Oecd Journal: Financial Market Trends最新文献_第2页

Infrastructure versus other investments in the global economy and stagnation hypotheses: What do company data tell us? 基础设施相对于全球经济中的其他投资和停滞假说:公司数据告诉我们什么?

Oecd Journal: Financial Market Trends Pub Date : 2015-04-22 DOI: 10.1787/FMT-2014-5JS4SBD025D6

A. Blundell-Wignall, Caroline Roulet

{"title":"Infrastructure versus other investments in the global economy and stagnation hypotheses: What do company data tell us?","authors":"A. Blundell-Wignall, Caroline Roulet","doi":"10.1787/FMT-2014-5JS4SBD025D6","DOIUrl":"https://doi.org/10.1787/FMT-2014-5JS4SBD025D6","url":null,"abstract":"This paper uses data drawn from 10 000 global companies in 75 advanced and emerging countries to look at trends in infrastructure and other non-financial industries in light of the talk of stagnation. There appears to be a twin paradox in the global economy: some companies and industries are possibly over-investing, driving down returns on equity (ROEs) versus the cost of capital and creating margin pressure globally, while others carry out too little long-term investment in favour of buybacks and the accumulation of cash. This pattern is associated with a shift in the centre of gravity of world economic activity towards emerging markets. Most of the over-investment appears to be occurring in the extremely strong growth of emerging market sales and investment in non-infrastructure companies, much of which is being financed from rapidly growing debt since the financial crisis. Global value chains, emerging market policies of financial repression, low interest rates, taxation incentives, natural resource endowments and other factors determine where investment is stronger and where it is restrained. Potential problems of debt-financed over-investment in non-infrastructure industries in emerging markets and the incentives for buybacks are identified as major policy issues that need to be addressed if sustainable growth is to be achieved. Evidence on the role of causal factors (sales, GDP, the return on equity, the cost of equity and debt and a measure of financial openness) on corporate capital spending is presented. Finally some policy recommendations are made. JEL classification: F21, G15, G18, G23 Keywords: Global economy, infrastructure, investment, listed companies","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133963597","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

Why implicit bank debt guarantees matter: Some empirical evidence 为什么隐性银行债务担保很重要:一些经验证据

Oecd Journal: Financial Market Trends Pub Date : 2015-04-07 DOI: 10.1787/FMT-2014-5JS3BFZNX6VJ

Oliver Denk, Sebastian Schich, Boris Cournéde

{"title":"Why implicit bank debt guarantees matter: Some empirical evidence","authors":"Oliver Denk, Sebastian Schich, Boris Cournéde","doi":"10.1787/FMT-2014-5JS3BFZNX6VJ","DOIUrl":"https://doi.org/10.1787/FMT-2014-5JS3BFZNX6VJ","url":null,"abstract":"What are the economic effects of implicit bank debt guarantees and who ultimately benefits from them? This paper finds that “financial excesses” – situations where bank credit reaches levels that reduce economic growth – have been stronger in OECD countries characterised by larger values of implicit guarantees and where bank creditors have not incurred losses in bank failure resolution cases. Also, implicit bank debt guarantees benefit financial sector employees and other high-income earners in two ways, increasing income inequality. First, implicit guarantees are likely to raise financial sector pay. This is consistent with the observation of “financial sector wage premia”, or financial sector employees earning in excess of their profile in terms of age, education and other characteristics. Second, implicit guarantees are likely to result in more and cheaper bank lending. If so, well-off people tend to benefit relatively more since household credit is more unequally distributed than income. JEL classification: D63, E43, G21, G28, O47 Keywords: Bank funding costs, implicit guarantees for bank debt, bank failure resolution, finance and growth, finance and income inequality","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128247242","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: 18

Improving the monitoring of the value of implicit guarantees for bank debt 加强对银行债务隐性担保价值的监控

Oecd Journal: Financial Market Trends Pub Date : 2014-10-14 DOI: 10.1787/FMT-2014-5JXZMKGJNT9X

Sebastian Schich, M. Bijlsma, Remco Mocking

引用次数: 15

Non-bank debt financing for SMEs: The role of securitisation, private placements and bonds 中小企业非银行债务融资:证券化、私募和债券的作用

Oecd Journal: Financial Market Trends Pub Date : 2014-10-14 DOI: 10.1787/FMT-2014-5JXX05SVVW34

Iota Kaousar Nassr, Gert D. Wehinger

{"title":"Non-bank debt financing for SMEs: The role of securitisation, private placements and bonds","authors":"Iota Kaousar Nassr, Gert D. Wehinger","doi":"10.1787/FMT-2014-5JXX05SVVW34","DOIUrl":"https://doi.org/10.1787/FMT-2014-5JXX05SVVW34","url":null,"abstract":"Reducing bank dependence in financing small-and medium-sized enterprises (SMEs) that are key contributors to economic growth and job creation should help making them more resilient to financial shocks. Various non-bank debt financing alternatives are available and were the focus of a Roundtable discussion that this article draws on. Revitalising securitisation, tarnished during the crisis, is important, by making it safer, simpler and more transparent, and perhaps also by offering some (initial) government and regulatory support. Similarly, covered bonds can be attractive instruments for SME finance. For mid-sized companies, bond issuance and private placements may also provide useful alternatives. All these instruments can and should be tailored to fit the investors’ needs. There is no “silver bullet” for SME finance which is exceptionally complex due to the diversity of SMEs themselves. Data transparency, standardisation, regulatory support and raising awareness about available financing options should be among the issues to be addressed. JEL classification: G1, G2, G23, G28 Keywords: SME finance, non-bank finance, (high-quality) securitisation, asset-backed securities (ABS), SME CLO (collateralised loan obligation), (covered) bonds, private placements, European DataWarehouse, Prime Collateralised Securities (PCS) initiative.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116221306","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: 31

