Anatomy Of Credit Less Recoveries

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Anatomy of Credit-Less Recoveries

Author : Luisa Corrado
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Anatomy of Credit-Less Recoveries by : Luisa Corrado

Download or read book Anatomy of Credit-Less Recoveries written by Luisa Corrado and published by . This book was released on 2018 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recovery from the global crisis that erupted in 2007 shows that the decoupling between real and financial variables during the business cycle can lead to negative and long-lasting consequences for the economy. A key feature of the past global crisis in many countries is that the recovery in aggregate output has not been accompanied by a contemporary pick-up in lending flows to the private sector, rendering the recovery credit-less. This paper uses data on output and credit to study the relative roles of demand and supply drivers of credit growth during economic recoveries on a sample of advanced and emerging countries between 1980 and 2014. Using a simple endowment economy model, the paper shows that credit-less recoveries are correlated with liquidity shocks in real and financial markets and with the pace of private sector deleveraging. The empirical analysis shows that during these episodes demand-side frictions played a relatively larger role in predicting the occurrence of the episodes, reflecting weak demand for liquidity by the private sector in the aftermath of the crisis.

Financial Crises Explanations, Types, and Implications

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

How Do Business and Financial Cycles Interact?

Author : Mr. Marco Terrones
Publisher : International Monetary Fund
ISBN 13 : 1455233137
Total Pages : 57 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis How Do Business and Financial Cycles Interact? by : Mr. Marco Terrones

Download or read book How Do Business and Financial Cycles Interact? written by Mr. Marco Terrones and published by International Monetary Fund. This book was released on 2011-04-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest that there are strong linkages between different phases of business and financial cycles. In particular, recessions associated with financial disruption episodes, notably house price busts, tend to be longer and deeper than other recessions. Conversely, recoveries associated with rapid growth in credit and house prices tend to be stronger. These findings emphasize the importance of developments in credit and housing markets for the real economy.

What Happens During Recessions, Crunches and Busts?

Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1451871325
Total Pages : 77 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis What Happens During Recessions, Crunches and Busts? by : Mr.Ayhan Kose

Download or read book What Happens During Recessions, Crunches and Busts? written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42

Credit Growth and Economic Recovery in Europe After the Global Financial Crisis

Author : Sergei Antoshin
Publisher : International Monetary Fund
ISBN 13 : 1484329619
Total Pages : 54 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Credit Growth and Economic Recovery in Europe After the Global Financial Crisis by : Sergei Antoshin

Download or read book Credit Growth and Economic Recovery in Europe After the Global Financial Crisis written by Sergei Antoshin and published by International Monetary Fund. This book was released on 2017-11-17 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the empirical relationships between credit growth, economic recovery, and bank profitability in Europe after the global financial crisis (GFC). We find that the post-GFC recoveries in Europe have been weaker than previous recoveries, with the “double-dip” recessions in 2011–12 in many countries and the worldwide reach of the GFC explaining the underperformance. Bank lending has been subdued as well, but this appears to have only held back the recovery relatively moderately. A 10 percent increase in bank credit to the private sector is associated with a rise of 0.6–1 percent in real GDP and 2–21⁄2 percent in real private investment. These relationships have not changed significantly during and after the GFC. Loan quality, customer deposits, bank equity price index, and bank capital appear to be closely linked to bank lending. As expected, bank profitability is positively and significantly influenced by credit growth, but this relationship has weakened after the GFC.

Recent Credit Stagnation in the Mena Region

Author : Mr.Heiko Hesse
Publisher : International Monetary Fund
ISBN 13 : 1455208841
Total Pages : 21 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Recent Credit Stagnation in the Mena Region by : Mr.Heiko Hesse

Download or read book Recent Credit Stagnation in the Mena Region written by Mr.Heiko Hesse and published by International Monetary Fund. This book was released on 2010-09-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the recent credit slowdown among Middle Eastern and North African (MENA) countries from three analytical angles. First, it finds that, similar to other regions and to its past history, a credit boom preceded the current slowdown, and that a protracted period of sluggish growth is likely going forward. Second, it uncovers a key role played by bank funding (deposit growth and external borrowing slowed considerably) but whose effect was frequently dampened by expansionary monetary policy. Third, bank-level fundamentals - capitalization and loan quality - helped to explain differences in credit growth across banks and countries.

Recovery Risk

Author : Edward I. Altman
Publisher : Bloomberg Press
ISBN 13 : 9781904339502
Total Pages : 364 pages
Book Rating : 4.3/5 (395 download)

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Book Synopsis Recovery Risk by : Edward I. Altman

Download or read book Recovery Risk written by Edward I. Altman and published by Bloomberg Press. This book was released on 2005-01-01 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this ground-breaking new title, Risk Books brings together three prominent editors to provide a timely reference text on loss given default (LGD) measurement and management and the requirements of the Basel II Capital Accord.

