PSN: International Financial Crises (Topic)最新文献_第7页

Two Structural Problems of the Korean Economy Since the Asian Financial Crisis 金融危机后韩国经济的两个结构性问题

PSN: International Financial Crises (Topic) Pub Date : 2017-01-10 DOI: 10.2139/ssrn.2901377

Unjung Whang, Su Bin Kim

{"title":"Two Structural Problems of the Korean Economy Since the Asian Financial Crisis","authors":"Unjung Whang, Su Bin Kim","doi":"10.2139/ssrn.2901377","DOIUrl":"https://doi.org/10.2139/ssrn.2901377","url":null,"abstract":"Motivated by observing dramatic changes in the growth rates of the relevant variables such as GDP and domestic demand, this study considers two structural problems that the Korean economy faced after the Asian financial crisis: one is the dampened ripple effects of exports on domestic demand and thus on GDP, and the other is the decrease in the growth of household disposable income. The direct contribution of exports to GDP growth is stable, at 4 percentage points over time. In contrast, the contribution of domestic demand to GDP growth was large before the Asian financial crisis, while it becomes smaller after the crisis. These facts, together with the decline in investment growth, suggest that the channel that generated the ripple effects of export growth appears to have broken after the financial crisis. Two potential reasons for the dampened ripple effect from the export sector are closely related to the change in the investment behaviors of Korea's larger exporting firms before and after the Asian financial crisis. After the Asian financial crisis, both consumption to GDP ratio and the ratio of individual savings to the national disposable income have significantly decreased. These two phenomena are likely to occur simultaneously when household income decreases. Indeed, the downward trends of the growth rates of household disposable income data. It can also be related to the significant increase in the ratio of household debt to the disposable income. In light of these findings, policy makers should develop policies which aim at providing a better environment where small and medium-sized firms can participate in global value chains more actively. Also, policies should be aimed at reducing the use of temporary workers by raising the conversion rate from temporary to permanent employment. In addition, alternative job opportunities which may absorb those self-employed workers should be created.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77843295","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

Rethinking China's Capital Market and Financial Stability after the Global Financial Crisis: The Significance of Institutional Investors 全球金融危机后中国资本市场与金融稳定的反思:机构投资者的意义

PSN: International Financial Crises (Topic) Pub Date : 2016-11-06 DOI: 10.2139/ssrn.2865133

Jiye Hu, Yang Chen

{"title":"Rethinking China's Capital Market and Financial Stability after the Global Financial Crisis: The Significance of Institutional Investors","authors":"Jiye Hu, Yang Chen","doi":"10.2139/ssrn.2865133","DOIUrl":"https://doi.org/10.2139/ssrn.2865133","url":null,"abstract":"Could institutional investors contribute to the stability of capital markets? The recent 2007- 2008 American subprime mortgage crisis and the 2009 European sovereign debt crisis provided a good example. Although the impact of the two financial crises is still felt across their respective geographies, European debt crisis countries, especially Greek economy, continue to lag behind; at the same time the US stock market recovered rather quickly from the subprime mortgage crisis. What explains the different performances in these countries? There is a large number of academic explanations; this paper explores the factors that help explaining the difference in the recovery paths by using data of OECD countries and aims to explain what role institutional investors (or the lack thereof) play in the respective recovery paths of the US and European debt crisis countries. From the OECD countries’ data we could find that institutional investors played an important role in constructing a mature capital market, maintaining capital market stability and preventing a potential financial crisis. China has published several state normative documents to promote the development of institutional investors, by which will be expected leading to a smoothing of the volatility of China’s capital markets.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"2014 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87756649","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

Corporate Governance in Indian Banks Post Subprime Crisis 次贷危机后印度银行的公司治理

PSN: International Financial Crises (Topic) Pub Date : 2016-10-01 DOI: 10.5038/2640-6489.1.2.1007

Sunaina Kanojia, S. Priya

{"title":"Corporate Governance in Indian Banks Post Subprime Crisis","authors":"Sunaina Kanojia, S. Priya","doi":"10.5038/2640-6489.1.2.1007","DOIUrl":"https://doi.org/10.5038/2640-6489.1.2.1007","url":null,"abstract":"This paper attempts to unearth quality of corporate governance practices of Indian Banking sector and highlight whether the corporate governance practices of listed public and private sector banks are symmetric post subprime crisis. The study examines that whether the key corporate governance factors like capital adequacy ratio, board size, number of independent directors and CEO duality affects the performance of banks. In addition to this, the paper goes on to find the essence of shareholding by non-executive directors and the regularity of directors in attending the board meetings. Further, for the perusal of corporate governance practices followed in the Indian banking sector a corporate governance index has been compiled from the data of all listed Indian banks. Moreover, the paper endeavors to exhume any relationship between the educational qualification of directors and its contribution on the banks’ performance, if any. The results provides an insight of the corporate governance structure of Indian banking sector and exhibit that the public and private sector banks have asymmetric corporate governance practices post subprime crisis. The empirical results of multiple regression analysis demonstrate a positive impact of corporate governance factors on Indian bank’s performance.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89712068","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: 1

Friends During Hard Times: Evidence from the Great Depression 困难时期的朋友:来自大萧条的证据

PSN: International Financial Crises (Topic) Pub Date : 2016-08-01 DOI: 10.2139/ssrn.2833896

T. Babina, Diego García, Geoffrey Tate

引用次数: 6

Stretching the Financial Safety Net to Its Breaking Point 把金融安全网拉到崩溃的边缘

PSN: International Financial Crises (Topic) Pub Date : 2016-07-28 DOI: 10.2139/SSRN.2820335

