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Covid 19 Vs Gfc
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Book Synopsis The COVID-19 Impact on Corporate Leverage and Financial Fragility by : Sharjil M. Haque
Download or read book The COVID-19 Impact on Corporate Leverage and Financial Fragility written by Sharjil M. Haque and published by International Monetary Fund. This book was released on 2021-11-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
Book Synopsis COVID-19 and the Structural Crises of Our Time by : Lim Mah-Hui
Download or read book COVID-19 and the Structural Crises of Our Time written by Lim Mah-Hui and published by ISEAS-Yusof Ishak Institute. This book was released on 2021-11-22 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: “We live in paradoxical times. Traditionally, the West has led the world in theory and practice. Yet, recent developments, from COVID-19 to the storming of the US Capitol, show how lost the West has become. This loss of direction has deep roots. In their usual thoughtful and incisive fashion, Lim Mah-Hui and Michael Heng Siam-Heng, draw out the deeper origins of our current crises and show us a new way forward. A must-read for anyone who wants to understand our strange times." -- Kishore Mahbubani, founding Dean of the Lee Kuan Yew School of Public Policy, National University of Singapore, is the author of Has China Won? “A powerful and compelling critique of neoliberal globalization and its potentially devastating, but long underestimated, consequences for financial stability, the environment, social equity and democracy. COVID-19 has laid bare these dysfunctions and stresses. But this is not a pessimistic book. The authors argue, correctly, that we may be on the cusp of another Great Transformation. The choices we make today to make markets more resilient, improve social protection, and preserve our freedoms could lay the foundations for a sustainable globalization that works for future generations.” -- Donald Low, Professor of Practice in Public Policy and Director of the Institute for Emerging Market Studies, Hong Kong University of Science and Technology “This fascinating book highlights the interplay between financial and health crises that the COVID-19 pandemic exposed. Financialized capitalism is bad for the planet, bad for human health, and creates more unequal and insecure societies. The authors make a strong and convincing case for re-embedding markets into society and finance into the real economy.” --Jayati Ghosh, Professor of Economics, University of Massachusetts at Amherst, USA “Lim and Heng’s ambitious volume argues that 2020 was the year of the global ‘perfect storm’ of multiple crises, with the COVID-19 pandemic exacerbating financial, economic, socio-political and environmental breakdowns. They extend Karl Polanyi’s original insights to appeal for a sustainable global New Deal. While the reader may not agree with all their theses, the scope of their coverage and ambition will set the stage for debates over the annus horribilis.” -- Jomo K.S., Founder-chair, IDEAS www.network.ideas; former United Nations Assistant Secretary General "This book provides plenty of food for thought for many pondering if the COVID-19 crisis could lead to a major transformation of the global economic system shaped by unfettered market forces and policies of governments in their service."-- Yilmaz Akyuz, former Director, UNCTAD, Geneva
Book Synopsis After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage by : Mr. Philip Barrett
Download or read book After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage written by Mr. Philip Barrett and published by International Monetary Fund. This book was released on 2021-07-30 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has led to a severe global recession with differential impacts within and across countries. This paper examines the possible persistent effects (scarring) of the pandemic on the economy and the channels through which they may occur. History suggests that deep recessions often leave long-lived scars, particularly to productivity. Importantly, financial instabilities—typically associated with worse scarring—have been largely avoided in the current crisis so far. While medium-term output losses are anticipated to be lower than after the global financial crisis, they are still expected to be substantial. The degree of expected scarring varies across countries, depending on the structure of economies and the size of the policy response. Emerging market and developing economies are expected to suffer more scarring than advanced economies.
Book Synopsis Preparing For Pandemics: Lessons From The Global Financial Crisis And Covid-19 by : David Longworth
Download or read book Preparing For Pandemics: Lessons From The Global Financial Crisis And Covid-19 written by David Longworth and published by World Scientific. This book was released on 2022-06-08 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: In far too many cases, recommendations of forensic reports on previous pandemics were ignored. Substantial weaknesses in the preparation by public health authorities and governments increased the health and economic costs of the COVID-19 pandemic relative to what they would have been if pre-existing recommendations had been followed and a wider set of plans had been put into place. We discuss parallels between the lack of preparation of financial system regulators prior to the global financial crisis and the lack of preparation by public health authorities and governments prior to COVID-19. These parallels relate to: required stocks (of capital or equipment), data collection and sharing, lending facilities, stress testing and war games, early warning indicators and systems, contagion from abroad, operational risks, a system-wide approach (including effects on the real economy), models incorporating the heterogeneity of individuals, and effects on less-regulated parts of the system. The recent COVID-19 crisis has demonstrated that, apart from the direct economic consequences from illness and death from the virus, the main costs have been due to the varying degrees of preventative measures taken by the public, firms, and governments that directly impacted health, as well as social, economic, and financial activity. We make recommendations for carrying out post mortems on the COVID-19 experience, planning for future pandemics, and establishing transparent and accountable governance systems. We then propose the use of regular, combined health, economic, and financial stress tests and exercises/war games in preparing for future pandemics and other major environmental shocks.
