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California during the National Banking Era (1864-1914). This period has been intensively analyzed at the macroeconomic level, but …
Persistent link: https://www.econbiz.de/10005800327
This paper is aimed to address when and why do banking crises occur, and whether financial reforms in reaction to … crises are generally beneficial. It is argued that banking crises properly defined consist either of panics or of waves of … costly bank failures, and they do not necessarily coincide. Risk-inviting microeconomic rules of the banking game that are …
Persistent link: https://www.econbiz.de/10008765132
In this study, we explore the dynamics of the relation between institutional trading and stock returns. We find that stock returns Granger-cause institutional trading (especially purchases) on a quarterly basis. The robust and significant causality from equity returns to institutional trading...
Persistent link: https://www.econbiz.de/10012722196
witnessed a positive increase in the last ten years. It consisted of four groups: First: The banking system, which includes 22 …
Persistent link: https://www.econbiz.de/10012725401
Supervisors sometimes have to manage both the micro- and macro-prudential dimensions of bank stability. These may either conflict or complement each other. We analyze prudential supervision by the Central Bank of Russia (CBR). We find evidence of micro-prudential concerns, measured as the...
Persistent link: https://www.econbiz.de/10012728850
Supervisors sometimes have to manage both the micro- and macro-prudential dimensions of bank stability. These may either conflict or complement each other. We analyze prudential supervision by the Central Bank of Russia (CBR). We find evidence of micro-prudential concerns, measured as the...
Persistent link: https://www.econbiz.de/10012730781
We focus on the conflict between two central bank objectives - individual bank stability and systemic stability - and the regulatory forbearance that follows from it. We study the licensing policy of the Central Bank of Russia (CBR) during 1999-2002. Banks in highly concentrated bank markets,...
Persistent link: https://www.econbiz.de/10012732085
We analyze a model where investors (e.g. hedge funds) need to borrow from lenders with heterogeneous risk-exposures. Investors may obtain advantageous terms of borrowing by disclosing their investment strategy, thereby revealing its correlation to the lender's existing risk-exposure. Investors...
Persistent link: https://www.econbiz.de/10012732292
The naming of eleven banks as quot;too big to fail (TBTF)quot; in 1984 led bond raters to raise their ratings on new bond issues of TBTF banks about a notch relative to those of other, unnamed banks. The relationship between bond spreads and ratings for the TBTF banks tended to flatten after...
Persistent link: https://www.econbiz.de/10012736032
undertaking for China's financial reform over the coming years undeniably will occur in the banking sector. As with the situation … securities. Yet banking in China represents a glaringly fragile component in its economy. Poor lending policies of the past have … to be concerned, would be patently wrong to ignore the tremendous upsides that should accompany China's banking reforms …
Persistent link: https://www.econbiz.de/10012738252