Resolving Nonperforming Loans in Sub-Saharan Africa in the Aftermath of the COVID-19 Crisis

Author : Luc Eyraud
Publisher : International Monetary Fund
ISBN 13 : 1513576518
Total Pages : 85 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Resolving Nonperforming Loans in Sub-Saharan Africa in the Aftermath of the COVID-19 Crisis by : Luc Eyraud

Download or read book Resolving Nonperforming Loans in Sub-Saharan Africa in the Aftermath of the COVID-19 Crisis written by Luc Eyraud and published by International Monetary Fund. This book was released on 2021-06-08 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sub-Saharan African countries are facing an unprecedented health and economic crisis that is likely to severely hurt credit quality and raise non-performing loans from already high levels. Banks have a critical role to play not only during the crisis by providing temporarily relief to businesses and households, but also during the recovery by supporting economic activity and facilitating the structural transformations engaged by the pandemic.

Financial Crises

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1484355261
Total Pages : 754 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Financial Crises by : Mr.Stijn Claessens

Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Wall Street and the Financial Crisis: pt. 1-4. Anatomy of a Financial Collapse, April 13, 2011. Report and Appendix ( 4 v.)

Author : United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations
Publisher :
ISBN 13 :
Total Pages : 1808 pages
Book Rating : 4.:/5 (53 download)

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Book Synopsis Wall Street and the Financial Crisis: pt. 1-4. Anatomy of a Financial Collapse, April 13, 2011. Report and Appendix ( 4 v.) by : United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations

Download or read book Wall Street and the Financial Crisis: pt. 1-4. Anatomy of a Financial Collapse, April 13, 2011. Report and Appendix ( 4 v.) written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations and published by . This book was released on 2010 with total page 1808 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Crises

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475543409
Total Pages : 670 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises by : Mr.Stijn Claessens

Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 670 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

How to Assess the Benefits of Nonperforming Loan Disposal in Sub-Saharan Africa Using a Simple Analytical Framework

Author : Irina Bunda
Publisher : International Monetary Fund
ISBN 13 : 1513583093
Total Pages : 23 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis How to Assess the Benefits of Nonperforming Loan Disposal in Sub-Saharan Africa Using a Simple Analytical Framework by : Irina Bunda

Download or read book How to Assess the Benefits of Nonperforming Loan Disposal in Sub-Saharan Africa Using a Simple Analytical Framework written by Irina Bunda and published by International Monetary Fund. This book was released on 2021-06-08 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The coronavirus (COVID-19) crisis, which has hit financial systems across Africa, is likely to deteriorate banks’ balance sheets. The largest threat to banks pertains to their loan portfolios, since many borrowers have faced a sharp collapse in their income, and therefore have difficulty repaying their obligations as they come due. This could lead to a sharp increase in nonperforming loans (NPLs) in the short to medium term.

Asset Recovery Handbook

Author : Jean-Pierre Brun
Publisher : World Bank Publications
ISBN 13 : 0821386352
Total Pages : 286 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Asset Recovery Handbook by : Jean-Pierre Brun

Download or read book Asset Recovery Handbook written by Jean-Pierre Brun and published by World Bank Publications. This book was released on 2011-01-18 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is designed as a 'how-to' manual that guides practitioners as they grapple with the strategic, organizational, investigative, and legal challenges of recovering assets that have been stolen by corrupt leaders and hidden abroad.

Baltic Cluster Report

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484378261
Total Pages : 91 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Baltic Cluster Report by : International Monetary Fund. European Dept.

Download or read book Baltic Cluster Report written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-05-08 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper focuses on the Baltic model, Baltic–Nordic links, and convergence. The Baltic countries form a distinct group within a tightly integrated Nordic–Baltic region. They are following similar approaches to economic policy, broadly in line with those of Northern European and the Anglo-Saxon countries. Their macroeconomic policies are generally robust. The paper examines the possible causes of the creditless recoveries in the Baltic countries. It characterizes their experience in comparison with other episodes of creditless recoveries in both advanced and emerging market economies, and also investigates demand and supply constraints to credit expansion in the Baltics.

