PSN: Responses to Financial Crises (Development) (Topic)最新文献_第3页

Talking One's Way Out of a Debt Crisis 谈论摆脱债务危机的方法

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2016-04-28 DOI: 10.2139/SSRN.2772658

L. Buchheit, G. Gulati

{"title":"Talking One's Way Out of a Debt Crisis","authors":"L. Buchheit, G. Gulati","doi":"10.2139/SSRN.2772658","DOIUrl":"https://doi.org/10.2139/SSRN.2772658","url":null,"abstract":"The policy of Euro-area officialdom in the period 2010-2011 was to avoid, at all costs, a default and restructuring of the sovereign debt of a member of the monetary union. This policy was motivated principally, but not exclusively, by a fear that the international capital markets, if forcibly reminded of the precarious position of overindebted, growth-challenged members of a monetary union, might recoil generally from lending to European sovereigns. In short, they feared contagion.The only alternative to permitting a debt restructuring, of course, was an official sector bailout. The afflicted countries -- Greece (until 2012), Portugal, Ireland and Cyprus -- received loans from official sector sources sufficient to allow them to repay in full their maturing bond indebtedness. Whenever and wherever the crisis erupted, contagion was thus held in check by the blunt technique of smothering the outbreak -- in money.The proponents of this policy argued at the time, and argue now, that many European sovereigns in 2010 were far too fragile to endure a bout of market contagion. They argued that an acute crisis needed to be averted in order to buy time for the implementation of a gradual but more durable remedy. Had the intervening eight years been used to reduce the debt vulnerabilities of the peripheral (and even some core) states, this argument would now be powerful, indeed invincible.Unfortunately, the opposite happened. Average state indebtedness in Europe today is about one-third larger than it was in 2008. Both the member states and the market saw the reprieve as spreading a reliable official sector safety net under their exposure. So they kept on borrowing and lending. Only the zero interest rate policies of the world’s major central banks during this period have kept debt servicing costs at tolerable levels.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128447169","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 Lender of Last Resort in the Eurozone 欧元区的最后贷款人

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2016-04-01 DOI: 10.54648/cola2016034

Armin Steinbach

引用次数: 31

Asset Bubbles and Bailouts 资产泡沫和救助

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2015-09-25 DOI: 10.2139/ssrn.3167835

T. Hirano, Masaru Inaba, Noriyuki Yanagawa

引用次数: 51

Enhancing Financial Stability in Developing Asia 加强亚洲发展中国家金融稳定

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2015-09-10 DOI: 10.2139/ssrn.2658755

A. Posen, Nicolas. Véron

{"title":"Enhancing Financial Stability in Developing Asia","authors":"A. Posen, Nicolas. Véron","doi":"10.2139/ssrn.2658755","DOIUrl":"https://doi.org/10.2139/ssrn.2658755","url":null,"abstract":"Given no generally accepted framework for financial stability, policymakers in developing Asia need to manage, not avoid, financial deepening. This paper supports Asian policymakers' judgment through analysis of the recent events in the United States and Europe and of earlier crisis episodes, including Asia during the 1990s. There is no simple linear relationship between financial repression and stability—financial repression not only has costs but, so doing can itself undermine stability. Bank-centric financial systems are not inherently safer than systems that include meaningful roles for securities and capital markets. Domestic financial systems should be steadily diversified in terms of both number of domestic competitors and types of savings and lending instruments available (and thus probably types of institutions). Financial repression should be focused on regulating the activities of financial intermediaries, not on compressing interest rates for domestic savers. Cross-border lending should primarily involve creation of multinational banks' subsidiaries in the local economy—and local currency lending and bond issuance should be encouraged. Macroprudential tools can be useful, and, if anything, are more effective in less open or less financially deep economies than in more advanced financial centers.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129917860","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: 7

The Real Reasons Why the Germans are Wrong About Greece 德国人对希腊看法错误的真正原因

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2015-08-06 DOI: 10.2139/SSRN.2640466

