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LIBOR : origins, economics, crisis, scandal, and reform
Hou, David; Skeie, David - 2014
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/10010393220
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US Bank Credit Spreads During the Financial Crisis
Spencer, Peter - 2017
This paper argues that first passage time models are likely to better than affine hazard rate models in modelling stressed credit markets and confirms their superior performance in explaining the behavior of Credit Default Swap rates for the major US banking groups over the period of the...
Persistent link: https://www.econbiz.de/10012954808
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Advancements in stress-testing methodologies for financial stability applications
Budnik, Katarzyna; Marques, Aurea Ponte; Ben Hadj, … - 2024
This paper provides an overview of stress-testing methodologies in Europe, with a focus on the advancements made by the European Central Bank's Financial Stability Committee Working Group on Stress Testing (WGST). Over a four-year period, the WGST played a pivotal role in refining stress-testing...
Persistent link: https://www.econbiz.de/10014530302
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Consumer Financial Protection in the COVID-19 Crisis : An Emergency Agenda
Cordray, Richard - 2020
The coronavirus pandemic is creating overwhelming needs, in three waves. First is the health crisis; second is the macroeconomic crisis created by the abrupt halt in much business activity; and now third is a consumer crisis, as households are faced with total or partial job loss, sharp income...
Persistent link: https://www.econbiz.de/10012837811
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Taming Financial Development to Reduce Crises
Ben Naceur, Sami - 2019
This paper assesses whether and how financial development triggers the occurrence of banking crises. It builds on a database that includes financial development as well as financial access, depth and efficiency for almost 100 countries. Through estimation of a dynamic logit panel model, it...
Persistent link: https://www.econbiz.de/10012868462
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This Time Is Different, but It Will End the Same Way : Unrecognized Secular Changes in the Bond Market since the 2008 Crisis That May Precipitate the Next Crisis
Zwirn, Daniel - 2019
The US bond market had over $42.39 trillion of outstanding debt at the end of the third quarter of 2018, eclipsing the US stock market's approximately $30 trillion in market capitalization. The sheer size of the bond market provides ample opportunities, as well as risks, for institutional...
Persistent link: https://www.econbiz.de/10012871509
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The resilience of private authority in times of crisis
Delimatsis, Panagiotis - 2021
From European integration to domestic politics to the development of the global economy, technocracy and private ordering have shaped economic behaviour. Such transformative private-driven forces of economic activity flourished through the promulgation of voluntary standards. In view of the...
Persistent link: https://www.econbiz.de/10012794045
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Survival of the Biggest : Large Banks and Crises since 1870
Baron, Matthew; Schularick, Moritz; Zimmermann, Kaspar - 2022
This paper studies a newly compiled data set of annual balance sheets of more than 11,000 commercial banks across 17 advanced economies since 1870. The new data expose the central role of large banks for credit cycles and financial instability throughout modern financial history and the...
Persistent link: https://www.econbiz.de/10013492660
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Money manager capitalism and the global financial crisis
Wray, L. Randall - 2009
transformation of the economy. Today’s crisis is rooted in what he called “money manager capitalism,” the current stage of capitalism … spread around the world. Those playing along are rewarded with high returns because highly leveraged funding drives up prices … rises. Perhaps this will prove to be the end of this stage of capitalism–the money manager phase. Of course, it is too early …
Persistent link: https://www.econbiz.de/10003943049
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Next Global Crisis : Greatest Recession in the History of Capitalism is at the Doorstep
Vuletic, Dominik - 2015
crisis is the growth of debt in the West. Primary progenitor of debt problem is the world's largest debtor nation, United … status of the dollar as world reserve currency despite absence of its backing in gold. Debt explosion caused alienation of …
Persistent link: https://www.econbiz.de/10013015051