I was invited here to explain about Dollarization, the benefits and costs for the US and thecountries that adopt it. Before I start my formal presentation, I would like to state, in nouncertain terms, that I am a firm supporter of such system for many Emerging Market economies,EM, especially if...

Los bancos españoles tuvieron que realizar provisiones estadísticas contracíclicas en el período 2000-2004. Los bancos tenían que comunicar los importes de dichas provisiones al mercado. Esto crea un experimento natural que permite testar si los bancos suavizan el resultado para despistar a...

Since the start of the financial crisis, various forms of securitization have been criticized for causing the problems experienced. The amount of Asset Backed Commercial Paper outstanding fell drastically in the middle of 2007 drawing our attention to this market. Our study focuses on the use of...

The availability of a unique data set of financially distressed firms enabled this study to apply the dynamic capital structure adjustment model to a study of capital structure. In addition, the factors driving capital structure adjustment of financially distressed and of healthy firms were...

Emergence of crisis in financial markets, especially banks, have forced a change in approach to riskmanagement. It has become necessary to develop new or refine existing models of early bankruptcythreat warning, as well as establishing the potential impact of bank failures. One of the tools,...

This paper builds a general test of contagion in financial markets based on bivariate correlation analysis – a test that can be interpreted as an extension of the normal correlation theorem. Contagion is defined as a structural break in the data generating process of rates of return. Using a...

The paper measures the U.S. Farm Credit System’s technical efficiency from 2000 to 2009 using a stochastic frontier production function model with quarterly unbalanced panel data. The paper's results suggest that the FCS has not efficiently utilized their inputs. On an average, the system...

Kutatásunk eredményeként megállapítottuk, hogy a mezőgazdasági finanszírozás fontosabb csatornái a közvetlen banki finanszírozás és a közvetett banki finanszírozás. Ez utóbbinál a bank nem közvetlenül a termelőt, hanem egy köztes szervezetet, leggyakoribb esetben...

The role played by monetary policy in creating the conditions that culminated in the current crisis and the failure of the Fed’s efforts to end the credit freeze in 2008 are critical components of the analysis needed as a backdrop for reform. This paper argues that the link between excess...

We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown and perhaps another global Great Depression. One necessary precondition for the crisis was the perverse, bonus-driven...