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Claessens, Stijn - 2012

The paper focuses on two functions of shadow banking: securitization and collateral intermediation. It describes operations of the shadow banking system, demand factors, systemic risks, and associated policy priorities

Persistent link: https://www.econbiz.de/10013096711

Global Liquidity and Drivers of Cross-Border Bank Flows

Cerutti, Eugenio - 2014

global factors driving cross-border bank flows, alongside country-specific factors. It confirms the explanatory power of US … financial conditions, with flows decreasing in market volatility (VIX) and term premia, and increasing in bank leverage, growth … frameworks and better bank regulation, but less so for flows to non-financial firms …

Persistent link: https://www.econbiz.de/10013053045

Global Liquidity and Drivers of Cross-Border Bank Flows

Cerutti, Eugenio - 2014

This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time … liquidity is driven primarily by uncertainty (VIX), US monetary policy (term premia), and UK and Euro Area bank conditions … more stringent bank regulation …

Persistent link: https://www.econbiz.de/10013054284

The Great Cross-Border Bank Deleveraging : Supply Constraints and Intra-Group Frictions

Cerutti, Eugenio - 2014

International banks greatly reduced their direct cross-border and local affiliates' lending as the global financial crisis strained balance sheets, lowered borrower demand, and changed government policies. Using bilateral, lender-borrower countrydata and controlling for credit demand, we show...

Persistent link: https://www.econbiz.de/10013045260

The Regulatory Responses to the Global Financial Crisis : Some Uncomfortable Questions

Claessens, Stijn - 2014

We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into...

Persistent link: https://www.econbiz.de/10013055666

How Do Credit Ratings Affect Bank Lending Under Capital Constraints?

Claessens, Stijn - 2018

Through the lens of credit risk ratings, we investigate how banks determine loan terms under capital constraints. Using a unique and comprehensive supervisory dataset of individual corporate loans in the US, we show that unexpected adjustments to banks' internal rating systems, which only alter...

Persistent link: https://www.econbiz.de/10012910256

Asset prices and macroeconomic outcomes : a survey

Claessens, Stijn; Kose, M. Ayhan - 2017

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

Persistent link: https://www.econbiz.de/10011761064

Macroeconomic implications of financial imperfections : a survey

Claessens, Stijn; Kose, M. Ayhan - 2017

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...

Persistent link: https://www.econbiz.de/10011778050

Asset Prices and Macroeconomic Outcomes : A Survey

Claessens, Stijn - 2017

Persistent link: https://www.econbiz.de/10012942461

Macroeconomic Implications of Financial Imperfections : A Survey

Claessens, Stijn - 2017

Persistent link: https://www.econbiz.de/10012942465

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