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A social constructivist analysis of the 2007 banking crisis: building trust and transparency through community currencies

Breitstein, Lance; Dini, Paolo - London School of Economics (LSE) - 2011

This article examines the 2007 banking crisis from an interdisciplinary and, in particular, social constructivist perspective to identify its structural and systemic causes. After presenting and explaining a wide meta-theoretical framework that can accommodate different understandings of...

Persistent link: https://www.econbiz.de/10010884691

Recovery rates, default probabilities and the credit cycle

Bruche, Max; Gonzalez-Aguado, Carlos - London School of Economics (LSE) - 2006

Recovery rates are negatively related to default probabilities (Altman et al., 2005). This paper proposes and estimates a model in which this dependence is the result of an unobserved credit cycle: When times are bad, the default probability is high and recovery rates are low; when times are...

Persistent link: https://www.econbiz.de/10010746498

Written evidence given by Professor Alexander Pepper of the London School of Economics and Political Science to the UK Parliamentary Commission on banking standards

Pepper, Alexander - London School of Economics (LSE) - 2013

My contention is that many of the current problems with 'Bankers’ Pay' have their origins in the dismantling of the formal and informal institutions which regulated the labour markets in the financial centres in London and New York prior to 1986-1987.

Persistent link: https://www.econbiz.de/10010746618

Cyclical adjustment of capital requirements: a simple framework

Repullo, Rafael - London School of Economics (LSE) - 2013

. Capital serves to ameliorate a moral hazard problem in the choice of risk. There is a fixed aggregate supply of bank capital … welfare function that incorporates a social cost of bank failure. We consider the effect of a negative shock to the supply of … bank capital and show that optimal capital requirements should be lowered. Failure to do so would keep banks safer but …

Persistent link: https://www.econbiz.de/10011171760

Regulating financial market infrastructures

Ferrarini, Guido; Saguato, Paolo - London School of Economics (LSE) - 2014

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...

Persistent link: https://www.econbiz.de/10011125895

The end of bank secrecy? An evaluation of the G20 tax haven crackdown

Johannesen, Niels; Zucman, Gabriel - London School of Economics (LSE) - 2014

bank information. Policymakers have celebrated this global initiative as the end of bank secrecy. Exploiting a unique panel … dataset, our study is the first attempt to assess how the treaties affected bank deposits in tax havens. Rather than …

Persistent link: https://www.econbiz.de/10011126343

Modelling and forecasting UK mortgage arrears and possessions

Aron, Janine; Muellbauer, John - London School of Economics (LSE) - 2010

This paper presents new models for aggregate UK data on mortgage possessions (foreclosures) and mortgage arrears (payment delinquencies). The innovations include the treatment of difficult to observe variations in loan quality and shifts in forbearance policy by lenders, by common latent...

Persistent link: https://www.econbiz.de/10011126430

Endogenous liquidity and contagion

Rahi, Rohit; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2009

Market liquidity is typically characterized by a number of ad hoc metrics, such as depth, volume, bid-ask spreads etc. No general coherent denition seems to exist, and few attempts have been made to justify the existing metrics on welfare grounds. In this paper we propose a welfare-based...

Persistent link: https://www.econbiz.de/10010884503

Reputation effects in trading on the New York Stock Exchange

Battalio, Robert; Ellul, Andrew; Jennings, Robert - London School of Economics (LSE) - 2005

Theory suggests that reputations, developed in repeated face-to-face interactions, allow nonanonymous, floor-based trading venues to attenuate adverse selection in the trading process. We identify instances when stocks listed on the New York Stock Exchange (NYSE) experience a non-trivial...

Persistent link: https://www.econbiz.de/10010884510

Numéraire-invariant preferences in financial modeling

Kardaras, Constantinos - London School of Economics (LSE) - 2010

We provide an axiomatic foundation for the representation of numéraire-invariant preferences of economic agents acting in a financial market. In a static environment, the simple axioms turn out to be equivalent to the following choice rule: the agent prefers one outcome over another if and only...

Persistent link: https://www.econbiz.de/10010884726