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Risks and vulnerabilities in the U.S. bond mutual fund industry

Bouveret, Antoine; Yu, Jie - 2021

This paper assesses liquidity risk for the United States (U.S.) bond mutual funds industry and performs a range of analyses to identify which fund categories are more vulnerable to distress than others, and how sales from funds can impact financial stability. We develop a new measure to identify...

Persistent link: https://www.econbiz.de/10012605013

Strategic complementarity, fragility, and regulation

Vives, Xavier - 2011 - Rev. May 2011

The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the actions of investors is a critical determinant of fragility. It is shown how the balance sheet composition of a financial intermediary, parameters of the information structure...

Persistent link: https://www.econbiz.de/10009230899

Ethical Foundations of Financial Regulation

Kane, Edward J. - 2008

Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … arise in multi- party relationships and that regulation introduces opportunities to impose rules that enhance the welfare of … discretion and choose actions for the common good. Agency-cost theories portray regulation as a way to raise the quality of …

Persistent link: https://www.econbiz.de/10012774887

Climate actions and stranded assets : the role of financial regulation and monetary policy

Diluiso, Francesca; Annicchiarico, Barbara; Kalkuhl, … - 2020

materialize. Financial regulation encouraging the decarbonization of the banks' balance sheets via tax-subsidy schemes …

Persistent link: https://www.econbiz.de/10012260638

Fire Sales in Finance and Macroeconomics

Shleifer, Andrei - 2010

Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...

Persistent link: https://www.econbiz.de/10013134890

Shedding light on shadow banking

Harutyunyan, Artak; Massara, Alexander; Ugazio, Giovanni; … - 2015

In this paper, we develop an alternative approach to estimate the size of the shadow banking system, using official data reported to the IMF complemented by other data sources. We base our alternative approach on the expansion of the noncore liabilities concept developed in recent literature to...

Persistent link: https://www.econbiz.de/10010479339

Cyclical patterns of systemic risk metrics : cross-country analysis

Iossifov, Plamen; Schmidt, Tomas Dutra - 2021

We analyze a range of macrofinancial indicators to extract signals about cyclical systemic risk across 107 economies over 1995-2020. We construct composite indices of underlying liquidity, solvency and mispricing risks and analyze their patterns over the financial cycle. We find that liquidity...

Persistent link: https://www.econbiz.de/10012517945

Systemic risk in banking, fire sales, and macroeconomic disasters

Bougheas, Spiros P.; Harvey, David I.; Kirman, Alan P.; … - 2024

We develop a dynamic computational network model of the banking system where fire sales provide the amplification mechanism of financial shocks. Each period a finite number of banks offers a large, but finite, number of loans to households. Banks with excess liquidity also offer loans to other...

Persistent link: https://www.econbiz.de/10014490902

Durable Financial Regulation : Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions

Nakamura, Leonard I. - 2011

This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It …

Persistent link: https://www.econbiz.de/10013125587

Financial Innovation and the Management and Regulation of Financial Institutions

Merton, Robert C. - 2014

New security designs, improvements in computer telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and...

Persistent link: https://www.econbiz.de/10012752889

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