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Five Emerging Issues in Deposit Insurance 存款保险的五个新问题
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-10-05 DOI: 10.2139/ssrn.3919974
Bert Van Roosebeke, Ryan Defina
{"title":"Five Emerging Issues in Deposit Insurance","authors":"Bert Van Roosebeke, Ryan Defina","doi":"10.2139/ssrn.3919974","DOIUrl":"https://doi.org/10.2139/ssrn.3919974","url":null,"abstract":"Deposit insurers operate within an ever-evolving global financial system. This Policy Brief offers an overview of five emerging issues that are expected to significantly affect the activities of deposit insurers in the near future – climate change, utilisation of financial technology (‘fintech’), Covid-19 policy implications, deposit insurers’ role in resolution, and cross-border considerations. These issues were selected for inclusion based on their relevance to the operations of deposit insurers, connection to the IADI Core Principles for Effective Deposit Insurance Systems, and relative weight assigned in recent dialogue within the international community.Following a description of each of the issues, this Policy Brief explains why these issues are relevant to deposit insurers and identifies relevant global and regional policy initiatives. Deposit insurers may wish to consider these five emerging issues within the context of their own domestic policy settings, and to calibrate their response accordingly.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131826263","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
Quantitative Easing and Nature Loss: Exploring Nature-Related Financial Risks and Impacts in the European Central Bank's Corporate Bond Portfolio 量化宽松与自然损失:探究欧洲央行公司债券投资组合中与自然相关的金融风险及其影响
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-09-13 DOI: 10.2139/ssrn.3922913
Katie Kedward, Josh Ryan‐Collins, Adrienne Buller
{"title":"Quantitative Easing and Nature Loss: Exploring Nature-Related Financial Risks and Impacts in the European Central Bank's Corporate Bond Portfolio","authors":"Katie Kedward, Josh Ryan‐Collins, Adrienne Buller","doi":"10.2139/ssrn.3922913","DOIUrl":"https://doi.org/10.2139/ssrn.3922913","url":null,"abstract":"This report explores the interactions between nature-related financial risks and monetary policy, focusing on the ECB’s corporate asset purchase operations (also described as corporate ‘quantitative easing’ or ‘QE’). Using the ENCORE framework, we find that the sectors the ECB is invested in are associated with significantly high dependencies upon nature to facilitate production, as well as contributing to significantly negative impacts upon nature which threaten the future provision of vital ecosystem services. As a major central bank and holder of 20% of euro-denominated corporate bonds, the ECB’s approach to managing nature-related risks within its portfolio will have considerable signalling power to financial markets and could have a material impact on the uptake of prudent risk management practices relating to nature.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128513477","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
Is Window Dressing by Banks Systemically Important?
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-08-12 DOI: 10.2139/ssrn.3906468
Luis Garcia, Ulf Lewrick, Taja Sečnik
{"title":"Is Window Dressing by Banks Systemically Important?","authors":"Luis Garcia, Ulf Lewrick, Taja Sečnik","doi":"10.2139/ssrn.3906468","DOIUrl":"https://doi.org/10.2139/ssrn.3906468","url":null,"abstract":"We study banks’ year-end window dressing in the European Union to assess how it affects the identification of global systemically important banks (G-SIBs) and the associated capital surcharges. We find that G-SIBs compress their balance sheet at year-end to an extent that they can reduce their surcharges or avoid G-SIB designation altogether. G-SIBs use several levers to adjust their balance sheets. Most notably, they compress intra-financial system assets and liabilities as well as their derivative books at year-end .Moreover, G-SIBs that are more tightly constrained by capital requirements window dress more than their peers. Our findings underscore the importance of supervisory judgement in the assessment of G-SIBs and call for greater use of average as opposed to point-in-time data to measure banks’ systemic importance.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129226641","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
Banking Resolution: Expansion of the Resolution Toolkit and the Changing Role of Deposit Insurers 银行处置:处置工具的扩展和存款保险公司角色的变化
