Debt Financial Fragility And Systemic Risk

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Debt, Financial Fragility, and Systemic Risk

Author : E. Philip Davis
Publisher : Clarendon Press
ISBN 13 : 0191521612
Total Pages : 324 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Debt, Financial Fragility, and Systemic Risk by : E. Philip Davis

Download or read book Debt, Financial Fragility, and Systemic Risk written by E. Philip Davis and published by Clarendon Press. This book was released on 1992-12-10 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behaviour and financial structure in many advanced countries. These patterns have, in turn, often been marked by rising indebtedness, default on loans and periods of financial instability, whether in the non-financial sectors, the financial sector or both. This book explores, both in theoretical and empirical terms, the nature of the relationships between underlying phenomena; namely levels and changes in borrowing (debt), vulnerability to default in the corporate and household sectors (financial fragility), and widespread disorder in the financial sector (systemic risk). Davis focuses on the wider generality of the phenomena at issue whereby similar patterns are observable in several countries, but not in others, as well as in the international capital markets themselves. Particular attention is paid to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the devlopment of financial systems in all advanced countries, as well as the euromarkets. It will be of particular relevance, however, in the US, Japan, Germany, France, the UK, and Canada, Italy, Australia, Sweden, Norway, Finland, whose experience is examined in detail. In this expanded and revised edition, the macroeconomic consequences of fragility and the appropriate policy response are examined in particular detail, with the analysis focusing on macroeconomic performance in eleven countries over 1988-93. A wide range of issues relating to financial stability, including risk in payments systems, derivatives, and property lending, are also considered.

Debt, Financial Fragility, and Systemic Risk

Author : E. Philip Davis
Publisher :
ISBN 13 : 9780191596124
Total Pages : 314 pages
Book Rating : 4.5/5 (961 download)

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Book Synopsis Debt, Financial Fragility, and Systemic Risk by : E. Philip Davis

Download or read book Debt, Financial Fragility, and Systemic Risk written by E. Philip Davis and published by . This book was released on 1992 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Davis explores, in both theoretical and empirical terms, the nature of the relationships in advanced industrial economies between levels and changes in borrowing, vulnerability to default in the non-financial sector, and widespread instability in the financial sector.

Coping with Financial Fragility and Systemic Risk

Author : Harald A. Benink
Publisher : Springer Science & Business Media
ISBN 13 : 1475723733
Total Pages : 290 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Coping with Financial Fragility and Systemic Risk by : Harald A. Benink

Download or read book Coping with Financial Fragility and Systemic Risk written by Harald A. Benink and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coping with Financial Fragility and Systemic Risk identifies and discusses the sources of perceived fragility in financial institutions and markets and its potential consequences throughout the economy. It then examines private sector solutions for dealing with systemic risk and mitigating the consequences. Finally, the book examines regulatory solutions to these problems.

Leveraged

Author : Moritz Schularick
Publisher : University of Chicago Press
ISBN 13 : 0226816931
Total Pages : 318 pages
Book Rating : 4.2/5 (268 download)

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Book Synopsis Leveraged by : Moritz Schularick

Download or read book Leveraged written by Moritz Schularick and published by University of Chicago Press. This book was released on 2022-12-14 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction : the new economics of debt and financial fragility /Moritz Schularik --Part 1. Finance unbound : the rise of finance and the economy.How to think about finance /Atif Mian ; comment by Karen Dynan --Reconsidering the costs and benefits of debt booms for the economy /Emil Verner ; comment by Holger Mueller --Part 2. Risk-taking : incentives, investors, institutions.Are bank CEO's to blame? /Rüdiger Fahlenbrach ; comment by Sameul G. Hanson --A new narrative of investors, subprime lending, and the 2008 crisis /Stefania Albanesi ; comment by Fernando Ferreira --Bank capital before and after financial crises /Òscar Jordà, Björn Richter, Moritz Schularick, and Alan M. Taylor ; comment by Anna Kovner --Part 3. Mispricing risks : credit booms and risk premia.Beliefs and risk-taking /Alessia de Stefani and Kaspar Zimmermann ; comment by Yueran Ma --A new approach to measuring banks' risk exposure /Juliane Begenau ; comment by Nina Boyarchenko --Is risk mispriced in credit booms? /Tyler Muir --Part 4. Financial crises : reconsidering the origins and consequences.Historical banking crises : a new database and a reassessment of their incidence and severity /Matthew Baron and Daniel Dieckelmann ; comment by Mark Carlson --Was the U.S. Great Depression a credit boom gone wrong? /Natascha Postel-Vinah ; comment by Eugene N. White --Sectoral credit booms and financial stability /Kärsten Muller ; comment by Orsola Costantini.