Download or read book The Man Inside written by Marco Buti and published by EGEA spa. This book was released on 2021-10-07T00:00:00+02:00 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: “An insider of the European Commission since the late 1980s, Marco Buti is a unique guide through the two crises of the 21st century.” - Giuliano Amato, former Prime Minister of Italy “Marco Buti and I have not always agreed on issues of economic policy. But I cannot think of somebody more qualified to tell us about the travails of Europe since the Great Financial Crisis. He was there all along.” - Olivier Blanchard, Senior Fellow at Peterson Institute for International Economics “This collection of VoXEU contributions shows how history is made. Marco Buti, a man inside the vortex of the making of European monetary history, produced and published a steady stream of reflections, analysis and reform proposals on VoxEU." - Beatrice Weder Di Mauro, President of the Centre for Economic Policy Research “To go from point A to point B in Europe is rarely a straight line. Actually, trying to take a straight line is often the best way not to get to destination.” This is one of the lessons drawn by Marco Buti, one of the very few top policy makers who went through the fi nancial and the sovereign debt crises and, lately, the pandemic crisis, which plagued the European Union over the past twelve years. This book, which brings together his real time input to the economic and policy debate, traces the intellectual journey leading to the design and implementation under duress of diffi cult policies and controversial reforms. His contribution is the graphic demonstration of Jean Monnet’s dictum that Europe will be forged in crises and will be the outcome of the responses to those crises. The book explains the analytical and empirical foundations of European policy choices that involved a delicate balance between economic, institutional and political considerations. What emerges is a new compass that helps understand the policy strategy the EU has adopted to fi ght the economic fallout of the pandemic.
Book Synopsis COVID-19 Pandemic Versus Global Financial Crisis by : Samet Gunay
Download or read book COVID-19 Pandemic Versus Global Financial Crisis written by Samet Gunay and published by . This book was released on 2020 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has induced chaos and turbulence in financial markets. The ongoing discussions and expectations for the future are quite bleak. In this study, we analyze the current status of the deterioration in foreign exchange markets by comparing it with the turbulence seen in the Global Financial Crisis in 2008-2009. We employ various tests in this investigation: the Kapetanios m-break unit root test, downside variance, upside risk, volatility skewness, Gaussian VaR, historical VaR, and modified VaR. According to the results of the majority of methods, the turmoil in exchange markets is not as bad yet as the period of the Global Financial Crisis. However, the volatility skewness demonstrates a different picture that is parallel to the pessimism in the media. Additionally, it is seen that of six foreign exchange rates, only the Japanese yen demonstrates a higher risk during the COVID-19 pandemic than that observed in the Global Financial Crisis.
Book Synopsis Building Immunity: Crisis And Contagion In The City State by : Jun Jie Woo
Download or read book Building Immunity: Crisis And Contagion In The City State written by Jun Jie Woo and published by World Scientific. This book was released on 2022-01-27 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the financial contagion of the 2007 Global Financial Crisis (GFC) to viral contagion in the recent COVID-19 pandemic, Singapore has been severely impacted by ripples and shockwaves that have emanated from global financial and healthcare crises. At the same time, it has proven to be highly resilient amidst such instability. This book provides an in-depth account of Singapore's policy responses to the COVID-19 pandemic and GFC. It focuses on the policy capacity-building efforts that have taken place in the aftermath of earlier crises such as the 2003 Severe Acute Respiratory Syndrome (SARS) outbreak and the 1997 Asian Financial Crisis.Linked across time and space, these four crises — SARS, COVID-19, the AFC and GFC — reflect a consistent pattern in Singapore's approach to crisis management. This is a pattern that involves policy learning and capacity-building after each crisis, and the application of these lessons and capacities to subsequent crises. In focusing on the role of policy capacity in Singapore's crisis response measures, this book will provide policymakers and practitioners with a useful framework that can be used to plan for future crises and pandemics.
