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Risks, Rules, and Institutions : A Process for Reforming Financial Regulation
Omarova, Saule T. - 2009
international policymakers. Proposals for such reform are proliferating, and the official sector appears committed to adopting at … least some meaningful reforms in the near-term. Broadly speaking, this movement toward regulatory reform has emphasized the … reform. It argues that the process of reforming financial regulation should begin with a comprehensive, granular study of …
Persistent link: https://www.econbiz.de/10013158883
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CoVaR
Adrian, Tobias (contributor);  … - 2008
We propose a measure for systemic risk: CoVaR, the value at risk (VaR) of financial institutions conditional on other institutions being in distress. We define an institution’s (marginal) contribution to systemic risk as the difference between CoVaR and the financial system’s VaR. From our...
Persistent link: https://www.econbiz.de/10003781783
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Regulating the financial cycle : an integrated approach with a leverage ratio
Schoenmaker, Dirk; Wierts, Peter - 2015
We propose a regulatory approach for restricting debt financing as an amplification mechanism across the financial system. A small stylised model illustrates the trade-off between static and time varying limits on leverage in dampening the financial cycle. The policy section proposes its...
Persistent link: https://www.econbiz.de/10010532609
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Financial crisis resolution
Schroth, Josef - 2012
This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the economy experiences a financial crisis. A pecuniary externality entails that banks' desire to accumulate capital over time...
Persistent link: https://www.econbiz.de/10009691196
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When lower risk increases profit : competition and control of a central counterparty
Fontaine, Jean-Sébastien; Pérez Saiz, Héctor; Slive, … - 2012
We model the behavior of dealers in Over-the-Counter (OTC) derivatives markets where a small number of dealers trade with a continuum of heterogeneous clients (hedgers). Imperfect competition and (endogenous) default induce a familiar trade-off between competition and risk. Increasing the number...
Persistent link: https://www.econbiz.de/10009668404
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Political regimes and stock market performance in Africa
Asongu, Simplice; Nwachukwu, Jacinta C. - 2016
This paper assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data is available for the period 1990-2010. The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Political regime channels...
Persistent link: https://www.econbiz.de/10011487052
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Democracy and stock market performance in African countries
Asongu, Simplice A. - 2011
Purpose - This paper assesses the incidence of political institutions on stock market performance dynamics in Africa. Design/methodology/approach - The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Channels of democracy, polity and autocracy are...
Persistent link: https://www.econbiz.de/10011410317
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Government quality determinants of stock market performance in African countries
Asongu, Simplice A. - 2011
How do government policies and institutions affect stock market performance? As stock markets grow broader and deeper in African countries, the question becomes more critical. Government quality dynamics of corruption-control, government-effectiveness, political-stability or no violence, voice &...
Persistent link: https://www.econbiz.de/10011410336
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The Politics of Financial Development : The Role of Interest Groups and Government Capabilities
Becerra, Oscar - 2011
Financial development is good for long term growth. So why doesn't every country pursue policies that render full financial development? In this paper, building on a profuse political economy literature, we build a theoretical model that shows that the intensity of opposition by incumbents...
Persistent link: https://www.econbiz.de/10013133255
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The Wider Context : The Future of Capital Markets Regulation in Developed Markets
Jordan, Cally - 2012
At a time of such great turbulence, looking to the future directions of capital markets and their regulation in developed economies is a particularly risky business. We are in the midst of a great sea change.Nevertheless, there are several current, and readily observable, phenomena which are...
Persistent link: https://www.econbiz.de/10013113237