Financial Fragility, Debt and Economic Reforms

Author : Sunanda Sen
Publisher : Springer
ISBN 13 : 1349138010
Total Pages : 273 pages
Book Rating : 4.3/5 (491 download)

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Book Synopsis Financial Fragility, Debt and Economic Reforms by : Sunanda Sen

Download or read book Financial Fragility, Debt and Economic Reforms written by Sunanda Sen and published by Springer. This book was released on 2016-07-27 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present volume articulates a state of concern with the destabilising and the growth retarding effects of current world finance relations. Emphasis laid in this volume on finance is justified, not only in terms of its dominance over real activities in the world economy but also with its influence on the pace of economic reforms in the debt-ridden countries. A large number of essays in this volume deals with the recent pattern of capital flows in the world economy. The latter has been of a high priority in the agenda for research in economics in recent times, especially with tendencies for financial fragility in the major financial markets and the enforcing of the structural adjustment programmes in the developing countries as a part of loan conditionalities. The volume provides a rich analysis of contemporary international finance relations, with individual chapters contributed by reputed economists who have made significant contributions to the literature.

Finance and World Order

Author : Adriano Lucatelli
Publisher : Bloomsbury Publishing USA
ISBN 13 : 0313388709
Total Pages : 126 pages
Book Rating : 4.3/5 (133 download)

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Book Synopsis Finance and World Order by : Adriano Lucatelli

Download or read book Finance and World Order written by Adriano Lucatelli and published by Bloomsbury Publishing USA. This book was released on 1997-06-30 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the background of the globalization of private finance, the predominance of states in global affairs cannot be taken for granted. New actors, such as commercial banks or securities houses, have entered the global arena and, therefore, need to be included in any informed analysis of social reality. The actions of these institutions have to be regarded as influential forces impacting world politics. The theory of transnational regimes is advocated as a new way of structuring the global system.

The COVID-19 Impact on Corporate Leverage and Financial Fragility

Author : Sharjil M. Haque
Publisher : International Monetary Fund
ISBN 13 : 1589064127
Total Pages : 51 pages
Book Rating : 4.5/5 (89 download)

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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.

Systemic Risk in the Financial Sector

Author : Douglas W. Arner
Publisher : Cigi Press
ISBN 13 : 9781928096887
Total Pages : 0 pages
Book Rating : 4.0/5 (968 download)

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Book Synopsis Systemic Risk in the Financial Sector by : Douglas W. Arner

Download or read book Systemic Risk in the Financial Sector written by Douglas W. Arner and published by Cigi Press. This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 global financial crisis brought the world's economy closer to collapse than ever before. Has enough been done to prevent another crisis?

A Crisis of Beliefs

Author : Nicola Gennaioli
Publisher : Princeton University Press
ISBN 13 : 0691202230
Total Pages : 264 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis A Crisis of Beliefs by : Nicola Gennaioli

Download or read book A Crisis of Beliefs written by Nicola Gennaioli and published by Princeton University Press. This book was released on 2020-03-10 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: "How investor expectations move markets and the economy. The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people--and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters."--

Measuring Systemic Risk

Author : Deyan Radev
Publisher : Springer Nature
ISBN 13 : 3030942813
Total Pages : 94 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Measuring Systemic Risk by : Deyan Radev

