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Author : Bernhard Mayr
Publisher :
ISBN 13 :
Total Pages : 177 pages
Book Rating : 4.:/5 (428 download)
Download or read book Financial Contagion and Intra-group Spillover Effects written by Bernhard Mayr and published by . This book was released on 2007 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bernhard Mayr
Publisher : Sudwestdeutscher Verlag Fur Hochschulschriften AG
ISBN 13 : 9783838104928
Total Pages : 272 pages
Book Rating : 4.1/5 (49 download)
Download or read book Financial Contagion and Intra-group Spillover Effects written by Bernhard Mayr and published by Sudwestdeutscher Verlag Fur Hochschulschriften AG. This book was released on 2009 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Before 2007, the European financial system benefited from a flourishing economy. Nobody would have assumed that only a few years later the situation would look entirely different. At the time, the discussion of contagion effects, in particular within financial groups looked out of kilter. Financial groups were predominantly seen as strong symbol of strength due to the mutual support of affiliates and efficiency gains as a result of the potential considerable diversification across entities. Contagion across entities or other adverse effects were mostly ignored or downplayed. This book tries to assess potential adverse effects within and across groups while acknowledging the benefits of a group structure, such as diversification and potential synergy effects.
Author : Gustavo Peralta
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (13 download)
Download or read book Financial Contagion with Spillover Effects written by Gustavo Peralta and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a comprehensive model of financial contagion encompassing both direct and indirect transmission channels. We introduce direct contagion through a 2-layered multiplex network to account for the distinct dynamics resulting from collateralized and uncollateralized transactions. Moreover, the spillover effects of fire sales, haircut prociclicality and liquidity hoarding are specifically considered through indirect transmission channels. This framework allows us to analyze the determinants of systemic crisis and the resilience of different financial network configurations. Our first experiment demonstrates the benefits of counterparty diversification as a way of reducing systemic risk. The second experiment highlights the positive effect of higher initial capital and liquidity levels, while stressing the potentially counterproductive impact of rapidly increasing the minimum capital and liquidity ratios. The third experiment examines the possibility of controlling the maximum haircut rates, although the impact of this measure is modest compared to other alternatives. Finally, our last experiment evidences the fundamental role played by fire sales and market liquidity in either leading or mitigating systemic crises.
Author : Rob Quail
Publisher : John Wiley & Sons
ISBN 13 : 1118016521
Total Pages : 570 pages
Book Rating : 4.1/5 (18 download)
Download or read book Financial Contagion written by Rob Quail and published by John Wiley & Sons. This book was released on 2011-02-09 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.
Author : Stijn Claessens
Publisher : Springer Science & Business Media
ISBN 13 : 1475733143
Total Pages : 461 pages
Book Rating : 4.4/5 (757 download)
Download or read book International Financial Contagion written by Stijn Claessens and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
Author : Mardi Dungey
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 262 pages
Book Rating : 4.:/5 (321 download)
Download or read book Identifying International Financial Contagion written by Mardi Dungey and published by Oxford University Press, USA. This book was released on 2005 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tackles these factors theoretically, providing an intellectually satisfying framework for the understanding of financial contagion."--Jacket.
Author : Mardi Dungey
Publisher : Oxford University Press
ISBN 13 : 9780199842605
Total Pages : 228 pages
Book Rating : 4.8/5 (426 download)
Download or read book Transmission of Financial Crises and Contagion: written by Mardi Dungey and published by Oxford University Press. This book was released on 2011-01-07 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises often transmit across geographical borders and different asset classes. Modeling these interactions is empirically challenging, and many of the proposed methods give different results when applied to the same data sets. In this book the authors set out their work on a general framework for modeling the transmission of financial crises using latent factor models. They show how their framework encompasses a number of other empirical contagion models and why the results between the models differ. The book builds a framework which begins from considering contagion in the bond markets during 1997-1998 across a number of countries, and culminates in a model which encompasses multiple assets across multiple countries through over a decade of crisis events from East Asia in 1997-1998 to the sub prime crisis during 2008. Program code to support implementation of similar models is available.