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-08-01 DOI: 10.2139/ssrn.3887098
Ryan Defina
{"title":"Banking Resolution: Expansion of the Resolution Toolkit and the Changing Role of Deposit Insurers","authors":"Ryan Defina","doi":"10.2139/ssrn.3887098","DOIUrl":"https://doi.org/10.2139/ssrn.3887098","url":null,"abstract":"In this Policy Brief, we provide quantitative evidence demonstrating that the resolution toolkit has expanded considerably since the 2008 Global Financial Crisis (GFC). Purchase and assumption transactions, bridge bank facilitation and bail-in mechanisms have all become more available for bank resolution purposes. The use of such resolution tools is increasingly subject to least cost rules and to systemic failure considerations. These resolution tools may be available to different authorities, such as deposit insurers or resolution authorities, depending on the jurisdiction in question. Two of the three statistical models applied point to a significant increase in resolution powers for deposit insurers.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122757902","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
The Impact of Crisis-Period Interest Rate Declines on Distressed Borrowers 危机时期利率下降对陷入困境的借款人的影响
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-07-27 DOI: 10.2139/ssrn.3869199
S. Gabriel, Chandler Lutz
{"title":"The Impact of Crisis-Period Interest Rate Declines on Distressed Borrowers","authors":"S. Gabriel, Chandler Lutz","doi":"10.2139/ssrn.3869199","DOIUrl":"https://doi.org/10.2139/ssrn.3869199","url":null,"abstract":"We measure the causal impact of reductions in benchmark interest rates on the renegotiation and performance of distressed loans, using 2000s subprime adjustable-rate mortgages as a laboratory. Subprime borrowers treated with larger benchmark Libor rate declines benefited from increased debt-renegotiation and lower debt-service payments. The estimated effects are similar across both current borrowers and those in default. Renegotiation of mortgage debt also reduced foreclosures over the longer term. However, following debt-renegotiation, surviving treated borrowers re-entered and lingered in serious delinquency. Findings suggest that while policy may effect reductions in benchmark rates and spur debt-renegotiation, such interventions may not lead to longer-run curative outcomes.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117190063","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 during the Coronavirus Outbreak: Evidence from An Emerging Market 冠状病毒爆发期间的金融业:来自新兴市场的证据
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-07-15 DOI: 10.2139/ssrn.3921444
Phat Huynh, Thuy Nguyen
{"title":"Financial Sector during the Coronavirus Outbreak: Evidence from An Emerging Market","authors":"Phat Huynh, Thuy Nguyen","doi":"10.2139/ssrn.3921444","DOIUrl":"https://doi.org/10.2139/ssrn.3921444","url":null,"abstract":"This paper examines the impact of COVID-19 lockdown on daily stock returns of banks and financial institutions (BFI) in Vietnam. Employing the panel data regression models, this study examines the effect of daily COVID-19 positive cases to the stock returns – during pre-lockdown, lockdown, and after- lockdown period – of 74 listed firms in Vietnam from 2 May 2019 to 25 April 2021. The empirical results confirm that there was no significant impact of daily increased number of COVID-19 positive cases to the stock returns of BFIs in Vietnam throughout the entire study period. Furthermore, this study inquires the influence of pandemic period to the individual class of the BFIs sector in HOSE. It discloses that the commercial banks, development banks and microfinance companies’ stock returns were adversely impacted during the pre- lockdown and lockdown period. However, after-lockdown period had significantly rebounded the overall BFIs stock returns in Vietnam with the highest returns earned by microfinance companies and lowest return by commercial banks.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128273896","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 Loans, Banks’ Internal Risk Estimates and Central Bank Collateral: Evidence from the Euro Area 企业贷款、银行内部风险评估和央行抵押品:来自欧元区的证据
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-07-01 DOI: 10.2866/68230
A. Calza, J. Hey, A. Parrini, Stephan Sauer