E. Kane

{"title":"Stretching the Financial Safety Net to Its Breaking Point","authors":"E. Kane","doi":"10.2139/SSRN.2820335","DOIUrl":"https://doi.org/10.2139/SSRN.2820335","url":null,"abstract":"During a financial crisis, the immediate benefits of rescuing insolvent lenders and their creditors with subsidized loans and blanket guarantees tempts regulators and politicians to ignore or downplay the taxpayer burdens that blanket rescues entail. This anti-egalitarian policy strategy would seem doubly attractive to the central bank responsible de facto for supporting the world’s leading reserve currency. In fact, during the Great Financial Crisis, Federal Reserve officials used currency swaps and other nontransparent bailout programs to rescue major foreign (especially European) banks and their worldwide creditors from spreading distress. The extent to which top officials patted each other on the back for the stabilizing effects of this global bailout program encouraged private counterparties and foreign government officials to see the Federal Reserve System -- then and since -- as the global rescue party of last resort. This paper argues that the continuing widespread belief that the Fed will not allow any major megabank to fail has enabled authorities in other nations to leave zombie banks unresolved and emboldened them to expand their own system of guarantees, in many cases beyond their fiscal capacity to pay for them.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74244047","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: 1

A National Wealth Approach to Banking Crises and Financial Stability 银行危机和金融稳定的国民财富方法

PSN: International Financial Crises (Topic) Pub Date : 2016-07-01 DOI: 10.5089/9781498349154.001

Olivier M Frecaut

引用次数: 4

Leverage, CEO Risk-Taking Incentives and Bank Failure during the 2007-2010 Financial Crisis 2007-2010年金融危机期间的杠杆、CEO冒险激励和银行倒闭

PSN: International Financial Crises (Topic) Pub Date : 2016-06-10 DOI: 10.2139/ssrn.2571332

Patricia Boyallian, Pablo Ruiz-Verdú

引用次数: 31

Do We Need a Stable Funding Ratio? Banks’ Funding in the Global Financial Crisis 我们需要稳定的资金比率吗?全球金融危机中的银行融资

PSN: International Financial Crises (Topic) Pub Date : 2016-05-20 DOI: 10.2139/ssrn.2783788

Antoine Lallour, Hitoshi Mio

引用次数: 16

Macroprudential Policy: A Blessing or a Curse? 宏观审慎政策:是福还是祸?

PSN: International Financial Crises (Topic) Pub Date : 2016-05-16 DOI: 10.2139/ssrn.2780687

Lilit Popoyan

{"title":"Macroprudential Policy: A Blessing or a Curse?","authors":"Lilit Popoyan","doi":"10.2139/ssrn.2780687","DOIUrl":"https://doi.org/10.2139/ssrn.2780687","url":null,"abstract":"After the destructive impact of the global financial crisis of 2008, many believe that pre-crisis financial market regulation did not take the \"big picture\" of the system suffciently into account and, subsequently, financial supervision mainly \"missed the forest for the trees\". As a result, the need for macroprudential aspects of regulation emerged, which has recently become the focal point of many policy debates. This has also led to intense discussion on the contours of monetary policy after the post-crisis \"new normal\". Here, I review recent progress in empirical and theoretical research on the effectiveness of macroprudential tools, as well as the current state of the debate, in order to extract common policy conclusions. The work highlights that, despite the achievements in the literature, the current experience and knowledge of how macroprudential instruments work, their calibration, and the mechanisms through which they interact with each other and with monetary policy are rather limited and conflicting. Moreover, I critically survey and note the current challenges faced by macroprudential regulation in creating stable, yet effcient financial systems. At the same time, I emphasize the importance of accepting that many risks may remain, requiring that we proceed prudently and develop better plans for future crises.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84948052","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: 6

Public Law and Finance: A History of Misunderstandings and a Discourse Theoretical Proposal 公法与金融:误解的历史与话语理论建议

PSN: International Financial Crises (Topic) Pub Date : 2016-04-11 DOI: 10.2139/ssrn.2865964

Matthias Goldmann

{"title":"Public Law and Finance: A History of Misunderstandings and a Discourse Theoretical Proposal","authors":"Matthias Goldmann","doi":"10.2139/ssrn.2865964","DOIUrl":"https://doi.org/10.2139/ssrn.2865964","url":null,"abstract":"This paper departs from the observation that many legal conflicts which emerged in the aftermath of the recent financial crisis are characterized by fault lines between the economic and the legal disciplines. These fault lines derive from two reasons which I describe as immanence and differentiation. Both are deeply rooted in the self-understanding of the economic and legal disciplines. In the economic literature, a mechanical view of the law prevails that has little to do with the self-understanding prevalent in the legal discipline. The legal discipline, in turn, is just as much to be blamed of immanence. However, the rationality of the legal discipline has become blurred, and there is great uncertainty how to deal with the rationalities of neighboring disciplines. As the idea of democratic capitalism relies on an autonomous law, this problem is of utmost urgency. The paper develops a discourse theoretical proposal that sees the rationality (or autonomy) of the law to reside in a specific kind of discourse. This understanding allows some hints as to how to integrate economic knowledge in legal decision-making. The paper then applies this understanding to the examples. This approach has certain repercussions for recent regulatory activities.","PeriodicalId":20862,"journal":{"name":"PSN: International Financial Crises (Topic)","volume":"78 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83651105","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