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In the Shadow of Banks : Wealth Management Products and Issuing Banks’ Risk in China
Acharya, Viral V. - 2020
We study the rise and risks in bank issuance of Wealth Management Products (WMPs), which are off … greater competition from the Big Four banks. We find that this growth of WMPs imposed rollover risks for all the bank issuers …, as reflected in higher yields on new WMPs, higher borrowing rates in the inter-bank market, and adverse stock market …
Persistent link: https://www.econbiz.de/10012848972
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Climate stress testing
Acharya, Viral V.; Berner, Richard B.; Engle, Robert F.; … - 2023
typical bank loan maturities; (ii) incorporate banklending responses to climate risks; (iii) assess the adequacy of climate …
Persistent link: https://www.econbiz.de/10014480558
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The Dodd-Frank Act and Basel III: Intentions, unintended consequences, and lessons for emerging markets
Acharya, Viral V. - 2012
call for blind adherence to Basel III and persist with its (Reserve Bank of India) asset-level leverage restrictions and …
Persistent link: https://www.econbiz.de/10010397320
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Counterparty Risk Externality : Centralized Versus Over-the-Counter Markets
Bisin, Alberto - 2011
We model the opacity of over-the-counter (OTC) markets in a setup where agents share risks, but have incentives to default and their financial positions are not mutually observable. We show that there is "excess leverage" in that parties take on short OTC positions that lead to levels of default...
Persistent link: https://www.econbiz.de/10013128333
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The Dodd-Frank Act and Basel III : Intentions, Unintended Consequences, and Lessons for Emerging Markets
Acharya, Viral V. - 2012
This paper is an attempt to explain the changes to finance sector reforms under the Dodd-Frank Act in the United States and Basel III requirements globally; their unintended consequences; and lessons for currently fast-growing emerging markets concerning finance sector reforms, government...
Persistent link: https://www.econbiz.de/10013098748
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Zombie Lending and Policy Traps
Acharya, Viral V.; Lenzu, Simone; Wang, Olivier - 2021
can restore efficient bank lending and production by lowering interest rates. For moderately large shocks, however …
Persistent link: https://www.econbiz.de/10013210897
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Counterparty Risk Externality : Centralized Versus Over-The-Counter Markets
Acharya, Viral V. - 2010
The opacity of over-the-counter (OTC) markets – in which a large number of financial products including credit derivatives trade – appears to have played a central role in the ongoing financial crisis. We model such OTC markets for risk-sharing in a general equilibrium setup where agents...
Persistent link: https://www.econbiz.de/10013146606
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The Dodd-Frank Act and Basel III : intentions, unintended consequences, and lessons for emerging markets
Acharya, Viral V. - 2012
call for blind adherence to Basel III and persist with its (Reserve Bank of India) asset-level leverage restrictions and …
Persistent link: https://www.econbiz.de/10009632674
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Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
Acharya, Viral V.; Pagano, Marco; Volpin, Paolo - National Bureau of Economic Research (NBER) - 2013
We present a model in which managers are risk-averse and firms compete for scarce managerial talent ("alpha"). When managers are not mobile across firms, firms provide efficient compensation, which allows for learning about managerial talent and for insurance of low-quality managers. When...
Persistent link: https://www.econbiz.de/10010950720
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The Dodd-Frank Act and Basel III : Intentions, Unintended Consequences, and Lessons for Emerging Markets
Acharya, Viral V. - East Asian Bureau of Economic Research (EABER) - 2012
call for blind adherence to Basel III and persist with its (Reserve Bank of India) asset-level leverage restrictions and …
Persistent link: https://www.econbiz.de/10011278035