{"title":"Corporate Loans, Banks’ Internal Risk Estimates and Central Bank Collateral: Evidence from the Euro Area","authors":"A. Calza, J. Hey, A. Parrini, Stephan Sauer","doi":"10.2866/68230","DOIUrl":"https://doi.org/10.2866/68230","url":null,"abstract":"We use a unique dataset of ratings for euro area corporate loans from commercial banks’ internal rating-based (IRBs) systems and central banks’ in-house credit assessment systems (ICASs) to investigate whether banks’ IRB ratings underestimate the credit risk of their corporate loan portfolios when the latter are used as collateral in the Eurosystem’s monetary policy operations. We are able to identify systematic risk underestimation by comparing the IRB ratings with those produced for the same borrowers by the ICASs. Our results show that while they are on average more conservative than ICASs for the entire population of rated corporate loans, IRBs are significantly less conservative than ICASs for those loans that are actually used as Eurosystem collateral, particularly for large loans. The less conservative estimates of risk by IRBs relative to ICASs can be partly explained by banks’ liquidity constraints, but not by their degree of capitalisation. Overall, our findings suggest the existence of a collateral-related channel through which the use of IRB ratings may influence the internal estimation of risk by banks. JEL Classification: G21, G28","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121774515","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
De Facto Bank Bailouts 事实上的银行救助
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-06-30 DOI: 10.2139/ssrn.3560858
P. Ngo, Diego Puente-Moncayo
{"title":"De Facto Bank Bailouts","authors":"P. Ngo, Diego Puente-Moncayo","doi":"10.2139/ssrn.3560858","DOIUrl":"https://doi.org/10.2139/ssrn.3560858","url":null,"abstract":"The U.S. government uses its voting power to direct IMF loans to countries where U.S.<br>banks are exposed to sovereign default—a de facto bailout. This effect is stronger in<br>years when the costs of direct bailouts are higher and is also found among major<br>European IMF members. We find that de facto bailouts reduce government incentives to<br>default and that U.S. Congressional voting on IMF funding is consistent with a private<br>interest view of government. Overall, we identify an alternative mechanism through which governments can backstop the losses of large multinational banks.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129505352","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
Retail Lending In January-April 2021: Growth of Debt Burden Indicator 2021年1 - 4月零售贷款:债务负担增长指标
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3881596
S. Zubov
{"title":"Retail Lending In January-April 2021: Growth of Debt Burden Indicator","authors":"S. Zubov","doi":"10.2139/ssrn.3881596","DOIUrl":"https://doi.org/10.2139/ssrn.3881596","url":null,"abstract":"The growth rate of lending to individuals increased significantly in 2021 contributing to the expansion of consumer demand. Certain concern is caused by the growth of lending that is largely due to loans to high-debt borrowers. In this regard, the Bank of Russia decided to return macroprudential premiums on unsecured loans to the level preceding the pandemic.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123432905","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
Export Complexity and the Product Space: Any Role for Finance? 出口复杂性与产品空间:金融扮演什么角色?
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2021-05-12 DOI: 10.2139/ssrn.3844653
B. Pisicoli
{"title":"Export Complexity and the Product Space: Any Role for Finance?","authors":"B. Pisicoli","doi":"10.2139/ssrn.3844653","DOIUrl":"https://doi.org/10.2139/ssrn.3844653","url":null,"abstract":"In this paper we compute economic complexity following Tacchella et al. (2012) for Italian provinces (NUTS 3) in the period 1998-2017 and test the impact of provincial financial structure on the former. We implement several dynamic panel models and tackle endogeneity issues and the persistence of dependent variable by estimating system GMM specifications. We find that non-bank financial sources have a positive role on complexity. Moreover, a greater importance of finance firms relative to banks increases complexity. Finally, a greater orientation towards small local banks is detrimental for production complexity. We show that such effects are heterogeneous from a temporal perspective and jointly interpret them as pointing to a positive role of financial development as a driver of complexity.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132858427","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
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