ERN: Financial Crises (Monetary) (Topic)最新文献

Banking Networks, Systemic Risk, and the Credit Cycle in Emerging Markets 新兴市场的银行网络、系统性风险和信贷周期

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2021-08-29 DOI: 10.2139/ssrn.3520343

Sanjiv Ranjan Das, Madhu Kalimipalli, Subhankar Nayak

引用次数: 3

Do Investors Still Acknowledge Excessive Corporate Leverage? Understanding Divergence of Valuation During the Age of ZIRP and QE 投资者是否仍承认企业杠杆过高?理解零利率政策与量化宽松时代的估值差异

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2021-05-25 DOI: 10.2139/ssrn.3853259

D. Galvin, S. Corbet, C. Larkin

{"title":"Do Investors Still Acknowledge Excessive Corporate Leverage? Understanding Divergence of Valuation During the Age of ZIRP and QE","authors":"D. Galvin, S. Corbet, C. Larkin","doi":"10.2139/ssrn.3853259","DOIUrl":"https://doi.org/10.2139/ssrn.3853259","url":null,"abstract":"Times of financial crisis generate often irregular monetary policy response. In the past decade, much focus has surrounded zero, and even, negative interest rate policies along with quantitative easing. While corporate borrowing continues to be ‘cheap,’ it is important to analyse as to whether investors have distinctly, and geographically, attributed differential valuations surrounding the use of corporate leverage? Differentiating corporate entities across six of the largest international exchanges, this research focuses on the performance of companies based on time-varying debt/equity performance, with particular emphasis on the implementation of quantitative easing. Results indicate that the average returns of the highly-leveraged firms significantly diverge during both interest rate and quantitative easing events, however, variation is found to be dependent on both the geographical distribution and concentration of leverage in the form of both debt and equity. After a thorough investigation, the results strongly suggest that positive returns are achieved by highly leveraged firms following asset purchasing programmes.","PeriodicalId":283702,"journal":{"name":"ERN: Financial Crises (Monetary) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131022170","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

Cryptocurrencies and Hyperinflation 加密货币和恶性通货膨胀

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2021-03-21 DOI: 10.2139/ssrn.3320702

Usman W. Chohan

引用次数: 14

What are the Driving Forces of Economic Downturn during COVID-19? 新冠肺炎疫情期间经济下行的驱动因素是什么?

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2020-12-27 DOI: 10.2139/ssrn.3755715

Sanha Noh, In-hong Baek

引用次数: 0

Expanding the Scope of the EU BRR Framework: An Administrative Receivership for the Banking Union 扩大欧盟BRR框架的范围:银行联盟的行政接管

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2020-12-14 DOI: 10.2139/ssrn.3748525

G. Sciascia

{"title":"Expanding the Scope of the EU BRR Framework: An Administrative Receivership for the Banking Union","authors":"G. Sciascia","doi":"10.2139/ssrn.3748525","DOIUrl":"https://doi.org/10.2139/ssrn.3748525","url":null,"abstract":"The global financial crisis of the early ‘00s prompted EU legislators to harmonize the regime for the management of bank crises and to establish a dedicated pillar within the scope of the European Banking Union to centrally manage credit institutions’ failures. Nonetheless, established policy approaches concerning the assessment of the “public interest” condition limit the effective use of resolution procedures to a minority of credit institutions able to meet the systemic importance threshold. In order to prevent the resulting renationalization of crisis management measures for the remaining banks, the scope of the EU BRR framework should be expanded through the establishment of a special bank administrative receivership (BAR) system managed by the SRB. The BAR should represent an alternative to the dichotomy between resolution and NIP, and it should leverage on the combined use of the Sale of Business and the Asset Separation tools, supplemented with DGSs’ bridge financing to realize a smooth transfer of quality assets to third party buyers. The regime should be open to failing credit institutions able to pass a new PIA test based not only on financial stability concerns, but also on an assessment of the value destruction associated with piecemeal liquidation.","PeriodicalId":283702,"journal":{"name":"ERN: Financial Crises (Monetary) (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133676373","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