Download or read book Measuring Systemic Risk written by Deyan Radev and published by Springer Nature. This book was released on 2022-02-07 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive methodology to measure systemic risk in many of its facets and dimensions based on state-of-the-art risk assessment methods. Systemic risk has gained attention in the public eye since the collapse of Lehman Brothers in 2008. The bankruptcy of the fourth-biggest bank in the USA raised questions whether banks that are allowed to become “too big to fail” and “too systemic to fail” should carry higher capital surcharges on their size and systemic importance. The Global Financial Crisis of 2008-2009 was followed by the Sovereign Debt Crisis in the euro area that saw the first Eurozone government de facto defaulting on its debt and prompted actions at international level to stem further domino and cascade effects to other Eurozone governments and banks. Against this backdrop, a careful measurement of systemic risk is of utmost importance for the new capital regulation to be successful and for sovereign risk to remain in check. Most importantly, the book introduces a number of systemic fragility indicators for banks and sovereigns that can help to assess systemic risk and the impact of macroprudential and microprudential policies.

Transparency, Risk Management and International Financial Fragility

Author : Mario Draghi
Publisher : Centre for Economic Policy Research
ISBN 13 : 9781898128687
Total Pages : 100 pages
Book Rating : 4.1/5 (286 download)

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Book Synopsis Transparency, Risk Management and International Financial Fragility by : Mario Draghi

Download or read book Transparency, Risk Management and International Financial Fragility written by Mario Draghi and published by Centre for Economic Policy Research. This book was released on 2003 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussions of the role of derivatives and their risks, as well as discussions of financial risks in general, often fail to distinguish between risks that are taken consciously and ones that are not. To understand the breeding conditions for financial crises, the prime source of concern is not risk per se, but the unintended, or unanticipated accumulation of risks by individuals, institutions or governments including the concealing of risks from stakeholders and overseers of those entities. This report, the fourth in the ICMB/CEPR series of Geneva Reports on the World Economy, analyses specific situations in which significant unanticipated and unintended financial risks can accumulate. The focus is, in particular, on the implicit guarantees that governments extend to banks and other financial institutions, and which may result in the accumulation, often unrecognised from the viewpoint of the government, of unanticipated risks in the balance sheet of the public sector. that a government's exposure to risk arising from a guarantee is non-linear. For instance, in the case of a government which guarantees the liabilities of the banking system, the additional liability transferred onto the government's balance sheet by a 10% shock to the capital of firms is larger the lower that capital is to start with. Recognising this non-linearity in the transmission of risk exposures is essential to the reduction of the accumulation of unanticipated risks on the government's balance sheet. Analyses of recent international financial crises recognise that the implicit guarantees governments extend to banks and corporations create the potential to greatly weaken their balance sheets. exist, rather than on measurement of the exposures they create. This report offers just such a framework for measuring the extent of a government's exposure to risk and how that exposure changes over time. The report also discusses ideas on how risk exposures can be controlled, hedged and transferred through the use of derivatives, swap contracts, and other contractual agreements.

Bank Size and Systemic Risk

Author : Mr.Luc Laeven
Publisher : International Monetary Fund
ISBN 13 : 1484363728
Total Pages : 34 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Bank Size and Systemic Risk by : Mr.Luc Laeven

Download or read book Bank Size and Systemic Risk written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-05-08 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by economies of scale or “too big to fail” subsidies. The paper then presents evidence on the extent to which bank size and market-based activities contribute to systemic risk. The paper concludes with policy messages in the area of capital regulation and activity restrictions to reduce the systemic risk posed by large banks. The analysis of the paper complements earlier Fund work, including SDN 13/04 and the recent GFSR chapter on “too big to fail” subsidies, and its policy message is in line with this earlier work.

The Crisis and the Kingdom

Author : E. Philip Davis
Publisher : Wipf and Stock Publishers
ISBN 13 : 1621891240
Total Pages : 160 pages
Book Rating : 4.6/5 (218 download)

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Book Synopsis The Crisis and the Kingdom by : E. Philip Davis

