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Spain; Financial Sector Assessment Program: Technical Note: Stress Testing Methodology and Results
International Monetary Fund (IMF); International … - 2006
This report presents a description of the stress test exercises for Spain’s banking and insurance systems. The exercises were carried out in the context of the Financial Sector Assessment Program with the aim of assessing the resilience of the financial system to key risks. It describes...
Persistent link: https://www.econbiz.de/10011245836
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A Framework for the Surveillance of Derivative Activities
Gutierrez, Eva - International Monetary Fund (IMF) - 2005
This paper proposes a framework for the surveillance of financial institutions' derivatives activities. The designed framework builds on information likely to be collected by financial market regulators for supervisory purposes, and/or information collected by market participants for the purpose...
Persistent link: https://www.econbiz.de/10005263815
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Use of Participatory Notes in Indian Equity Markets and Recent Regulatory Changes
Singh, Manmohan - International Monetary Fund (IMF) - 2007
This paper focuses on the use of participatory notes (PNs) by foreign investors, as a conduit for portfolio flows into Indian equity markets for more than a decade. The broadening of India's foreign investor base, in recent years, has a bias towards hedge funds/unregistered foreign investors who...
Persistent link: https://www.econbiz.de/10005264002
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Real Effects of the Subprime Mortgage Crisis; Is it a Demand or a Finance Shock?
Tong, Hui; Wei, Shang-Jin - International Monetary Fund (IMF) - 2008
We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than...
Persistent link: https://www.econbiz.de/10005264107
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Country Insurance Using Financial Instruments
Ricci, Luca Antonio; Chamon, Marcos; Zhang, Yuanyan Sophia - International Monetary Fund (IMF) - 2011
instruments can explain much of the in-sample variation in borrowing spreads, this fails to materialize in hedging strategies that … and innovation costs could justify the limited interest for this type of hedging in practice …
Persistent link: https://www.econbiz.de/10009203536
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Currency Hedging for International Portfolios
Schmittmann, Jochen M. - International Monetary Fund (IMF) - 2010
This paper examines the benefits from hedging the currency exposure of international investments in single- and multi …-country equity and bond portfolios from the perspectives of German, Japanese, British and American investors. Over the period 1975 to … 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment …
Persistent link: https://www.econbiz.de/10008560448
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Puttable and Extendible Bonds; Developing Interest Rate Derivatives for Emerging Markets
Neftci, Salih N.; Santos, Andre - International Monetary Fund (IMF) - 2003
interest-rate derivative markets, and their use by governments. Their stabilizing properties imply that, when bond prices fall … gains from hedging long-term bonds with interest rate derivatives. These bonds can help develop interest-rate derivative …
Persistent link: https://www.econbiz.de/10005826508
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Managing Risks in Financial Market Development; The Role of Sequencing
International Monetary Fund (IMF); International … - 2003
This paper proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets....
Persistent link: https://www.econbiz.de/10005768863
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A Model of the Joint Distribution of Banking and Exchange-Rate Crises
Marion, Nancy P.; Flood, Robert P. - International Monetary Fund (IMF) - 2001
We develop a simple framework for studying the joint distribution of banking and currency crises triggered by real shocks. Our framework illustrates the fact that bank and currency collapses are related but they are not the same thing. Studying currency and bank collapses either in isolation or...
Persistent link: https://www.econbiz.de/10005768974
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Modern Banking and OTC Derivatives Markets; The Transformation of Global Finance and its Implications for Systemic Risk
Drees, Burkhard; Schinasi, Garry J.; Kramer, Charles … - International Monetary Fund (IMF) - 2001
Persistent link: https://www.econbiz.de/10005590943