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Risks, Rules, and Institutions : A Process for Reforming Financial Regulation
Omarova, Saule T. - 2009
international policymakers. Proposals for such reform are proliferating, and the official sector appears committed to adopting at … least some meaningful reforms in the near-term. Broadly speaking, this movement toward regulatory reform has emphasized the … reform. It argues that the process of reforming financial regulation should begin with a comprehensive, granular study of …
Persistent link: https://www.econbiz.de/10013158883
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Regulating the financial cycle : an integrated approach with a leverage ratio
Schoenmaker, Dirk; Wierts, Peter - 2015
We propose a regulatory approach for restricting debt financing as an amplification mechanism across the financial system. A small stylised model illustrates the trade-off between static and time varying limits on leverage in dampening the financial cycle. The policy section proposes its...
Persistent link: https://www.econbiz.de/10010532609
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Financial crisis resolution
Schroth, Josef - 2012
This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the economy experiences a financial crisis. A pecuniary externality entails that banks' desire to accumulate capital over time...
Persistent link: https://www.econbiz.de/10009691196
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Would a Financial Transaction Tax Affect Financial Market Activity? Insights from Future Markets
Wang, George H. K. - 2013
In the wake of the recent financial crisis, several commentators have suggested a transaction tax on financial markets. The potential consequences of such a tax could be hazardous to the financial markets affected as well as to the economy. In this paper, we review the relevant theoretical and...
Persistent link: https://www.econbiz.de/10013085891
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How Useful Are Aggregate Measures of Systemic Risk?
Mamaysky, Harry - 2019
Loosely speaking, "systemic risk" refers to a financial system shock that is large enough to have severe negative consequences for the real economy. Following the financial crisis of 2008-2009, a large literature has emerged that attempts to quantify and measure systemic risk. In this paper we...
Persistent link: https://www.econbiz.de/10012904624
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Effective Macroprudential Policy : Cross-Sector Substitution from Price and Quantity Measures
Cizel, Janko - 2016
Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit,...
Persistent link: https://www.econbiz.de/10012977746
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Effective Macroprudential Policy : Cross-Sector Substitution from Price and Quantity Measures
Cizel, Janko - 2016
Macroprudential policy is increasingly being implemented worldwide. Key questions are its effectiveness in influencing bank credit and substitution effects beyond banking. Our results confirm the expected effects of macroprudential policies on bank credit, both for advanced economies and...
Persistent link: https://www.econbiz.de/10012993480
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Investors' Climate Sentiment and Financial Markets
Santi, Caterina - 2021
We propose a measure of investors' climate sentiment by performing sentiment analysis on StockTwits posts on climate change and global warming. We find that when investors' climate sentiment is high, emission stocks are relatively overpriced. Moreover, we show that an increase in carbon prices...
Persistent link: https://www.econbiz.de/10013242744
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Developing local currency bond markets in Asia
Park, Cyn-Young - 2016
Local currency bond markets in emerging Asian economies have expanded dramatically since governments took steps to end the currency and maturity mismatches that savaged borrowers in the region's financial crisis nearly 20 years ago. Encouraged in part by regional cooperation programs such as the...
Persistent link: https://www.econbiz.de/10011579577
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Does financial development cause sustainable development? : A PVAR approach
Dutta, Kumar Debasis; Saha, Mallika - In: Economic change & restructuring 56 (2023) 2, pp. 879-917
Persistent link: https://www.econbiz.de/10014252325