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Asymmetric Effects Of The Financial Crisis
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Book Synopsis Asymmetric Effects of the Financial Crisis by : Mr.Vadim Khramov
Download or read book Asymmetric Effects of the Financial Crisis written by Mr.Vadim Khramov and published by International Monetary Fund. This book was released on 2012-04-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that the share of physical capital in assets has a strong influence on investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior.
Book Synopsis Business Cycles, Economic Crises, and the Poor by : Pierre-Richard Agénor
Download or read book Business Cycles, Economic Crises, and the Poor written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Asymmetric Effects of Financial Frictions by : The Asymmetric Effects of Financial Frictions
Download or read book The Asymmetric Effects of Financial Frictions written by The Asymmetric Effects of Financial Frictions and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic variables are known to move asymmetrically over the business cycle: quickly and sharply during crises, but slowly and gradually during recoveries. Not known is the fact that this asymmetry is stronger in countries with less-developed financial systems. This new fact is documented using cross-country data on loan interest rates, investment, and output. The fact is then explained using a learning model with endogenous flows of information about economic conditions. Asymmetry is shown to be stronger in less-developed countries because these countries have greater financial frictions, which are captured in the model by higher monitoring and bankruptcy costs. These greater frictions magnify the crisis reactions of lending rates and economic activity to shocks and then delay their recovery by restricting the generation of information after the crisis. Empirical evidence and a quantitative exploration of the model show that this explanation is consistent with the data.
Book Synopsis Business Cycles, Economic Crises, and the Poor by : Pierre-Richard Agenor
Download or read book Business Cycles, Economic Crises, and the Poor written by Pierre-Richard Agenor and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analysis of data for Brazil suggests that poverty responds asymmetrically to output shocks, showing less tendency to fall in response to a positive shock when the economy is initially in a downturn.Agenor examines whether output contractions associated with cyclical output fluctuations and economic crises have an asymmetric effect on poverty. He identifies four potential sources of asymmetry: expectations and confidence factors, credit rationing at the firm level (induced by either adverse selection problems or negative shocks to net worth), borrowing constraints at the household level, and the quot;labor hoardingquot; hypothesis. He also identifies some testable implications of these alternative explanations.The author then proposes a vector autoregression technique (involving the detrended components of real output, the unemployment rate, real wages, and the poverty rate) to test whether the initial cyclical position of the economy, and the size of the initial drop in the output gap in a downturn, matter in assessing the extent to which output shocks affect poverty. He applies the technique to Brazil, using annual data for 1981-99. The results indicate that poverty responds asymmetrically to output shocks, showing less sensitivity when the economy is initially in a downturn.This paper - a product of the Economic Policy and Poverty Reduction Division, World Bank Institute - is part of a larger effort in the institute to analyze the impact of macroeconomic adjustment on poverty. The author may be contacted at [email protected].
Book Synopsis The Asymmetric Effects of Financial Frictions by : Guillermo Ordoñez
Download or read book The Asymmetric Effects of Financial Frictions written by Guillermo Ordoñez and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Economic News by : Rens Vliegenthart
Download or read book Economic News written by Rens Vliegenthart and published by Cambridge University Press. This book was released on 2021-06-17 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element provides a concise review of the existing literature on content, antecedents and consequences of economic news coverage. It tests and refines prominent assumptions and hypotheses in this area. Relying on communication science theories such as framing, news values and media dependency theories, we first outline and explain how media cover the economy. Additionally, it demonstrates that coverage has a fundamental impact above and beyond the state of the economy, both on economic perceptions and political attitudes of citizens, as well as on political decision makers and media reputation of a wide variety of organizations.
Book Synopsis Larger Crises, Slower Recoveries by : Guillermo L. Ordoñez
Download or read book Larger Crises, Slower Recoveries written by Guillermo L. Ordoñez and published by . This book was released on 2009 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Markets and Financial Crises by : R. Glenn Hubbard
Download or read book Financial Markets and Financial Crises written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 1991-08-13 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Book Synopsis The Asymmetric Effect of Quantitative Easing on Large and Small Firms by : Marc Bartkowiak
Download or read book The Asymmetric Effect of Quantitative Easing on Large and Small Firms written by Marc Bartkowiak and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper looks at quantitative easing the Eurozone and the United States following the financial crisis of 2008. Particularly it investigates whether there were asymmetric effects with regards to firm size. The paper uses financial market data, including several MSCI indices and factors from the Kenneth R. French Library. Furthermore dates were researched, in order to identify the announcement dates of quantitative easing, in the case of the European Central Bank (as those for the Federal Reserve already exist in the academic literature). The panel data was then regressed using heteroscedastic consistent standard errors. In addition to this, a news-based variable was constructed in order to place event dates in the context of the media coverage at the time and hence be able to gauge the level of expectation of the announcement dates. The results indicate an asymmetric effect such that, on average, in the United States the equity prices of small firms performed superiorly than those of small firms on announcement days of quantitative easing. In the case of the Eurozone no significant statistical difference was observed. The results are largely consistent with the empirical evidence and the academic literature, that smaller firms are more financially constrained and therefore benefit more from monetary expansion and also support the portfolio rebalancing channel of monetary policy. At an event-level analysis, the results clearly indicate that the indices of small and large caps can react differently to announcements. This reaction is based on the type of programme announced as well as the nature of the announcement (whether it is an announcement to commence, reduce or increase the size of a programme). "Sell" announcements show to have relatively consistent results, whilst "buy" announcements vary significantly with regards to their impact.
