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Liquidity and Transparency in Bank Risk Management

Ratnovski, Lev - International Monetary Fund (IMF) - 2013

accumulate a buffer of liquid assets, or strengthen transparency to communicate solvency. While a liquidity buffer provides … bank may choose insufficient liquidity buffers and transparency. The regulatory response is constained: while liquidity … buffers can be imposed, transparency is not verifiable. Moreover, liquidity requirements can compromise banks' transparency …

Persistent link: https://www.econbiz.de/10010790317

Externalities and Macroprudential Policy

Nicoló, Gianni De; Favara, Giovanni; Ratnovski, Lev - International Monetary Fund (IMF) - 2012

This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy of macroprudential policies in terms of the specific negative externalities in the...

Persistent link: https://www.econbiz.de/10011142226

Shadow Banking; Economics and Policy

Claessens, Stijn; Ratnovski, Lev; Singh, Manmohan - International Monetary Fund (IMF) - 2012

This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches.

Persistent link: https://www.econbiz.de/10011245881

Global Liquidity and Drivers of Cross-Border Bank Flows

Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - International Monetary Fund (IMF) - 2014

This paper provides a definition of global liquidity consistent with its meaning as the â€œease of financingâ€ in … also the cyclical impact of global liquidity, with sensitivities of flows to banks decreasing with stronger macroeconomic …

Persistent link: https://www.econbiz.de/10011142075

Bailouts and Systemic Insurance

Dell'Ariccia, Giovanni; Ratnovski, Lev - International Monetary Fund (IMF) - 2013

We revisit the link between bailouts and bank risk taking. The expectation of government support to failing banks creates moral hazard—increases bank risk taking. However, when a bank’s success depends on both its effort and the overall stability of the banking system, a government’s...

Persistent link: https://www.econbiz.de/10010790390

Financial Market Spillovers in Transition Economies

Sahay, Ratna; Gelos, Gaston - International Monetary Fund (IMF) - 2000

This paper examines financial market comovements across European transition economies and compares their experience to that of their regions. Correlations in monthly indices of exchange market pressures can partly be explained by direct trade linkages, but not by measures of other fundamentals....

Persistent link: https://www.econbiz.de/10005826010

Banking Spreads in Latin America

Gelos, Gaston - International Monetary Fund (IMF) - 2006

Intermediation spreads in Latin America are high by international standards. This paper examines the determinants of bank interest margins in that region using bank and country-level data from 85 countries, including 14 Latin American economies. The results suggest that Latin America has higher...

Persistent link: https://www.econbiz.de/10005769198

Obstacles to Disinflation; What is the Role of Fiscal Expectations?

Gelos, Gaston; Prati, Alessandro; Celasun, Oya - International Monetary Fund (IMF) - 2004

Is backward-looking behavior in pricing or imperfect credibility of stabilization efforts responsible for the failure of inflation rates to decline to targeted levels during many disinflation programs? This paper assesses the relative importance of these two factors during a number of...

Persistent link: https://www.econbiz.de/10005599463

Devaluation Expectations and the Stock Market; The Case of Mexico in 1994/1995

Becker, Törbjörn I.; Richards, Anthony J.; Gelos, Gaston - International Monetary Fund (IMF) - 2000

Using company-level data, this paper examines the relative stock-market performance of firms with different foreign-exchange exposures around the time of the 1994/95 Mexican crisis. Contrary to what one might have expected given the alleged peso overvaluation, exporting firms outperformed the...

Persistent link: https://www.econbiz.de/10005605336

Macroeconomic Implications of Financial Dollarization; The Case of Uruguay

Gelos, Gaston; Mejía, Alejandro López; Piñón-Farah, … - International Monetary Fund (IMF) - 2008

Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets,...

Persistent link: https://www.econbiz.de/10011245904