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Banking Unions: Distorted Incentives and Efficient Bank Resolution
Zoican, Marius A.; Górnicka, Lucyna A. - Tinbergen Instituut - 2013
A banking union limits international bank default contagion, eliminating inefficient liquidations. For particularly low … moderate moral hazard, as the banking union encourages risk taking by systemic institutions. If banks hold opaque assets, the … net welfare effect of a banking union can be negative. Restricting the banking union mandate restores incentives …
Persistent link: https://www.econbiz.de/10011255924
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Ranking Systemically Important Financial Institutions
Dungey, Mardi; Luciani, Matteo; Veredas, David - Tinbergen Instituut - 2012
We propose a simple network–based methodology for ranking systemically important financial institutions. We view the risks of firms –including both the financial sector and the real economy– as a network with nodes representing the volatility shocks. The metric for the connections of the...
Persistent link: https://www.econbiz.de/10011255476
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Risk Diversification by European Financial Conglomerates
Slijkerman, Jan Frederik; Schoenmaker, Dirk; Vries, … - Tinbergen Instituut - 2005
We study the dependence between the downside risk of European banks and insurers. Since the downside risk of banks and insurers differs, an interesting question from a supervisory point of view is the risk reduction that derives from diversification within large banks and financial...
Persistent link: https://www.econbiz.de/10011255734
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The Political Economy of Financial Systems
Haber, Stephen; Perotti, Enrico - Tinbergen Instituut - 2008
of capital markets and banking systems as well as the distribution of access to external finance across firms …
Persistent link: https://www.econbiz.de/10011255875
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The Political Economy of Finance
Perotti, Enrico - Tinbergen Instituut - 2013
This survey reviews how a recent political economy literature helps explaining variation in governance, competition, funding composition and access to credit. Evolution in political institutions can account for financial evolution, and appear critical to explain rapid changes in financial...
Persistent link: https://www.econbiz.de/10011256233
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Bank Deregulation, Competition and Economic Growth: The US Free Banking Experience
Ager, Philipp; Spargoli, Fabrizio - Tinbergen Instituut - 2013
We exploit the introduction of free banking laws in US states during the 1837-1863 period to examine the impact of … find that the introduction of free banking laws stimulated the creation of new banks and led to more bank failures. Our … empirical evidence indicates that states adopting free banking laws experienced an increase in output per capita compared to the …
Persistent link: https://www.econbiz.de/10011256043
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A Capital Adequacy Buffer Model
Allen, David; McAleer, Michael - Tinbergen Instituut - 2013
In this paper, we develop a new capital adequacy buffer model (CABM) which is sensitive to dynamic economic circumstances. The model, which measures additional bank capital required to compensate for fluctuating credit risk, is a novel combination of the Merton structural model which measures...
Persistent link: https://www.econbiz.de/10011255629
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Short-Selling Bans around the World: Evidence from the 2007-09 Crisis
Beber, Alessandro; Pagano, Marco - Tinbergen Instituut - 2010
Most stock exchange regulators around the world reacted to the 2007-2009 crisis byimposing bans or regulatory constraints on short-selling. Short-selling restrictions wereimposed and lifted at different dates in different countries, often applied to different sets ofstocks and featured different...
Persistent link: https://www.econbiz.de/10011255488
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The Impact of China on Stock Returns and Volatility in the Taiwan Tourism Industry
Chang, Chia-Lin; Hsu, Hui-Kuang; McAleer, Michael - Tinbergen Instituut - 2013
This discussion paper resulted in a publication in <I>The North American Journal of Economics and Finance</I> (2014). Volume 29(C), pages 381-401.<P> This paper investigates the stock returns and volatility size effects for firm performance in the Taiwan tourism industry, especially the impacts arising...</p></i>
Persistent link: https://www.econbiz.de/10011255765
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Efficiency Gains of a European Banking Union
Schoenmaker, Dirk; Siegmann, Arjen - Tinbergen Instituut - 2013
An anticipated benefit of the prospective European Banking Union is stronger supervision of European banks. Another … effects of a banking failure, a European Resolution Authority would follow a supranational approach, under which domestic and … resolution of the top 25 European banks, which count for the vast majority of cross-border banking in Europe. Our cost …
Persistent link: https://www.econbiz.de/10011255493