Systematic Risk in Recovery Rates

Author : Klaus Duellmann
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Systematic Risk in Recovery Rates by : Klaus Duellmann

Download or read book Systematic Risk in Recovery Rates written by Klaus Duellmann and published by . This book was released on 2016 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an analytical and empirical analysis of a parsimonious model framework that accounts for a dependence of bond and bank loan recoveries on systematic risk. We extend the single risk factor model by assuming that the recovery rates also depend on this risk factor and follow a logit?normal distribution. The results are compared with those of two related models, suggested in Frye (2000) and Pykhtin (2003), which pose the assumption of a normal and a log-normal distribution of recovery rates. We provide estimators of the parameters of the asset value process and their standard errors in closed form. For the parameters of the recovery rate distribution we also provide closed-form solutions of a feasible maximum-likelihood estimator for the three models. The model parameters are estimated from default frequencies and recovery rates that were extracted from a bond and loan database of Standard&Poor's. We estimate the correlation between recovery rates and the systematic risk factor and determine the impact on economic capital. Furthermore, the impact of measuring recovery rates from market prices at default and from prices at emergence from default is analysed. As a robustness check for the empirical results of the maximum-likelihood estimation method we also employ a method-of-moments. Our empirical results indicate that systematic risk is a major factor influencing recovery rates. The calculation of a default?weighted recovery rate without further consideration of this factor may lead to downward-biased estimates of economic capital. Recovery rates measured from market prices at default are generally lower and more sensitive to changes of the systematic risk factor than are recovery rates determined at emergence from default. The choice between these two measurement methods has a stronger impact on the expected recovery rates and the economic capital than introducing a dependency of recovery rates on systematic risk in the single risk factor model.

Credit Risk

Author : Darrell Duffie
Publisher : Princeton University Press
ISBN 13 : 1400829178
Total Pages : 415 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Credit Risk by : Darrell Duffie

Download or read book Credit Risk written by Darrell Duffie and published by Princeton University Press. This book was released on 2012-01-12 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, two of America's leading economists provide the first integrated treatment of the conceptual, practical, and empirical foundations for credit risk pricing and risk measurement. Masterfully applying theory to practice, Darrell Duffie and Kenneth Singleton model credit risk for the purpose of measuring portfolio risk and pricing defaultable bonds, credit derivatives, and other securities exposed to credit risk. The methodological rigor, scope, and sophistication of their state-of-the-art account is unparalleled, and its singularly in-depth treatment of pricing and credit derivatives further illuminates a problem that has drawn much attention in an era when financial institutions the world over are revising their credit management strategies. Duffie and Singleton offer critical assessments of alternative approaches to credit-risk modeling, while highlighting the strengths and weaknesses of current practice. Their approach blends in-depth discussions of the conceptual foundations of modeling with extensive analyses of the empirical properties of such credit-related time series as default probabilities, recoveries, ratings transitions, and yield spreads. Both the "structura" and "reduced-form" approaches to pricing defaultable securities are presented, and their comparative fits to historical data are assessed. The authors also provide a comprehensive treatment of the pricing of credit derivatives, including credit swaps, collateralized debt obligations, credit guarantees, lines of credit, and spread options. Not least, they describe certain enhancements to current pricing and management practices that, they argue, will better position financial institutions for future changes in the financial markets. Credit Risk is an indispensable resource for risk managers, traders or regulators dealing with financial products with a significant credit risk component, as well as for academic researchers and students.

Fixed Income Analysis

Author : Barbara S. Petitt
Publisher : John Wiley & Sons
ISBN 13 : 1119646863
Total Pages : 943 pages
Book Rating : 4.1/5 (196 download)

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Book Synopsis Fixed Income Analysis by : Barbara S. Petitt

Download or read book Fixed Income Analysis written by Barbara S. Petitt and published by John Wiley & Sons. This book was released on 2019-10-17 with total page 943 pages. Available in PDF, EPUB and Kindle. Book excerpt: CFA Institute's essential guide to fixed-income portfolio management, revised and updated Now in its fourth edition, Fixed Income Analysis offers authoritative and up-to-date coverage of how successful investment professionals analyze and manage fixed-income portfolios. With contributions from a team of financial experts, the text is filled with detailed information from CFA Institute and contains a comprehensive review of the essential topics in the field. Fixed Income Analysis introduces the fundamental concepts of fixed-income securities and markets and provides in-depth coverage of fixed-income security valuation and portfolio management. The book contains a general framework for valuation that is designed to be accessible to both professionals and those new to the field. The fourth edition provides updated coverage of fixed-income portfolio management including detailed coverage of liability-driven and index-based strategies, the major types of yield curve strategies, and approaches to implementing active credit strategies. The authors include examples that help build the knowledge and skills needed to effectively manage fixed-income portfolios. Fixed Income Analysis gives a real-world understanding of how the concepts discussed are practically applied in client-based scenarios. Investment analysts, portfolio managers, individual and institutional investors and their advisors, and anyone with an interest in fixed-income markets will appreciate this accessible guide to fixed-income analysis.