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Corporate Governance and Banks : What Have We Learned from the Financial Crisis?
Mehran, Hamid - 2011
Recent academic work and policy analysis give insight into the governance problems exposed by the financial crisis and suggest possible solutions. We begin this paper by explaining why governance of banks differs from governance of non-financial firms. We then look at four areas of governance:...
Persistent link: https://www.econbiz.de/10013122805
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Intermediary Leverage Cycles and Financial Stability
Adrian, Tobias - 2012
We develop a theory of financial intermediary leverage cycles in the context of a dynamic model of the macroeconomy. The interaction between a production sector, a financial intermediation sector, and a household sector gives rise to amplification of fundamental shocks that affect real economic...
Persistent link: https://www.econbiz.de/10013101934
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Financial Stability Monitoring
Adrian, Tobias - 2013
institutions (SIFIs), 2) shadow banking, 3) asset markets, and 4) the nonfinancial sector. This framework also highlights how …
Persistent link: https://www.econbiz.de/10013085939
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Money Market Funds Intermediation, Bank Instability, and Contagion
Cipriani, Marco - 2013
, since MMFs are themselves subject to runs from their own investors, a banking system intermediated through MMFs is more … withdraw en masse from a bank. In addition, we show that MMF intermediation can also be a channel of contagion among banking …
Persistent link: https://www.econbiz.de/10013087142
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Money, Credit, Monetary Policy, and the Business Cycle in the Euro Area : What Has Changed Since the Crisis?
Giannone, Domenico - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10012871932
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Bank Holding Company Dividends and Repurchases during the Financial Crisis
Hirtle, Beverly - 2014
Many large U.S. bank holding companies (BHCs) continued to pay dividends during the recent financial crisis, even as financial market conditions deteriorated, large losses accumulated, and emergency capital and liquidity were being provided by the official sector. In contrast, share repurchases...
Persistent link: https://www.econbiz.de/10013055653
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The Information Value of the Stress Test and Bank Opacity
Peristiani, Stavros - 2010
We investigate whether the “stress test,” the extraordinary examination of the nineteen largest U.S. bank holding companies conducted by federal bank supervisors in 2009, produced information demanded by the market. Using standard event study techniques, we find that the market had largely...
Persistent link: https://www.econbiz.de/10013139788
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Robust Capital Regulation
Acharya, Viral V. - 2011
Banks' leverage choices represent a delicate balancing act. Credit discipline argues for more leverage, while balance-sheet opacity and ease of asset substitution argue for less. Meanwhile, regulatory safety nets promote ex post financial stability, but also create perverse incentives for banks...
Persistent link: https://www.econbiz.de/10013126071
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How Much Do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
Amiti, Mary - 2013
We show that supply-side financial shocks have a large impact on the investment decisions of firms. We do this by developing a new methodology to separate firms' credit shocks from loan supply shocks, using a vast sample of matched bank-firm lending data. We decompose loan movements in Japan for...
Persistent link: https://www.econbiz.de/10013084531
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Shadow Banking
Pozsar, Zoltan - 2014
binds shadow banks into a network, which is the shadow banking system. The shadow banking system rivals the traditional … banking system in the intermediation of credit to households and businesses. Over the past decade, the shadow banking system … riskless short-term liabilities. Maturity and credit transformation in the shadow banking system thus contributed significantly …
Persistent link: https://www.econbiz.de/10013069533