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Lessons and Policy Implications From the Global Financial Crisis
Claessens, Stijn; Laeven, Luc; Igan, Deniz; … - International Monetary Fund (IMF) - 2010
The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial...
Persistent link: https://www.econbiz.de/10008519478
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An Overview of Macroprudential Policy Tools
Claessens, Stijn - International Monetary Fund (IMF) - 2014
, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet …
Persistent link: https://www.econbiz.de/10011142120
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Competition in the Financial Sector
Claessens, Stijn - 2009
As in other sectors, competition in finance matters for allocative, productive and dynamic efficiency. Theory suggests, however, that unfettered competition is not first best given the special features of finance. I review these analytics and describe how to assess the degree of competition in...
Persistent link: https://www.econbiz.de/10012677735
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Financial Cycles; What? How? When?
Terrones, Marco; Kose, M. Ayhan; Claessens, Stijn - International Monetary Fund (IMF) - 2011
This paper provides a comprehensive analysis of financial cycles using a large database covering 21 advanced countries over the period 1960:1-2007:4. Specifically, we analyze cycles in credit, house prices, and equity prices. We report three main results. First, financial cycles tend to be long...
Persistent link: https://www.econbiz.de/10009019580
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How Do Business and Financial Cycles Interact?
Terrones, Marco; Kose, M. Ayhan; Claessens, Stijn - International Monetary Fund (IMF) - 2011
This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest that there are strong linkages between different phases of business and financial...
Persistent link: https://www.econbiz.de/10009019595
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The Global Financial Cycle: Quantities versus Prices
Cerutti, Eugenio - 2024
We quantify the importance of the Global Financial Cycle (GFCy) in domestic credit and various local asset prices and compare it with that in capital flows. Using 2000-2021 data for 76 economies and a simple methodology, we find that each respective series’ common factor and conventional US...
Persistent link: https://www.econbiz.de/10015080206
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The Use and Effectiveness of Macroprudential Policies: New Evidence
Cerutti, Eugenio; Claessens, Stijn; Laeven, Luc - International Monetary Fund (IMF) - 2015
Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while...
Persistent link: https://www.econbiz.de/10011242370
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Banks and Labor As Stakeholders; Impacton Economic Performance
Ueda, Kenichi; Claessens, Stijn - International Monetary Fund (IMF) - 2008
affected by bank branch deregulation and employment protection occurring over 1972-1993. We find that financial liberalization …
Persistent link: https://www.econbiz.de/10005825652
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Global Liquidity and Drivers of Cross-Border Bank Flows
Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - International Monetary Fund (IMF) - 2014
global factors driving cross-border bank flows, alongside country-specific factors. It confirms the explanatory power of US … financial conditions, with flows decreasing in market volatility (VIX) and term premia, and increasing in bank leverage, growth … Area – are also important, sometimes even more so, consistent with the dominant role of European banks in cross …
Persistent link: https://www.econbiz.de/10011142075
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International Financial Integration Through Equity Markets; Which Firms From Which Countries Go Global?
Schmukler, Sergio L.; Claessens, Stijn - International Monetary Fund (IMF) - 2007
This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, we find that, although...
Persistent link: https://www.econbiz.de/10005605173