Author : Mehmet Ziya Gorpe
Publisher : International Monetary Fund
ISBN 13 : 1498312071
Total Pages : 63 pages
Book Rating : 4.4/5 (983 download)
Download or read book CoMap: Mapping Contagion in the Euro Area Banking Sector written by Mehmet Ziya Gorpe and published by International Monetary Fund. This book was released on 2019-05-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a novel approach to investigate and model the network of euro area banks’ large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral linkages. We develop a Contagion Mapping model fully calibrated with bank-level data to study the contagion potential of an exogenous shock via credit and funding risks. We find that tipping points shifting the euro area banking system from a less vulnerable state to a highly vulnerable state are a non-linear function of the combination of network structures and bank-specific characteristics.
Author : Guillermo Perry
Publisher : World Bank Publications
ISBN 13 : 9780821342282
Total Pages : 84 pages
Book Rating : 4.3/5 (422 download)
Download or read book Financial Vulnerability, Spillover Effects, and Contagion written by Guillermo Perry and published by World Bank Publications. This book was released on 1998-01-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is already a large and growing literature about the financial crises affecting several former star economic performers in Asia. Some analysis have focused on the mismanagement of the structure of foreign debt and economic policies, while others have focused on weaknesses ingrained in the domestic financial and banking sectors of these economies. This paper attempts to reconcile these alternative explanations in a simple framework, where the causes and symptoms of "financial vulnerability" are distinguished.
Author : Mrs.Jana Bricco
Publisher : International Monetary Fund
ISBN 13 : 1513517856
Total Pages : 49 pages
Book Rating : 4.5/5 (135 download)
Download or read book Interconnectedness and Contagion Analysis: A Practical Framework written by Mrs.Jana Bricco and published by International Monetary Fund. This book was released on 2019-10-11 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of interconnectedness and contagion is an important part of the financial stability and risk assessment of a country’s financial system. This paper offers detailed and practical guidance on how to conduct a comprehensive analysis of interconnectedness and contagion for a country’s financial system under various circumstances. We survey current approaches at the IMF for analyzing interconnectedness within the interbank, cross-sector and cross-border dimensions through an overview and examples of the data and methodologies used in the Financial Sector Assessment Program. Finally, this paper offers practical advice on how to interpret results and discusses potential financial stability policy recommendations that can be drawn from this type of in-depth analysis.
Author : Cayón, Edgardo
Publisher : Editorial CESA
ISBN 13 : 9588722845
Total Pages : 103 pages
Book Rating : 4.5/5 (887 download)
Download or read book The Effects of financial contagion during the Global Financial Crisis in Government Regulated And Sponsored Assets in Emerging Markets. The case of Colombian pension funds and State Owned Enterprises (SOEs) in BRIC countries written by Cayón, Edgardo and published by Editorial CESA. This book was released on 2015-06-30 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of financial contagion during the Global Financial Crisis (GFC) have been extensively studied in the finance literarure. One of the key issues is the devastating effect of the crisis on wealth and asset prices. However, one key difference between this crisis and other crises in the past was the resilience (immunity) or the short term effect of the crisis on emerging markets. Dooley and Hutchison (2009) were the first ones to find evidence in support of the decoupling hypothesis of emerging markets during the early phases of the crisis. Since then the hypothesis have been tested by other researchers (for recent surveys see: Beirne and Gieck, 2014; Koksal and Orhan, 2013).
Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
ISBN 13 : 1451856229
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)
Download or read book Contagion written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1998-09-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several concepts of contagion are distinguished. It is argued that only models that admit of multiple equilibria are capable of producing true contagion. A simple balance of payments model is presented to illustrate that phenomenon, and some back-of-the-envelope calculations assess its relevance to the coincidence of emerging market crises in 1994–95 and in 1997.
