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Taming Financial Development to Reduce Crises
Ben Naceur, Sami - 2019
This paper assesses whether and how financial development triggers the occurrence of banking crises. It builds on a database that includes financial development as well as financial access, depth and efficiency for almost 100 countries. Through estimation of a dynamic logit panel model, it...
Persistent link: https://www.econbiz.de/10012868462
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Macroprudential Stress Tests : A Reduced-Form Approach to Quantifying Systemic Risk Losses
Alla, Zineddine - 2018
We present a novel approach that incorporates individual entity stress testing and losses from systemic risk effects (SE losses) into macroprudential stress testing. SE losses are measured using a reduced-form model to value financial entity assets, conditional on macroeconomic stress and the...
Persistent link: https://www.econbiz.de/10012907939
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When Credit Dries Up : Job Losses in the Great Recession
Bentolila, Samuel - 2013
.5 percentage points due to weak-bank attachment, representing between 8% and 36% of aggregate job losses …
Persistent link: https://www.econbiz.de/10013071423
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Interconnectedness, Systemic Crises and Recessions
Espinosa-Vega, Marco A. - 2015
information about the quality of bank portfolios also plays a role in precipitating systemic crises. [3] Financial crises … effectiveness of future bank risk assessment, increasing the probability of lengthy, severe recessions. The government, acting in … the interest of current and future depositors, may wish to increase the transparency of bank portfolios by limiting …
Persistent link: https://www.econbiz.de/10013025484
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Great Recession and Fiscal Squeeze at U.S. Subnational Government Level
Jonas, Jiri - 2012
The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the...
Persistent link: https://www.econbiz.de/10013098614
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Macro-Financial Stability in the COVID-19 Crisis : Some Reflections
Adrian, Tobias; Natalucci, Fabio; Qureshi, Mahvash Saeed - 2023
The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This paper takes stock of the factors that contributed to this resilience, focusing on the role of...
Persistent link: https://www.econbiz.de/10014258592
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Italian Sovereign Spreads : Their Determinants and Pass-Through to Bank Funding Costs and Lending Conditions
Zoli, Edda - 2013
due to bank funding shortages from the sovereign debt crisis were a major factor behind the lending slowdown in late 2011 …
Persistent link: https://www.econbiz.de/10013082857
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Sub-National Credit Risk and Sovereign Bailouts : Who Pays the Premium?
Jenkner, E. - 2014
risk from the latter to the former — on the day a sovereign bailout is announced. Using daily financial market data for …
Persistent link: https://www.econbiz.de/10013058431
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The Riskiness of Credit Allocation and Financial Stability
Brandao-Marques, Luis - 2019
We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson...
Persistent link: https://www.econbiz.de/10012859862
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Assessing Default Risks for Chinese Firms : A Lost Cause?
Law, Daniel - 2015
Assessing default risks for Chinese firms is hard. Standard measures of risk using market indicators may be unreliable because of implicit guarantees, the large role played by less-informed investors, and other market imperfections. We test this assertion by estimating stand-alone 1-year default...
Persistent link: https://www.econbiz.de/10013019012