Book Synopsis COVID-19 Vs. GFC by : Socrates Kraido Majune
Download or read book COVID-19 Vs. GFC written by Socrates Kraido Majune and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study describes trade margins (intensive and extensive) and establishes determinants of the mid-point export and import growth during the global financial crisis (GFC) and COVID-19 pandemic by relying on Kenya's monthly customs transaction data (at 6-digit level of Harmonized System) for the period January 2006-June 2020. Exports fell during the two crises, of which the intensive margin was responsible for the drop during GFC while the extensive margin dominated the COVID-19 era. Imports are mainly driven by the extensive margin which grew during GFCbut declined during the pandemic. However, the fall in the intensive and extensive margins was near symmetrical during the pandemic. Estimates from the fixed-effects regression model reveal that the decrease in export and import mid-point growth was larger during the COVID-19 pandemic than GFC and it was determined by several factors: firm-, product- and partner-country characteristics. Overall, addressing both supply- and demand-side shocks can help countries adjust better to future crises.
Book Synopsis Policy Advice to Asia in the COVID-19 Era by : Changyong Rhee
Download or read book Policy Advice to Asia in the COVID-19 Era written by Changyong Rhee and published by International Monetary Fund. This book was released on 2021-03-05 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
Book Synopsis Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses by : Mr. Thierry Tressel
Download or read book Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses written by Mr. Thierry Tressel and published by International Monetary Fund. This book was released on 2021-08-06 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate sector vulnerabilities have been a central policy topic since the outset of the COVID-19 pandemic. In this paper, we analyze some 17,000 publicly listed firms in a sample of 24 countries, and assess their ability to withstand shocks induced by the pandemic to their liquidity, viability and solvency. For this purpose, we develop novel multi-factor sensitivity analysis and dynamic scenario-based stress test techniques to assess the impact of shocks on firm’s ability to service their debt, and on their liquidity and solvency positions. Applying the October 2020 WEO baseline and adverse scenarios, we find that a large share of publicly-listed firms become vulnerable as a result of the pandemic shock and additional borrowing needs to overcome cash shortfalls are large, while firm behavioral responses and policies substantially help overcome the impact of the shock in the near term. Looking forward, while interest coverage ratios tend to improve over time after the initial shock as earnings recover in line with projected macroeconomic conditions, liquidity needs remain substantial in many firms across countries and across industries, while insolvencies rise over time in specific industries. To inform policy debates, we offer an approach to a triage between viable and unviable firms, and find that the needs for liquidity support of viable firms remain important beyond 2020, and that medium-term debt restructuring needs and liquidations of firms may be substantial in the medium-term.
Book Synopsis Foreign Exchange Value of the Dollar by :
Download or read book Foreign Exchange Value of the Dollar written by and published by . This book was released on 1984 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rules of Thumb for Bank Solvency Stress Testing by : Mr.Daniel C. Hardy
Download or read book Rules of Thumb for Bank Solvency Stress Testing written by Mr.Daniel C. Hardy and published by International Monetary Fund. This book was released on 2013-11-11 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rules of thumb can be useful in undertaking quick, robust, and readily interpretable bank stress tests. Such rules of thumb are proposed for the behavior of banks’ capital ratios and key drivers thereof—primarily credit losses, income, credit growth, and risk weights—in advanced and emerging economies, under more or less severe stress conditions. The proposed rules imply disproportionate responses to large shocks, and can be used to quantify the cyclical behaviour of capital ratios under various regulatory approaches.
Book Synopsis Emerging Market Finance by : Bang Nam Jeon
Download or read book Emerging Market Finance written by Bang Nam Jeon and published by Emerald Group Publishing. This book was released on 2020-09-28 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume of International Finance Review examines the rising challenges facing emerging financial markets and institutions. It provides significant insight and policy implications on topics including global banking, risk and contagion, stock market behaviour, financial inclusion in the major emerging economies, and more.
Book Synopsis The Role of Crises in Shaping Financial Systems by : Małgorzata Iwanicz-Drozdowska
Download or read book The Role of Crises in Shaping Financial Systems written by Małgorzata Iwanicz-Drozdowska and published by Taylor & Francis. This book was released on 2022-10-18 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Role of Crises in Shaping Financial Systems: From the Global Financial Crisis to COVID-19 underscores the role of crises as turning points for the financial sector and its interactions with the real economy. It sheds new light on the financial industry through the lens of three recent crises – the global financial crisis, the sovereign debt crisis, and the COVID-19 pandemic. The book provides in-depth insight into the financial systems in European Economic Area countries, accentuating the role of crises in shaping the condition and development of the financial arena. The authors pay special attention to the differences between “old” and “new” Europe, i.e. countries that joined the EU in 2004 or later. It explores the implications of recent turbulences for financial institutions, financial markets, and public finance, and their relationship with the economy. The book examines low or negative interest rates, non-standard monetary policy, fiscal stimulus, dense safety nets, regulatory inflation, weak profitability of the financial sector, and the sovereign-bank nexus. Post-crisis developments are assessed, comprehensively and empirically, from both macro- and microeconomic perspectives to help readers understand the nature of policy measures and their socio-economic implications. The authors outline their predictions for the future of financial systems, focusing on the structural changes and legacy of the COVID-19 crisis and global financial interlinkages. The book adopts both theoretical and practical approaches to explore the key issues and, as such, will appeal to academics and students of financial economics and international finance, as well as policymakers and financial regulators.
