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This paper compares four commonly used systemic risk metrics using data on U.S. financial institutions over the period 2005-2014. The four systemic risk measures examined are the (i) marginal expected shortfall, (ii) codependence risk, (iii) delta conditional value at risk, and (iv) lower tail...
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Especially structured finance instruments were blamed as main reason for the financial crisis 2007, but the understanding for the motivation to originate securitization products is less discovered. Therefor this paper tries to identify main balance sheet characteristics of structured finance...
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This study explores the effect of regulatory governance on financial stability using cross-sectional data from 55 countries. The findings show that regulatory governance and various subcomponents of regulatory governance are positively correlated with financial stability in the selected...
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This article provides an analysis of the four systems of financial system regulation currently in use internationally … indicates that the ‘Twin Peaks' system is the superior method of financial system regulation. However, this paper also concludes …, are as important to the success of financial system regulation, as evidenced by the failures of the UK financial …
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ubiquitous and call for financial regulation. This chapter studies how different jurisdictions cope with market failures in … significant divergences in financial regulation despite the similarity of market failures. The drivers of such divergences are the … regulation at the global level. We identify two main drivers of convergence: convergence with the aim to reduce transactions …
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