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Breuer, Peter - 2021

The simultaneous unwinding of leveraged positions can trigger financial market turbulence. Although balance-sheet measures of leverage are available, it is useful to construct a measure of leverage that incorporates both on- and off-balance-sheet activities. This paper provides measures of...

Persistent link: https://www.econbiz.de/10013212029

Systemic Contingent Claims Analysis – Estimating Market-Implied Systemic Risk

Jobst, Andreas (Andy) - 2013

The recent global financial crisis has forced a re-examination of risk transmission in the financial sector and how it affects financial stability. Current macroprudential policy and surveillance (MPS) efforts are aimed establishing a regulatory framework that helps mitigate the risk from...

Persistent link: https://www.econbiz.de/10013085135

Welfare Gains from Market Insurance : The Case of Mexican Oil Price Risk

Valencia, Fabián - 2018

Over the past two decades, Mexico has hedged oil price risk through the purchase of putoptions. We examine the resulting welfare gains using a standard sovereign default modelcalibrated to Mexican data. We show that hedging increases welfare by reducing incomevolatility and reducing risk spreads...

Persistent link: https://www.econbiz.de/10012924997

Fintech in Latin America and the Caribbean : Stocktaking

Berkmen, Pelin - 2019

In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially...

Persistent link: https://www.econbiz.de/10012871769

Handle with Care : Regulatory Easing in Times of COVID-19

Valencia, Fabián; Varghese, Richard; Yao, Weija; … - 2021

The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock...

Persistent link: https://www.econbiz.de/10013226445

Investor Information and Bank Instability During the Euro Crisis

Iorgova, Silvia; Ross, Chase P. - 2021

Outside of financial crises, investors have little incentive to produce private information on banks' short-term liabilities held as information-insensitive safe assets. The same does not hold true during crises. We measure daily information production using data from credit default swap spreads...

Persistent link: https://www.econbiz.de/10013243048

South Africa : The Financial Sector-Sovereign Nexus

Hesse, Heiko; Miyajima, Ken - 2022

Globally, financial institutions have increased their holdings of domestic sovereign debt, tightening the linkage between the health of the financial system and the level of sovereign debt, or the “financial sector-sovereign nexus,” during the ongoing COVID-19 pandemic. In South Africa, the...

Persistent link: https://www.econbiz.de/10013294996

Risks and Vulnerabilities in the U.S. Bond Mutual Fund Industry

Bouveret, Antoine; Yu, Jie - 2022

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/10013305666

Sovereign ESG Bond Issuance : A Guidance Note for Sovereign Debt Managers

Lindner, Peter; Chung, Kay - 2023

This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance...

Persistent link: https://www.econbiz.de/10014350469

Can Higher Reserves Help Reduce Exchange Rate Volatility?

Nowak, M. - 2021

This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging … introduced in the regressions to account for other factors affecting exchange rate volatility (monetary and external indicators … exchange rate regime, since the regime can affect both the level of reserves and exchange rate volatility. The results provide …

Persistent link: https://www.econbiz.de/10013211940

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