Financial Sector Transparency, Financial Crises and Market Power: A Cross-Country Evidence 金融部门透明度、金融危机和市场力量:一个跨国证据

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2020-11-24 DOI: 10.2139/ssrn.3736840

B. Kusi, E. Agbloyor, A. Gyeke-dako, S. Asongu

{"title":"Financial Sector Transparency, Financial Crises and Market Power: A Cross-Country Evidence","authors":"B. Kusi, E. Agbloyor, A. Gyeke-dako, S. Asongu","doi":"10.2139/ssrn.3736840","DOIUrl":"https://doi.org/10.2139/ssrn.3736840","url":null,"abstract":"The study investigates how financial sector transparency moderates the influence of financial crises on bank market power across seventy-five economies between 2004 and 2014. Employing two-step dynamic system generalized method of moments the study shows that while public sector-led financial sector transparency reduces bank market power, private sector-led financial sector transparency promotes bank market power given that private sector-led transparency gives financial cost advantage to financially sound banks to solidify the market power and dominance. Similarly, while financial crises reduce the market power of banks implying that during financial crises banks lose their market power, financial sector transparency promotes the negative effect of financial crises on bank market power. This implies that during financial crises, financial sector transparency whether enforced through private or public sector, boosts the weakening effect of financial crises on bank market power. These findings imply that regulators can rely on financial transparency to tame bank market power to enhance banking competitiveness. The findings and results are consistent even when country, time and continental effects are controlled for.","PeriodicalId":283702,"journal":{"name":"ERN: Financial Crises (Monetary) (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131261975","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: 5

Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Fund Runs 非银行机构需要最后贷款人吗?来自基金挤兑的证据

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2020-11-15 DOI: 10.2139/ssrn.3843356

J. Breckenfelder, Niklas Grimm, Marie Hoerova

{"title":"Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Fund Runs","authors":"J. Breckenfelder, Niklas Grimm, Marie Hoerova","doi":"10.2139/ssrn.3843356","DOIUrl":"https://doi.org/10.2139/ssrn.3843356","url":null,"abstract":"When a liquidity crisis hits non-bank financial intermediaries, which central bank interventions help? We show that mutual funds faced unprecedented investor outflows as the COVID-19 shock hit and assess the effectiveness of central bank asset purchases and additional liquidity provision to banks in alleviating the crisis. We use detailed fund-level data and proprietary data on bank take-ups in liquidity-providing operations and bank-fund repo transactions. Analyzing asset purchases, we find that funds with higher shares of assets eligible for central bank purchases in their portfolio before the COVID-19 crisis saw their performance improve by 3.7% and outflows decrease by 66% relative to otherwise similar funds. Analyzing repo activity, we do not find that additional central bank liquidity provision to banks in March 2020 led to more lending to funds trading with their relationship banks. Rather, banks increased the maturity of their lending to funds in the weeks that followed the announcement and the implementation of additional asset purchases. Our results suggest that central bank asset purchases were effective in stopping fire-sale dynamics and staving off runs on non-bank financial intermediaries, even though funds did not have direct access to the lender of last resort.","PeriodicalId":283702,"journal":{"name":"ERN: Financial Crises (Monetary) (Topic)","volume":"285 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116371647","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

Financial crises and political radicalization: How failing banks paved Hitler's path to power 金融危机与政治激进化:破产的银行如何为希特勒的权力之路铺路

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2020-11-03 DOI: 10.2139/ssrn.3146746

S. Doerr, Stefan Gissler, J. Peydró, H. Voth

引用次数: 19

Liquidity and the Strategic Value of Information 流动性与信息的战略价值

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2020-07-07 DOI: 10.2139/ssrn.3645137

Ohad Kadan, Asaf Manela

引用次数: 0

Risks on Global Financial Stability Induced by Climate Change 气候变化对全球金融稳定的风险

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2020-06-15 DOI: 10.2139/ssrn.3626936

A. Mandel, T. Tiggeloven, D. Lincke, E. Koks, P. Ward, J. Hinkel

引用次数: 5