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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
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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
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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
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Emerging Market Spread Compression; Is it Real or is it Liquidity?
Kodres, Laura E.; Hartelius, Kristian; Kashiwase, Kenichiro - International Monetary Fund (IMF) - 2008
. Some have attributed the fall to improved economic fundamentals while others to ample global liquidity. The paper models …
Persistent link: https://www.econbiz.de/10005605159
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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 “ease of financing†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
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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
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Near-Coincident Indicators of Systemic Stress
Arsov, Ivailo; Canetti, Elie; Kodres, Laura E.; Mitra, … - International Monetary Fund (IMF) - 2013
The G-20 Data Gaps Initiative has called for the IMF to develop standard measures of tail risk, which we identify in this paper with systemic risk. To understand the conditions under which tail risk is present, it is first necessary to develop a measure of what constitutes a systemic stress, or...
Persistent link: https://www.econbiz.de/10010790432
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Redesigning the Contours of the Future Financial System
Kodres, Laura E.; Narain, Aditya - International Monetary Fund (IMF) - 2010
This paper explores the private- and public-sector responses to the crisis and some of the probable outcomes. Aside from improved supervision of individual institutions, greater emphasis needs to be put on financial regulations that reflect the systemic nature of financial risks and the role...
Persistent link: https://www.econbiz.de/10011123890
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Shaping the New Financial System
Moretti, Marina; Narain, Aditya; Kodres, Laura E.; … - International Monetary Fund (IMF) - 2010
Three years after the onset of the global financial crisis, much has been done to reform the global financial system, but there is much left to accomplish. The regulatory reform agenda agreed by G-20 leaders in 2009 has elevated the discussions to the highest policy level and kept international...
Persistent link: https://www.econbiz.de/10011123891
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Why Are Canadian Banks More Resilient?
Huang, Rocco; Ratnovski, Lev - International Monetary Fund (IMF) - 2009
This paper explores factors behind Canadian banks' relative resilience in the ongoing credit turmoil. We identify two main causes: a higher share of depository funding (vs. wholesale funding) in liabilities, and a number of regulatory and structural factors in the Canadian market that reduced...
Persistent link: https://www.econbiz.de/10008528633