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Shadow Banking Out of the Shadows : Non-Bank Intermediation and the Italian Regulatory Framework
Gola, Carlo - 2017
Shadow banking is the creation or transfer – by banks and non-bank intermediaries – of bank-like risks outside the banking system. In Italy the shadow banking system is fully regulated, mostly following the principle of same business-same rules or ‘bank-equivalent regulation'. After an...
Persistent link: https://www.econbiz.de/10012958376
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The Negative Feedback Loop between Banks and Sovereigns
Angelini, Paolo - 2014
More than three years since the outbreak of the sovereign debt crisis in the euro area the banking systems of several countries remain exposed to the vagaries of government bond markets. The paper analyzes the different channels through which sovereign risk affects banking risk (and vice versa),...
Persistent link: https://www.econbiz.de/10013055983
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Measuring the Impact of a Bank Failure on the Real Economy. An EU-wide Analytical Framework
Vacca, Valerio Paolo; Bichlmeier, Fabian; Biraschi, Paolo; … - 2021
We present an analytical framework for quantifying the potential impact on the real economy stemming from a bank’s sudden liquidation, focusing on the consequences that arise when a credit institution interrupts its lending activities. In a first step, we quantify the potential credit...
Persistent link: https://www.econbiz.de/10013218612
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An Indicator of Systemic Liquidity Risk in the Italian Financial Markets
Iachini, Eleonora - 2014
This paper introduces a coincident indicator of systemic liquidity risk in the Italian financial markets. In order to … take account of the systemic dimension of liquidity stress, standard portfolio theory is used. Three sub-indices, that … reflect liquidity stress in specific market segments, are aggregated in the systemic liquidity risk indicator in the same way …
Persistent link: https://www.econbiz.de/10013048157
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The EU Bank Insolvency Framework : Could Less Be More?
Majnoni d'Intignano, Giovanni; Trapanese, Maurizio; … - 2021
The framework for bank crisis management in the Banking Union (BU) complies with multiple criteria. Each of these criteria is based on a sound policy rationale; however, when combined, they can generate unintended consequences that undermine the effectiveness of the system, highlighting a case of...
Persistent link: https://www.econbiz.de/10013232804
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A Critical Review of the Statistics on the Size and Riskiness of the Securitization Market : Evidence from Italy and Other Euro-Area Countries
Nuzzo, Giorgio - 2017
The paper provides a critical analysis of the indicators most widely used at international level to measure the size and risk of the securitization market and its contribution to shadow banking. The analysis outlines the reasons why measuring the size of the market on the basis of the total...
Persistent link: https://www.econbiz.de/10012943284
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Monetary Policy in a Low Interest Rate Environment
Ferrero, Giuseppe - 2017
The debate on the underlying causes of the decline of interest rates to historically low levels is ongoing both in academia and among policy makers. Several explanations have been put forward, ranging from those citing real and structural factors to those underscoring the importance of cyclical...
Persistent link: https://www.econbiz.de/10012945276
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How to Measure the Unsecured Money Market? The Eurosystem's Implementation and Validation Using TARGET2 Data
Arciero, Luca - 2014
This paper develops a methodology, based on Furfine (1999), for identifying unsecured interbank money market loans from the transaction data of the most important euro payment processing system TARGET2, for maturities ranging from one day (overnight) up to three months. The implementation has...
Persistent link: https://www.econbiz.de/10013048160
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Contingent Liquidity
Nicoletti-Altimari, Sergio - 2010
After the crisis, bank regulators are considering mitigating liquidity risk by introducing quantity limits on liquidity … and maturity mismatch. We argue that aggregate liquidity risk can be reduced with little deadweight loss by encouraging … readily observable variable correlated with systemic liquidity risk (e.g. the LIBOR-OIS spread) is above a trigger threshold …
Persistent link: https://www.econbiz.de/10013135336
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Basel III : Long-Term Impact on Economic Performance and Fluctuations
Angelini, Paolo - 2011
decline in the level of steady state output, relative to the baseline. The impact of the new liquidity regulation is of a …
Persistent link: https://www.econbiz.de/10013124761