Showing 1 - 10 of 12
This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...
Persistent link: https://www.econbiz.de/10008559268
After reviewing the economic reform strategy of Mauritius for the past 10 years in the face of several external shocks, we apply a balance sheet analysis (BSA) focusing on currency, maturity, and intersectoral mismatches. In reviewing developments over this decade, we find that the currency and...
Persistent link: https://www.econbiz.de/10008560418
This paper examines the emergence of financial stability as a key policy objective. It discusses the underlying trends in the financial system, as well as the role of finance in relation to money, the real economy, and public policy. Financial stability is defined in terms of its ability to help...
Persistent link: https://www.econbiz.de/10005825656
This study analyzes the impact of regional cross-listing of stocks on the depth of the stock markets in sub-Saharan Africa (SSA). It analyzes data from 1990 to 2007 for a panel of 13 stock markets in SSA countries, only some of which have regional cross-listings. Using event study methodology,...
Persistent link: https://www.econbiz.de/10005769177
This study characterizes volatility dynamics in external emerging bond markets and examines how prices and volatility respond to news about macroeconomic fundamentals. As in mature bond markets, macroeconomic surprises in external emerging bond markets are found to a¤ect both conditional...
Persistent link: https://www.econbiz.de/10008528627
This paper analyzes the capital markets and financial intermediation in the Baltic States. It provides a comprehensive overview of the structure and level of development of the financial system, discussing some of the unique characteristics of the Baltics, such as leasing; and comparing the...
Persistent link: https://www.econbiz.de/10005591529
The most important challenge faced by the Djibouti authorities is to achieve high rates of economic growth in order to create employment opportunities for a rapidly increasing labor force and to alleviate rising poverty. In this paper, developments and the role of the financial system during the...
Persistent link: https://www.econbiz.de/10005591793
This paper documents the phenomenon of underpricing initial public offerings (IPOs) for 47 firms that went public between 2001 and 2006 in the equity markets of the six Gulf Cooperation Council (GCC) countries. The average initial abnormal returns of 290 percent exceed those found in the...
Persistent link: https://www.econbiz.de/10005604962
This note summarizes the stress tests undertaken for the German banking system as part of the Financial Sector Assessment Program (FSAP) update. Solvency tests for the German banking system assessed medium-term vulnerabilities under two adverse macroeconomic scenarios. The tests considered a...
Persistent link: https://www.econbiz.de/10011242747
OTC derivatives markets were an increasing source of vulnerability heading into the crisis. OTC derivatives markets contributed to the financial crisis. Credit derivatives facilitated the development and growth of the structured securities markets; and the purchasing, packaging, and distribution...
Persistent link: https://www.econbiz.de/10011243391