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Leverage? : what leverage? ; a deep dive into the U.S. flow of funds in search of clues to the global crisis
Bhatia, Ashok Vir; Bayoumi, Tamim A. - 2012
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral...
Persistent link: https://www.econbiz.de/10009618519
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Banking and Trading.
Boot, Arnoud W.A - 2012
We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with...
Persistent link: https://www.econbiz.de/10012690170
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What Caused the Global Financial Crisis; Evidenceon the Drivers of Financial Imbalances 1999: 2007
Merrouche, Ouarda; Nier, Erlend - International Monetary Fund (IMF) - 2010
This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii)...
Persistent link: https://www.econbiz.de/10008727817
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Accounting Discretion of Banks During a Financial Crisis
Laeven, Luc - 2009
This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks' balance sheets overvalue real estate-related assets compared to the market value of these assets, especially during the U.S. mortgage crisis. Share prices of banks with large exposure to...
Persistent link: https://www.econbiz.de/10012677876
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Central Bank Balance Sheet Expansion in a Dollarized Economy: The Case of Ecuador
Erraez, Juan-Pablo - 2022
A textbook argument in favor of adopting another country's legal tender is that it imposes strong constraints on money creation and therefore fiscal dominance. In Ecuador, an officially dollarized economy since January 2000, a series of accounting practices and subsequent changes in legislations...
Persistent link: https://www.econbiz.de/10015059941
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Digital Money and Central Banks Balance Sheet
Armas, Adrian - 2022
Digital money is a logical step in a process of continuous technological advancement in payment systems. In response, central banks are reviewing their conduct of monetary operations in light of the new shape of financial markets and systems. The impact of digital money will depend on the type...
Persistent link: https://www.econbiz.de/10015060026
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Bank Behavior in Developing Countries; Evidence From East Africa
Podpiera, Richard; Cihák, Martin - International Monetary Fund (IMF) - 2005
We analyze the structure, performance, and role of banking systems in the three member countries of the East African Community-Kenya, Tanzania, and Uganda-against the backdrop of recent financial sector reforms. Focusing on the behavior of different types of banks, we find no support for the...
Persistent link: https://www.econbiz.de/10005769226
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Audit Committees in Central Banks
Sullivan, Kenneth; Gilson, Marie-Thérèse Camilleri; … - International Monetary Fund (IMF) - 2007
This paper reviews the tasks and design of audit committees, increasingly recommended as a way to strengthen financial accountability and good central bank governance. It outlines the motivations for the establishment of audit committees in commercial corporations and public sector entities, and...
Persistent link: https://www.econbiz.de/10005605398
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Money and collateral
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
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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