Book Synopsis Corporate Finance Under Asymmetric Information by : Ejike Ezejiofor
Download or read book Corporate Finance Under Asymmetric Information written by Ejike Ezejiofor and published by GRIN Verlag. This book was released on 2014-11-18 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2014 in the subject Economics - Finance, , course: MBA and Engineering, language: English, abstract: The specter of decreased economic activities, financial crisis, unbecoming ethical standards have in the recent past and fore going, characterized asymmetric information on corporate finance. The consequences normally have a ricochet effect and can be generally catastrophic to normal economic activities to mention the least. This paper considers scenario’s where information asymmetry was prevalent or may have had its effects play out. The typical investor mindset and the opportunity cost associated with the preferred capital structure of the capitalizing process were mentioned. A basis for proper appreciation of the concept – Corporate finance under asymmetric information was initiated here, with a detailed explanation of corporate finance and its components, this was succeeded by a summary of scenarios were asymmetric information were prevalent and an intelligent look was also taken at asymmetric information between insiders and investors and the concomitant lemon problem, where the effects were carefully highlighted in a progression to the level of severity - Market breakdown and costly signaling. The fact that asymmetric information has been widely recognized as bad and generally viewed in a negative light must warrant it being viewed with a high level of seriousness. It is widely known that while lot of effort have been put into stemming the tides of the consequences of asymmetric information, a lot of effort too, have been dedicated to innovation and risk assessment, to capture the interest of investors, who have been affected by the consequences of asymmetric information. These may have formed a veritable platform for a recent paper by Pierre Barbaroux (2014), that elucidated the rise of innovation and innovative entrepreneurs based on the management of asymmetric information. An attempt has in any case, been made here to suggest efforts at marginalizing the negative impacts of asymmetric information and also remedies at reducing the far reaching impacts on the lenders and the aggregate economic activity in general.
Book Synopsis Could Asymmetric Information Alone Have Caused the Collapse of Private-Label Securitization? by : Daniel O. Beltran
Download or read book Could Asymmetric Information Alone Have Caused the Collapse of Private-Label Securitization? written by Daniel O. Beltran and published by DIANE Publishing. This book was released on 2010 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key feature of the 2007-2008 financial crisis is that for some classes of securities trade has ceased. And where trade does occur, it appears that market prices are well below what one might believe to be the intrinsic value for that class of security. This seems to be especially true for those securities where the payoff streams are particularly complex (for ex., CDOs). One explanation for this is that info. about these securities intrinsic values is asymmetric, with the current holders having better info. than potential buyers. The resulting adverse selection problem can help explain why more complex securities trade at significant discounts to their intrinsic values or do not trade at all. Charts and tables. This is a print on demand report.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis The Redistributive Effects of Financial Deregulation by : Mr.Anton Korinek
Download or read book The Redistributive Effects of Financial Deregulation written by Mr.Anton Korinek and published by International Monetary Fund. This book was released on 2013-12-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
Book Synopsis Asymmetric Impact of Financial Crisis on Stock Exchange of Malaysia and Pakistan by : Rabia Najaf
Download or read book Asymmetric Impact of Financial Crisis on Stock Exchange of Malaysia and Pakistan written by Rabia Najaf and published by . This book was released on 2017 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: First time global financial crisis were started from US and then it were spread in all over the world. This crisis were largest crisis of the world after the 1930s. The basic aim of this paper is to analysis the financial crisis impact on stock market performance of Pakistan and Malaysia. For this purpose, collected the data from 2003 to 2010 and applied EGARCH model. This research is showing that negative shocks have more pronounced impact on performance of both countries. This is more impact on Malaysia stock market .our suggested that Government should have focused on such types of issues that in the scenario how can control economy.
Book Synopsis Asymmetric Information and Financial Crises by : Frederic S. Mishkin
Download or read book Asymmetric Information and Financial Crises written by Frederic S. Mishkin and published by . This book was released on 1990 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
