, the intraday high-frequency data shows that the main culprit was a computer glitch in the trading system. The days with the largest drops in volatility can in most cases be related to interventions by governments and central banks.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85971858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
The Challenges of Multi-Level Coordination in Post-Crisis Banking Regulation 危机后银行监管多层次协调的挑战
PSN: International Financial Crises (Topic) Pub Date : 2018-03-06 DOI: 10.2139/ssrn.3135290
L. Quaglia, Aneta Spendzharova
{"title":"The Challenges of Multi-Level Coordination in Post-Crisis Banking Regulation","authors":"L. Quaglia, Aneta Spendzharova","doi":"10.2139/ssrn.3135290","DOIUrl":"https://doi.org/10.2139/ssrn.3135290","url":null,"abstract":"After the international financial crisis, new financial regulations were adopted at the international, regional (EU) and national levels. The timing, the sequencing and the interaction of reforms at different levels followed distinct patterns, which had implications for the design and the coherence of the rules. Despite the proliferation of new and amended international standards in finance, there are no formal mechanisms in the EU to ensure regulatory coherence in the multi-level, multi-venue regulatory dynamics observed in this sector. To shed light on this issue, we investigate the setting of rules on loss absorbing capacity (LAC) for banks, which is one of the main recent areas of post-crisis reform. We expect that regulators will play a key role in the quest for coherence in finance. The central hypothesis investigated in this paper is that they are better able to secure regulatory coherence when they have considerable rule-making competences.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"57 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81120291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
A Modern Reincarnation of Mundell-Fleming's Trilemma 蒙代尔-弗莱明三难困境的现代再现
PSN: International Financial Crises (Topic) Pub Date : 2018-03-06 DOI: 10.2139/ssrn.3135405
J. Aizenman
{"title":"A Modern Reincarnation of Mundell-Fleming's Trilemma","authors":"J. Aizenman","doi":"10.2139/ssrn.3135405","DOIUrl":"https://doi.org/10.2139/ssrn.3135405","url":null,"abstract":"Abstract A modern incarnation of the trilemma is essential for understanding the evolving global financial architecture, and for coming up with ways to mitigate financial fragility. The scarcity of policy instruments relative to the policy goals implies complex country-specific tradeoffs between the policy goals. The financial crises of the 1990s induced Emerging markets to converge to trilemma's middle ground -- managed exchange-rate flexibility, controlled financial integration, and viable but limited monetary independence. Capital flight crises added financial stability to trilemma's policy goals. New policies were added to deal with financial fragility associated with financial integration, including precautionary management of international reserves by emerging markets, swap lines among OECD's central banks, and macroeconomic prudential regulations. These trade-offs are impacted by a country's balance sheet exposure to hard currencies, the exchange-rate regime, and the growing sensitivity to shocks emanating from the U.S. and the Eurozone in the aftermath of the Global Financial Crisis.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84602153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 47
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