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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
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/10014395727
Long-term relationships between business firms and investment banks are pervasive in developed security markets and there is evidence that better monitoring and information result from these relationships. Therefore, security markets should allocate resources better when an investment banking...
Persistent link: https://www.econbiz.de/10014401296
Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the …
Persistent link: https://www.econbiz.de/10010233893
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
Persistent link: https://www.econbiz.de/10014395950
This paper deals with efficiency in the public sector. It argues that the habit of relating efficiency to public … could be used for several purposes including increasing public sector efficiency …
Persistent link: https://www.econbiz.de/10014400238
or may not improve economic efficiency …
Persistent link: https://www.econbiz.de/10014400822
economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector … reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate … representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that …
Persistent link: https://www.econbiz.de/10014395836
Properly designed wholesale payments system can make a significant contribution to enhancing market discipline in the financial sector, reducing the risk of systemic disturbance and permitting a less extensive safety net for financial institutions. The objective of these reforms has been to...
Persistent link: https://www.econbiz.de/10014403300
Persistent link: https://www.econbiz.de/10009424798