Problems in the international financial system 国际金融体系的问题

Oecd Journal: Financial Market Trends Pub Date : 2014-10-14 DOI: 10.1787/FMT-2014-5JXZMKG91S0T

A. Blundell-Wignall, Caroline Roulet

引用次数: 9

Policy responses to the issue of implicit bank debt guarantees: OECD survey results 对隐性银行债务担保问题的政策回应:经合组织的调查结果

Oecd Journal: Financial Market Trends Pub Date : 2014-10-14 DOI: 10.1787/FMT-2014-5JXZBV3R1X9X

Sebastian Schich, Y. Aydın

引用次数: 6

Financing infrastructure – International trends 基础设施融资——国际趋势

Oecd Journal: Financial Market Trends Pub Date : 2014-10-14 DOI: 10.1787/FMT-2014-5JXVPB4JFRF1

Raffaele Della Croce, S. Gatti

{"title":"Financing infrastructure – International trends","authors":"Raffaele Della Croce, S. Gatti","doi":"10.1787/FMT-2014-5JXVPB4JFRF1","DOIUrl":"https://doi.org/10.1787/FMT-2014-5JXVPB4JFRF1","url":null,"abstract":"The infrastructure financing market has gone through a process of radical transformation starting from the mid-2000s. Different reasons – including a changed macroeconomic environment, more stringent regulations on financial intermediaries, and a modified appetite for long-term asset investments – have led to a reallocation of flows from the banking sector to the institutional investors sector. This article provides an overview of international trends in infrastructure finance. It proposes a map of the different investment channels that private investors can use to access the infrastructure investment on the equity and debt side, highlighting the historical evolution of these segments in the past few years. Recently designed financial structures, such as different forms of partnership between banks and institutional investors, securitisation models and debt/credit fund vehicles, are also taken into consideration. JEL classification: E2, G1, G11, G2, G3, H44, H54, H81 Keywords: infrastructure financing, long-term investment, institutional investors, public-private partnerships, bank institutional investors partnerships, syndicated loans, project bonds, securitisation, debt/credit fund vehicles, financial market regulation","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132773835","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: 46

Measurement and analysis of implicit guarantees for bank debt: OECD survey results 衡量和分析银行债务的隐性担保:经合组织的调查结果

Oecd Journal: Financial Market Trends Pub Date : 2014-10-14 DOI: 10.1787/FMT-2014-5JXZBV3R9RF4

Sebastian Schich, Y. Aydın

引用次数: 22

Macro-prudential policy, bank systemic risk and capital controls 宏观审慎政策、银行系统性风险与资本管制

Oecd Journal: Financial Market Trends Pub Date : 2014-03-20 DOI: 10.1787/FMT-2013-5JZB2RHKHKS4

A. Blundell-Wignall, Caroline Roulet

引用次数: 40

Bank business models and the Basel system: Complexity and interconnectedness 银行业务模式与巴塞尔体系:复杂性与关联性

Oecd Journal: Financial Market Trends Pub Date : 2014-03-20 DOI: 10.1787/FMT-2013-5JZB2RHKD65B

A. Blundell-Wignall, P. Atkinson, Caroline Roulet

{"title":"Bank business models and the Basel system: Complexity and interconnectedness","authors":"A. Blundell-Wignall, P. Atkinson, Caroline Roulet","doi":"10.1787/FMT-2013-5JZB2RHKD65B","DOIUrl":"https://doi.org/10.1787/FMT-2013-5JZB2RHKD65B","url":null,"abstract":"The main hallmarks of the global financial crisis were too-big-to-fail institutions taking on too much risk with other people’s money: excess leverage and default pressure resulting from contagion and counterparty risk. This paper looks at whether the Basel III agreement addresses these issues effectively. Basel III has some very useful elements, notably a (much too light “back-up”) leverage ratio, a capital buffer, a proposal to deal with pro-cyclicality through dynamic provisioning based on expected losses and liquidity and stable funding ratios. However, the paper shows that Basel risk weighting and the use of internal bank models for determining them leads to systematic regulatory arbitrage that undermines its effectiveness. Empirical evidence about the determinants of the riskiness of a bank (measured in this study by the Distance-to-Default) shows that a simple leverage ratio vastly outperforms the Basel Tier 1 ratio. Furthermore, business model features (after controlling for macro factors) have a huge impact. Derivatives origination, prime broking, etc., carry vastly different risks to core deposit banking. Where such differences are present, it makes little sense to have a one-size-fits-all approach to capital rules. Capital rules make more sense when fundamentally different businesses are separated. JEL classification: G01, G15, G18, G20, G21, G24, G28 Keywords: Financial crisis, Basel III, derivatives, bank business models, distance-todefault, structural bank separation, banking reform, GSIFI banks","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"1869 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128651897","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: 71