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Housing, financial and capital taxation policies to ensure robust growth in Sweden

McGowan, Muge Adalet - 2013

large, concentrated banking system. Better aligning the taxation of different types of assets would make taxation more …

Persistent link: https://www.econbiz.de/10009711216

Macroprudential policy tools in Norway : strengthening financial system resilience

Jin, Yosuke; Lenain, Patrick; O'Brien, Paul Sherlock - 2014

banking system’s resilience to possible shocks and dampen systemic risk. This chapter notes that although authorities seem to …

Persistent link: https://www.econbiz.de/10010375393

Debt holder monitoring and implicit guarantees : did the BRRD improve market discipline?

Cutura, Jannic Alexander - 2020

This paper argues that the European Unions Banking Recovery and Resolution Directive (BRRD) improved market discipline …

Persistent link: https://www.econbiz.de/10012291204

Assessing the costs and benefits of capital-based macroprudential policy

Behn, Markus; Groß, Marco; Peltonen, Tuomo - 2016

both via their impact on the banking system's resilience and via indirect macro-financial feedback effects. The feedback …

Persistent link: https://www.econbiz.de/10011975043

Arbitraging the Basel securitization framework : evidence from German ABS investment

Efing, Matthias - 2016

This paper provides evidence for regulatory arbitrage within the class of asset-backed securities (ABS) based on individual asset holding data of German banks. I find that banks operating with tight regulatory constraints exploit the low risk-sensitivity of rating-contingent capital requirements...

Persistent link: https://www.econbiz.de/10011975264

Macroprudential policy with liquidity panics

Garcia-Macia, Daniel; Villacorta, Alonso - 2016

We analyze the optimality of macroprudential policies in an environment where the role of the banking sector is to … efficiently allocate liquid assets across firms. Informational frictions in the banking sector can lead to an interbank market … freeze. Firms react to the breakdown of the banking system by inefficiently accumulating liquid assets by themselves. This …

Persistent link: https://www.econbiz.de/10011975272

A dynamic theory of mutual fund runs and liquidity management

Zeng, Yao - 2017

I model an open-end mutual fund investing in illiquid assets and show that the fund's endogenous cash management can generate shareholder runs even with a flexible NAV. The fund optimally re-builds its cash buffers at time t + 1 after outflows at t to prevent future forced sales of illiquid...

Persistent link: https://www.econbiz.de/10011976823

Use of unit root methods in early warning of financial crises

Virtanen, Timo; Tölö, Eero; Virén, Matti E. E.; … - 2017

In several recent studies unit root methods have been used in detection of financial bubbles in asset prices. The basic idea is that fundamental changes in the autocorrelation structure of relevant time series imply the presence of a rational price bubble. We provide cross-country evidence for...

Persistent link: https://www.econbiz.de/10011976947

Asset encumbrance, bank funding and fragility

Ahnert, Toni; Anand, Kartik; Gai, Prasanna; Chapman, James - 2017

We propose a model of asset encumbrance by banks subject to rollover risk and study the consequences for fragility, funding costs, and prudential regulation. A bank's choice of encumbrance trades off the benefit of expanding profitable investment funded by cheap long-term secured debt against...

Persistent link: https://www.econbiz.de/10011978300

A macro approach to international bank resolution

Schoenmaker, Dirk - 2017

In the aftermath of the Great Financial Crisis, regulators have rushed to strengthen banking supervision and implement … on taxpayer-funded bailouts, the effects on the wider banking system have not been properly considered. This paper … proposes a macro approach to resolution, which should consider (i) the contagion effects of bail-in, and (ii) the continuing …

Persistent link: https://www.econbiz.de/10011978339