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A critique of the literature on the US financial debt crisis
Stein, Jerome L. - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10003936616
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Towards a macroprudential surveillance and remedial policy formulation system for monitoring financial crisis
Bhattacharyay, Biswanath - 2009
maintaining financial sector stability through reduction of vulnerability is highly crucial. The world is now witnessing an …
Persistent link: https://www.econbiz.de/10003887495
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Early warning system for economic and financial risks in Kazakhstan
Bhattacharyay, Biswanath; Dlugosch, Dennis; Kolb, Benedikt - 2009
This paper proposes a macro-prudential financial soundness analysis that can be used by most developing and transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to detect economic and financial sector vulnerability,...
Persistent link: https://www.econbiz.de/10003897420
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The 2008 financial crisis and taxation policy
Hemmelgarn, Thomas; Nicodème, Gae͏̈tan J.A. - 2010
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10003937066
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Securitization and asset prices
Aksoy, Yunus; Basso, Henrique S. - 2015
substantially, reflecting a change in the nature of the financial intermediation process. Together with increased securitization of … portfolio of assets, have also become more relevant. As a result, the volume of securitization, although traditionally … associated with credit markets, influences the outcomes of other asset markets. We investigate the link between securitization …
Persistent link: https://www.econbiz.de/10010479921
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Disagreement and optimal security design
Ortner, Juan M.; Schmalz, Martin C. - 2018
We study optimal security design when the issuer and market participants agree to disagree about the characteristics of the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement between issuer and investors, whereas tranching a...
Persistent link: https://www.econbiz.de/10011795041
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Subprime crisis and board (in-)competence : private vs. public banks in Germany
Hau, Harald; Thum, Marcel - 2009
We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...
Persistent link: https://www.econbiz.de/10003850179
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Supply restrictions, subprime lending and regional US house prices
Anundsen, André Kallåk; Heebøll, Christian - 2015
With regard to the recent US house price cycle, we analyze how the interaction between housing supply restrictions, mortgage credit constraints and a price-to-price feedback loop affects house price volatility. Considering 247 Metropolitan Statistical Areas, we estimate a simultaneous boom-bust...
Persistent link: https://www.econbiz.de/10010488113
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Mortgage-related bank penalties and systemic risk among U.S. banks
Brož, Václav; Kočenda, Evžen - 2021
We analyze link between mortgage-related regulatory penalties levied on banks and the level of systemic risk in the U.S. banking industry. We employ a frequency decomposition of volatility spillovers (connectedness) to assess system-wide risk transmission with short-, medium-, and long-term...
Persistent link: https://www.econbiz.de/10012697108
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Securitization of mortgage debt, asset prices and international risk sharing
Hoffmann, Mathias; Nitschka, Thomas - 2009
We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption … countries that do not allow for mortgage securitization. Our results are based on quarterly data from a panel of 16 …
Persistent link: https://www.econbiz.de/10003806732