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The Changing Nature of Financial Intermediation and the Financial Crisis of 2007–2009
Adrian, Tobias; Shin, Hyun Song - In: Annual Review of Economics 2 (2010) 1, pp. 603-618
. Balance-sheet growth of market-based financial intermediaries provides a window on liquidity in the sense of the availability …
Persistent link: https://www.econbiz.de/10009226024
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Procyclicality and the Search for Early Warning Indicators
Shin, Hyun Song - 2014
This paper compares three types of early warning indicators of financial instability – those based on financial market prices, those based on normalized measures of total credit and those based on liabilities of financial intermediaries. Prices perform well as concurrent indicators of market...
Persistent link: https://www.econbiz.de/10013061186
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Global Liquidity through the Lens of Monetary Aggregates
Chung, Kyuil; Lee, Jong-Eun; Loukoianova, Elena; Park, Hail - International Monetary Fund (IMF) - 2014
This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the...
Persistent link: https://www.econbiz.de/10011142187
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Bank Capital and Dividend Externalities
Acharya, Viral V; Le, Hanh; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2014
In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks. This way, one bank's dividend payout policy...
Persistent link: https://www.econbiz.de/10011084101
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Bank Capital and Dividend Externalities
Acharya, Viral V; Le, Hanh; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2013
While losses were accumulating during the 2007-09 financial crisis, many banks continued to maintain a relatively smooth dividend policy. We present a model that explains this behavior in a setting where there are financial externalities across banks. In particular, by paying out dividends, a...
Persistent link: https://www.econbiz.de/10011084390
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Exploring the Dynamics of Global Liquidity
Chen, Sally - 2012
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two … sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial … between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm …
Persistent link: https://www.econbiz.de/10013098562
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Liquidity and leverage
Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2008
). Aggregate liquidity can be seen as the rate of change of the aggregate balance sheet of the financial intermediaries …. -- Financial market liquidity ; financial cycles ; financial intermediary leverage …
Persistent link: https://www.econbiz.de/10003781549
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Systemic risk and liquidity in payment systems
Afonso, Gara (contributor); Shin, Hyun Song (contributor) - 2008
We study liquidity and systemic risk in high-value payment systems. Flows in high-value systems are characterized by … comparative statics analyses on changes to the environment. We find that banks attempting to conserve liquidity cause an increase …
Persistent link: https://www.econbiz.de/10003781793
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Currency Depreciation and Emerging Market Corporate Distress
Bruno, Valentina - 2019
How do emerging market corporates fare during periods of currency depreciation? We find that non-financial firms that exploit favorable global financing conditions to issue US dollar bonds and build cash balances are also those whose share price is most vulnerable to local currency depreciation....
Persistent link: https://www.econbiz.de/10012896706
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Currency Depreciation and Emerging Market Corporate Distress
Bruno, Valentina - 2017
How do emerging market corporates fare during periods of currency depreciation? We find that non-financial firms that exploit favourable global financing conditions to issue US dollar bonds and build cash balances are also those whose share price is most vulnerable to local currency...
Persistent link: https://www.econbiz.de/10012967053