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Kumar, Manmohan S.; Stella, Peter - 2012

Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of securitized assets to collateralize borrowing. The subsequent crisis has reduced the pool of...

Persistent link: https://www.econbiz.de/10009614541

Central Bank Response to the 2007-08 Financial Market Turbulence : Experiences and Lessons Drawn

Stella, Peter - 2008

The paper reviews the policy response of major central banks during the 2007-08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These...

Persistent link: https://www.econbiz.de/10014409061

Predicting Financial Crises: The Role of Asset Prices

Hennig, Tristan - 2023

We explore the early warning properties of a composite indicator which summarizes signals from a range of asset price growth and asset price volatility indicators to capture mispricing of risk in asset markets. Using a quarterly panel of 108 advanced and emerging economies over 1995-2017, we...

Persistent link: https://www.econbiz.de/10015059236

Guaranteeing Trade in a Severe Crisis: Cash Collateral over Bank Guarantees

Kotidis, Antonis - 2023

Banks guarantee international trade through letters of credit. This paper analyzes what happens to trade when the critical role of banks as trade guarantors is compromised. Using the case of the Greek capital controls in 2015, the events around which led to a massive loss of confidence in the...

Persistent link: https://www.econbiz.de/10015059660

The Challenge of Enforcement in Securities Markets

Carvajal, Ana - 2009

securities regulators around the world face in implementing credible enforcement programs. While in many instances it is indi …

Persistent link: https://www.econbiz.de/10012677824

An Investigation of Some Macro-Financial Linkages of Securitization

Long, Xin - 2009

financial sector stability) to the fast rise of securitization and the way it has arguably complicated both the conduct of … innovation, specifically through securitization, has altered the nature of some macro-financial linkages, often with considerable … policy implications. We find that securitization activity in the United States (mature market) and South Afr …

Persistent link: https://www.econbiz.de/10012677712

Central Bank Response to the 2007-08 Financial Market Turbulence

Stella, Peter - 2008

Persistent link: https://www.econbiz.de/10012678161

Asset Bubbles

Jones, Bradley - 2015

In distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated...

Persistent link: https://www.econbiz.de/10012686794

Transmission of Liquidity Shocks : Evidence from the 2007 Subprime Crisis

Hesse, Heiko - 2008

We examine the linkages between market and funding liquidity pressures, as well as their interaction with solvency issues surrounding key financial institutions during the 2007 subprime crisis. A multivariate GARCH model is estimated in order to test for the transmission of liquidity shocks...

Persistent link: https://www.econbiz.de/10014409053

Fiscal Crises: The Role of the Public Debt Investor Base and Domestic Financial Markets as Aggravating and Mitigating Factors

Bhattacharya, Rina - 2022

The paper evaluates the key drivers of fiscal crises in a sample of countries from all three income groups-advanced, emerging, and low-income countries, using fiscal crisis data recently developed by the IMF's Fiscal Affairs Department. The empirical study focuses on three questions: (1) How...

Persistent link: https://www.econbiz.de/10015059935

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