Author : Álvarez-García, Begoña
Publisher : IGI Global
ISBN 13 : 1799824411
Total Pages : 357 pages
Book Rating : 4.7/5 (998 download)
Download or read book Emerging Tools and Strategies for Financial Management written by Álvarez-García, Begoña and published by IGI Global. This book was released on 2020-02-14 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past years, significant changes have occurred in the corporate sector arising from globalization, increasing international competitiveness, and intensive use of information and communication technologies (ICTs). These developments have led to new corporate and social behaviors that are affecting the entire corporate value chain. Thus, business organizations are focusing on technological innovation as a driving force of development. Emerging Tools and Strategies for Financial Management is a pivotal reference source that explores both practical and theoretical perspectives on how financial management is evolving and how future consequences of technological innovation will affect individuals, businesses, and society. While highlighting topics such as financial imbalance, venture capital, and shadow banking, this publication explores the relationship between companies and their customers and the methods of generating changes in today’s enterprises. This book is ideally designed for business managers, financial analysts, financial controllers, directors, finance officers, treasurers, entrepreneurs, CEOs, academicians, students, and research professionals.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451856628
Total Pages : 29 pages
Book Rating : 4.4/5 (518 download)
Download or read book Sources of Contagion written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-10-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents evidence that spillovers through bank lending, as opposed to trade linkages and country characteristics, can help explain contagion. We construct a measure of competition for bank funds and find evidence in favor of a common lender effect in the Mexican, Thai, and Russian crises, after controlling for macroeconomic fundamentals. The results are quite robust to the definition of the finance indicator. In the case of the Asian crisis, results are not always robust to the inclusion of trade competition, reflecting the high correlation between competition for funds and trade.
Author : Jory Fong
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (731 download)
Download or read book Financial Contagion written by Jory Fong and published by . This book was released on 2011 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most available literature on the contagion effects of crises focuses primarily on currency crises and does not address the plethora of natural disasters that have occurred recently. This thesis seeks to compare the effects of natural and non-natural disasters as a source of contagion due to fundamentals vs. changes perceptions. Events are divided into two main categories: crises that are expected to remain isolated, and events that are expected to yield spillover effects. Because there is no reason for a natural disaster to affect perceptions of the health of a neighboring country's economy, financial sector, etc., any contagion effects should be purely due to fundamental links between the two economies. For this reason, non-natural disasters, because of the potential for changes in perceptions are predicted to be a stronger source for financial contagion than natural disasters. Results from an event study examining government bond spreads indicate that contrary to opinion, natural disasters yielded more instances of spillover effects for longer periods of time.
Author : Robert W. Kolb
Publisher : Wiley
ISBN 13 : 9780470922385
Total Pages : 410 pages
Book Rating : 4.9/5 (223 download)
Download or read book Financial Contagion written by Robert W. Kolb and published by Wiley. This book was released on 2011-02-22 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.
Author : Alexandra Fotiou
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.4/5 (2 download)
Download or read book Contagion as a Dealmaker? The Effect of Financial Spillovers on Regional Lending Programs written by Alexandra Fotiou and published by International Monetary Fund. This book was released on 2022-07-08 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent European sovereign debt crisis highlighted the critical role of regional lending arrangements. For the first time, European mechanisms were called to design financing programmes for member countries in trouble. This paper analyses how the risk of contagion, an essential characteristic of interlinked economies, shapes borrowing conditions. We focus on the role of spillovers as a channel of bargaining power that a country might have when asking for financial support from regional lending institutions. We build and present a new database that records both the dates on which official meetings took place, relevant statements were released and the timing of the announcements regarding loan disbursements. This database allows us to assess the defining role that announcements of future actions have in mitigating spillover costs. In addition, we study the design of lending arrangements within a recursive contract between a lender and a sovereign country. When accounting for spillover costs, arising from the borrower to the creditor, we find that it is in the lender's best interest to back-load consumption by giving more weight to future transfers in order to reduce contagion cost. Subsequently, we test and validate our theoretical predictions by assessing the effect of spillovers on loan disbursements to programme-countries and by juxtaposing lending conditions imposed by the IMF and the European mechanisms.