Book Synopsis The Economic Effects of COVID-19 Containment Measures by : Pragyan Deb
Download or read book The Economic Effects of COVID-19 Containment Measures written by Pragyan Deb and published by . This book was released on 2020-08-07 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Containment measures are crucial to halt the spread of the 2019 COVID-19 pandemic but entail large short-term economic costs. This paper tries to quantify these effects using daily global data on real-time containment measures and indicators of economic activity such as Nitrogen Dioxide (NO2) emissions, flights, energy consumption, maritime trade, and mobility indices. Results suggest that containment measures have had, on average, a very large impact on economic activity--equivalent to a loss of about 15 percent in industrial production over a 30-day period following their implementation. Using novel data on fiscal and monetary policy measures used in response to the crisis, we find that these policy measures were effective in mitigating some of these economic costs. We also find that while workplace closures and stay-at-home orders are more effective in curbing infections, they are associated with the largest economic costs. Finally, while easing of containment measures has led to a pickup in economic activity, the effect has been lower (in absolute value) than that from the tightening of measures.
Book Synopsis Economic Policy and the Covid-19 Crisis by : Bernadette Andreosso-O'Callaghan
Download or read book Economic Policy and the Covid-19 Crisis written by Bernadette Andreosso-O'Callaghan and published by Routledge. This book was released on 2021-09-28 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an assessment of the different monetary and fiscal policy responses that have been implemented by national governments in major European and Asian countries faced with the Covid-19 crisis since 2020; it also deals with the case of the US experience as a benchmarking example. The book provides a comprehensive cross-country comparative study on health crisis management at the macroeconomic level. Its focus on monetary and fiscal policies across different countries in Asia, Europe and the USA makes it unique. Divided into three parts following a general introduction that sets the context of the study, the book deals with the case of the USA, EU and European countries as well as with that of key Asian countries. Of specific relevance is the European Union and euro-area contexts that serve as a framework to the different EU national monetary and fiscal policy responses. Each chapter deals with a specific country, including Italy and the UK in Europe and Singapore and South Korea in Asia, and covers the following topics: the extent of the outbreak of the public health crisis and its macroeconomic impact; the comparative examination of fiscal and monetary policy responses to both crises; and an overall assessment of the effectiveness of these policies along with the public health policy to mitigate the economic impact. Given the unprecedented nature of the Covid-19 crisis, anyone eager to know more about its macroeconomic impact and ensuing policies in a comparative framework will be keen to read this book. It will be essential reading to any researcher, policy maker and/or analyst working in the area of public policy and is also a unique contribution to the field of European studies, Asian studies and Comparative Economic Studies.
Book Synopsis Handbook of Volatility Models and Their Applications by : Luc Bauwens
Download or read book Handbook of Volatility Models and Their Applications written by Luc Bauwens and published by John Wiley & Sons. This book was released on 2012-03-22 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete guide to the theory and practice of volatility models in financial engineering Volatility has become a hot topic in this era of instant communications, spawning a great deal of research in empirical finance and time series econometrics. Providing an overview of the most recent advances, Handbook of Volatility Models and Their Applications explores key concepts and topics essential for modeling the volatility of financial time series, both univariate and multivariate, parametric and non-parametric, high-frequency and low-frequency. Featuring contributions from international experts in the field, the book features numerous examples and applications from real-world projects and cutting-edge research, showing step by step how to use various methods accurately and efficiently when assessing volatility rates. Following a comprehensive introduction to the topic, readers are provided with three distinct sections that unify the statistical and practical aspects of volatility: Autoregressive Conditional Heteroskedasticity and Stochastic Volatility presents ARCH and stochastic volatility models, with a focus on recent research topics including mean, volatility, and skewness spillovers in equity markets Other Models and Methods presents alternative approaches, such as multiplicative error models, nonparametric and semi-parametric models, and copula-based models of (co)volatilities Realized Volatility explores issues of the measurement of volatility by realized variances and covariances, guiding readers on how to successfully model and forecast these measures Handbook of Volatility Models and Their Applications is an essential reference for academics and practitioners in finance, business, and econometrics who work with volatility models in their everyday work. The book also serves as a supplement for courses on risk management and volatility at the upper-undergraduate and graduate levels.
