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Systemic Risk and the Refinancing Ratchet Effect
Khandani, Amir E.; Lo, Andrew W.; Merton, Robert C. - Harvard Business School, Harvard University - 2009
near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually …
Persistent link: https://www.econbiz.de/10005049582
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Bailout uncertainty in a microfounded general equilibrium model of the financial system
Cukierman, Alex; Izhakian, Yehuda - In: Journal of Banking & Finance 52 (2015) C, pp. 160-179
between risk and uncertainty is implemented by applying the multiple priors framework to beliefs about the probability of …
Persistent link: https://www.econbiz.de/10011209863
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THE FINANCIAL CRISIS, A PROBLEM OF ECONOMIC ETHICS AND OF MORALITY?
Pop, Napoleon - In: Studii Financiare (Financial Studies) 16 (2012) 2, pp. 118-128
Many experts interested in explaining and understanding the deepness of latest financial crisis, far away yet to be solved, have gone beyond the appearances capture only by the economic science. It is more than sure that bubble on US prime rate real estate market was a only the detonator of much...
Persistent link: https://www.econbiz.de/10010553244
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex; Izhakian, Yehuda - C.E.P.R. Discussion Papers - 2011
between risk and uncertainty is implemented by applying the Gilboa-Schmeidler maxmin with multiple priors framework to lenders …
Persistent link: https://www.econbiz.de/10009144737
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Rescue costs and financial risk
Estrada, Fernando - Volkswirtschaftliche Fakultät, … - 2014
First externalities risk due to the size of the companies or the principle that large companies are also at risk of … for savers and investors are taken. If we accept-so conservatively that the risk exposure of a company is limited by its … risk foreseeable losses with positive externalities, then, what can happen with negative derivatives risk capital …
Persistent link: https://www.econbiz.de/10011110979
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Instabile Finanzmärkte
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2009
Die Vorstellung selbst-stabilisierender, zum Gleichgewicht tendierender Finanzmärkte, lange Zeit als Selbstverständlichkeit angesehen, ist durch die aktuelle Banken- und Kreditkrise in Frage gestellt. Trotz ausgefeilten Risikomanagements der Banken und einer an Basel II orientierten Aufsicht...
Persistent link: https://www.econbiz.de/10010986485
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Counter Cyclical Financial Regulation: Potential for Engendering Greater Stability in the Financial System
Dutt, Devika - Ekonomik Yaklasim Association - 2013
Financial Crises can be shown to be related to the pro-cyclical nature of finance. In fact, the bigger financial crises are almost always preceded by a credit market or an asset market boom. And the recurrence of crises time and again suggests that financial regulation as it exists today has...
Persistent link: https://www.econbiz.de/10010850426
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Excessive Credit Growth and Countercyclical Capital Buffers in Basel III: An Empirical Evidence from Central and East European Countries
Gersl, Adam; Seidler, Jakub - In: ACTA VSFS 6 (2012) 2, pp. 91-107
Excessive credit growth is often considered to be an indicator of future problems in the financial sector. This paper examines the issue of how best to determine whether the observed level of private sector credit is excessive in the context of the “countercyclical capital buffer”, a...
Persistent link: https://www.econbiz.de/10010860158
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LIBOR: origins, economics, crisis, scandal and reform
Skeie, David Hou David - Palgrave Macmillan
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable rate mortgage and student loans....
Persistent link: https://www.econbiz.de/10010861107
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Dealing with Financial Crises: How Much Help from Research?
Pagano, Marco - Centro Studi di Economia e Finanza (CSEF) - 2014
Has economic research been helpful in dealing with the financial crises of the early 2000s? On the whole, the answer is negative, although there are bright spots. Economists have largely failed to predict both crises, largely because most of them were not analytically equipped to understand...
Persistent link: https://www.econbiz.de/10010885020