Download or read book The Crisis and the Kingdom written by E. Philip Davis and published by Wipf and Stock Publishers. This book was released on 2012-01-01 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing global financial crisis was not simply the fault of the financial sector. Bankers, households, and governments had all entered a spiral of greed, selfishness, and impatience in pursuit of their respective aims of higher remuneration, greater consumption, and enhanced popularity. The outcome, besides costly bank bailouts, has been rising private and public debt and stagnant economies. Economics, the ruling paradigm in today's society, can explain their motivation of self-interest but not the underlying irrationality of their behavior. Taking a view from Scripture, Philip Davis critiques the overall aims of individuals, as assumed by economics--wealth, consumption, and power--in contrast to Jesus' proclamation of the kingdom of God, the love for God and neighbor, and responsible stewardship of resources. In doing so, he aims to equip Christians to better understand the crisis from a kingdom perspective, to provide the church with a distinctive voice in these troubled times, and to press for radical Christian solutions to address the underlying difficulties. This little book aims to redress the gap in Christians' understanding that led the theologian Jurgen Moltmann to remark trenchantly, "The neglect of economics is a wound in the side of the church."

Understanding Systemic Risk in Global Financial Markets

Author : Aron Gottesman
Publisher : John Wiley & Sons
ISBN 13 : 1119348463
Total Pages : 365 pages
Book Rating : 4.1/5 (193 download)

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Book Synopsis Understanding Systemic Risk in Global Financial Markets by : Aron Gottesman

Download or read book Understanding Systemic Risk in Global Financial Markets written by Aron Gottesman and published by John Wiley & Sons. This book was released on 2017-06-15 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accessible and detailed overview of the risks posed by financial institutions Understanding Systemic Risk in Global Financial Markets offers an accessible yet detailed overview of the risks to financial stability posed by financial institutions designated as systemically important. The types of firms covered are primarily systemically important banks, non-banks, and financial market utilities such as central counterparties. Written by Aron Gottesman and Michael Leibrock, experts on the topic of systemic risk, this vital resource puts the spotlight on coherency, practitioner relevance, conceptual explanations, and practical exposition. Step by step, the authors explore the specific regulations enacted before and after the credit crisis of 2007-2009 to promote financial stability. The text also examines the criteria used by financial regulators to designate firms as systemically important. The quantitative and qualitative methods to measure the ongoing risks posed by systemically important financial institutions are surveyed. A review of the regulations that identify systemically important financial institutions The tools to use to detect early warning indications of default A review of historical systemic events their common causes Techniques to measure interconnectedness Approaches for ranking the order the institutions which pose the greatest degree of default risk to the industry Understanding Systemic Risk in Global Financial Markets offers a must-have guide to the fundamentals of systemic risk and the key critical policies that work to reduce systemic risk and promoting financial stability.

The Risks of Financial Institutions

Author : Mark Carey
Publisher : University of Chicago Press
ISBN 13 : 0226092984
Total Pages : 670 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Risks of Financial Institutions by : Mark Carey

Download or read book The Risks of Financial Institutions written by Mark Carey and published by University of Chicago Press. This book was released on 2007-11-01 with total page 670 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until about twenty years ago, the consensus view on the cause of financial-system distress was fairly simple: a run on one bank could easily turn to a panic involving runs on all banks, destroying some and disrupting the financial system. Since then, however, a series of events—such as emerging-market debt crises, bond-market meltdowns, and the Long-Term Capital Management episode—has forced a rethinking of the risks facing financial institutions and the tools available to measure and manage these risks. The Risks of Financial Institutions examines the various risks affecting financial institutions and explores a variety of methods to help institutions and regulators more accurately measure and forecast risk. The contributors--from academic institutions, regulatory organizations, and banking--bring a wide range of perspectives and experience to the issue. The result is a volume that points a way forward to greater financial stability and better risk management of financial institutions.

International Debt

Author : William R. Cline
Publisher :
ISBN 13 :
Total Pages : 352 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis International Debt by : William R. Cline

Download or read book International Debt written by William R. Cline and published by . This book was released on 1984 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fragile Finance

Author : A. Nesvetailova
Publisher : Springer
ISBN 13 : 0230592309
Total Pages : 190 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis Fragile Finance by : A. Nesvetailova

Download or read book Fragile Finance written by A. Nesvetailova and published by Springer. This book was released on 2007-10-17 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fragile Finance examines financial crisis in the era of global credit. Drawing on the work of Hyman Minsky, the book discusses the global financial system over the past decade, suggesting that financial fragility stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures.