The Taiwan Stock Exchange Corporation (TSEC) started to disclose information on the best five bid/ask prices and volumes ever since January 2, 2003. With such disclosure, investors can now judge the market conditions according to the limit order book information and then decide their order...

The financial services sectors of Romania and Estonia moved towards privatization in sharply contrasting manners. For a long time Romania's enthusiasm for its 1998 promise to the IMF to privatize its leading banks was only a commitment on paper; few steps were made towards its fulfillment. By...

This paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis. First, it highlights the key role that sovereign debt exposures of banks have played in the feedback loop between bank and fiscal distress, and inquires how the regulation of...

This study examines the effects of national culture and institutional characteristics on the rating migration dynamics of countries rated by Standard & Poor’s (S&P) during the period January 1985 - October 2011. The study finds that national culture and institutional charac-teristics have...

By using data from thirteen publicly traded commercial and deposit banks this paper estimates the determinants of market risk for bank equities in the case of an emerging market setting, Turkey. The analysis reveals that maturity composition of a bank’s loans, the share of trading income in a...

Durch die globale Finanz- und Wirtschaftskrise geraten Europas Banken immer mehr unter Druck. So hat die desolate Verfassung der Staatsfinanzen der südeuropäischen Länder nach Ansicht von Stephan Paul und Christian Farruggio, Ruhr-Universität Bochum, die Krise in den Bankensektor...

La banca y las finanzas son inherentemente procíclicas, una condición exacerbada por la combinación de Basilea II y la contabilidad a valor de mercado (mark-to-market accounting), por lo que se requiere crear políticas macroprudenciales anticíclicas. Esta fragilidad se vio intensificada por...

Durante la última década el Perú ha experimentado un exitoso proceso de desdolarización financiera impulsado por factores de mercado. El nivel de dolarización de los créditos y depósitos en el sistema bancario - en todos los sectores y plazos - se ha reducido, observándose una mayor...

We model a banker's future bonuses as a series of call options on the bank's profits and show that bonus caps and deferrals reduce risk-taking. However, the banker's optimal risk-taking also depends on the costs of risk-taking. We calibrate the model to US banking data and show that lengthening...

We model banks’ loan losses with a panel of European countries for the period 1982–2012 using three country-specific macro variables: output growth shocks, real interest rates, and a measure of excessive private sector indebtedness. We find that a drop in output has an intensified impact on...