F. Emmert

引用次数: 0

Authority after Emergency Rule 紧急状态后的权力

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2015-07-01 DOI: 10.1111/1468-2230.12130

Jonathan White

引用次数: 53

Fiscal Austerity versus Growth in Croatia 克罗地亚的财政紧缩与经济增长

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2015-04-01 DOI: 10.5709/CE.1897-9254.162

M. Škare, Romina Pržiklas Družeta

{"title":"Fiscal Austerity versus Growth in Croatia","authors":"M. Škare, Romina Pržiklas Družeta","doi":"10.5709/CE.1897-9254.162","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.162","url":null,"abstract":"The role of fiscal austerity has been questioned for centuries, but a rapidly increasing deficit along with the financial crisis in 2007/2008 influenced a renewed debate on the economics of austerity. This paper analyzes the role of austerity versus the role of economic growth. It also attempts to highlight the role of the theoretical context of austerity policy and the economic history lesson learned during the transition from the Bretton Woods model to Washington’s consensus. Despite numerous studies and polarized debate, no consensus on the implementation of fiscal austerity has been achieved because this complex subject has not been the subject of a sufficient methodological exploration. Emphasis should be placed on defining the methodology of austerity and gathering statistical data to influence the implementation of social transfer policies. In addition, it is necessary not only to take a hybrid approach to fiscal and monetary policy but also to adopt economic laws and quantitative economic relationships. The benchmarking country used in this paper is Croatia. The outcome of this research can serve as the basis for future decision-making and research.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"258 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133448996","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

Basel III: Comrade or Contender for Islamic Banking Intuitions - A Case of Pakistan 巴塞尔协议III:伊斯兰银行机构的同志或竞争者——以巴基斯坦为例

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2014-08-25 DOI: 10.2139/ssrn.2486315

Naeem Hayat, Z. Ali

{"title":"Basel III: Comrade or Contender for Islamic Banking Intuitions - A Case of Pakistan","authors":"Naeem Hayat, Z. Ali","doi":"10.2139/ssrn.2486315","DOIUrl":"https://doi.org/10.2139/ssrn.2486315","url":null,"abstract":"Financial crisis of 2007 greatly impacted the global banking system. In the main time the rise of Islamic banking system comes as a substitute to the conventional banking system at the global level. Basel III accord come in being in 2011 put forward many regularity and supervisory frame work to establish the viability and credibility of world banking systems. The Islamic banking system increasing its presence in at the global level with assets of US$1.7 Trillion with annual growth rate of 17.6% up till the end of 2013. Five Islamic banking institutions are working in Pakistan as torch bearer. These five are pure Islamic banking companies in Pakistan not any of them is a subsidiary of the convention banks working in Pakistan. Researcher will look into five years business of these Islamic banking companies that how they react to the Basel III regulatory requirement and the role of central bank in Pakistan i.e. State Bank of Pakistan (SBP) in implementation of regulatory and statutory framework of Islamic banking system in Pakistan.Results of this studies reviles that the IBIs working in Pakistan are in better position in implementation of Basel III requirement like quality of capital, leverage ratio and risk management issues. We can consider it as the requirement of IBIs to work in this way as required by the shariah not by the Basel III regulation. IBIs need some indigenous system of regulation that suits to its need. Basel III not a suitable regulatory framework for the IBIs as it was framed for the conventional banking institutions.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133484722","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

Nigeria Confronts Post-Crisis Global Economic Realities 尼日利亚面对危机后的全球经济现实

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2014-05-29 DOI: 10.2139/SSRN.2443336

Ayo Teriba

引用次数: 0

One for All and All for One: The Global Financial Crisis and the European Integration Project 我为人人，人人为我:全球金融危机与欧洲一体化项目

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2011-08-07 DOI: 10.2139/ssrn.1923830

Patrick. Leblond

引用次数: 2