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Author :
Publisher : Lulu.com
ISBN 13 : 9291316695
Total Pages : 294 pages
Book Rating : 4.2/5 (913 download)
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles W. Calomiris
Publisher : American Enterprise Institute
ISBN 13 : 9780844771007
Total Pages : 60 pages
Book Rating : 4.7/5 (71 download)
Download or read book The Postmodern Bank Safety Net written by Charles W. Calomiris and published by American Enterprise Institute. This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Federal deposit insurance may be "the single most destabilizing influence in the financial system," says economist Charles W. Calomiris in a new study published by AEI. Market discipline provides a better bank safety net than government insurance, he concludes. The Postmodern Bank Safety Net: Lessons from Developed and Developing Economies shows how government deposit insurance subsidizes the risks taken by banks. Weak banks deliberately and sometimes with impunity take on greater risks than they can afford. Undue risk-taking would not be tolerated were private market discipline brought to bear on banks, Calomiris argues. Market discipline would place the regulatory burden on sophisticated market participants with their own money at stake-a bank would survive only if it had investors, and those investors would be willing to risk their money only if they were able to evaluate the bank's risk. Currently, banks that hide loan losses can avoid paying increased deposit insurance costs. At the same time, Calomiris says, government regulators lack strong incentive to determine the true risk characteristics of bank assets-government regulators do not have their own money at stake and they face political pressure to maintain the credit supply. The results can be calamitous. In the 1970s and 1980s the Farm Credit System was increasingly willing to lend against questionable collateral while private banks withdrew from the market as lending risk increased. The system failed, gripping U.S. farmers in a debt crisis. Similarly, the savings and loan failures and the oil-related bank collapses in Texas and Oklahoma of the 19080s can be attributed to the failure of the bank safety net. And Chile, Mexico, and Japan have suffered financial collapses because their governments protected banks from self-inflicted losses.
Author : Ms.Eva Jenkner
Publisher : International Monetary Fund
ISBN 13 : 1484399137
Total Pages : 29 pages
Book Rating : 4.4/5 (843 download)
Download or read book Sub-National Credit Risk and Sovereign Bailouts written by Ms.Eva Jenkner and published by International Monetary Fund. This book was released on 2014-01-30 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies have shown that markets may underprice sub-national governments’ risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties. However, the question of whether sovereigns pay a premium on their own borrowing as a result of (implicitly or explicitly) guaranteeing sub-entities’ debt has been explored only little. We use an event study approach with separate equations for two levels of government to test for a simultaneous increase in sovereign risk premia and decrease in sub-national risk premia—or a de facto transfer of risk from the latter to the former—on the day a sovereign bailout is announced. Using daily financial market data for Spain and its autonomous regions from January 2010 to June 2013, we find support for our risk transfer hypothesis. We estimate that the Spanish sovereign’s spread may have increased by around 70 basis points as a result of the central government’s support for fiscally distressed comunidades autónomas.
Author : Thordur Jonasson
Publisher : International Monetary Fund
ISBN 13 : 1484350545
Total Pages : 133 pages
Book Rating : 4.4/5 (843 download)
Download or read book A Primer on Managing Sovereign Debt-Portfolio Risks written by Thordur Jonasson and published by International Monetary Fund. This book was released on 2018-04-06 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Author : Jiri Podpiera
Publisher : International Monetary Fund
ISBN 13 : 1455200573
Total Pages : 34 pages
Book Rating : 4.4/5 (552 download)
Download or read book The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions written by Jiri Podpiera and published by International Monetary Fund. This book was released on 2010-06-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to identify the fundamental variables that drive the credit default swaps during the initial phase of distress in selected European Large Complex Financial Institutions (LCFIs). It uses yearly data over 2004 - 08 for 29 European LCFIs. The results from a dynamic panel data estimator show that LCFIs’ business models, earnings potential, and economic uncertainty (represented by market expectations about the future risks of a particular LCFI and market views on prospects for economic growth) are among the most significant determinants of credit risk. The findings of the paper are broadly consistent with those of the literature on bank failure, where the determinants of the latter include the entire CAMELS structure - that is, Capital Adequacy, Asset Quality, Management Quality, Earnings Potential, Liquidity, and Sensitivity to Market Risk. By establishing a link between the financial and market fundamentals of LCFIs and their CDS spreads, the paper offers a potential tool for fundamentals-based vulnerability and early warning system for LCFIs.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1589063856
Total Pages : 302 pages
Book Rating : 4.5/5 (89 download)
Download or read book Financial Soundness Indicators written by International Monetary Fund and published by International Monetary Fund. This book was released on 2006-04-04 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Soundness Indicators (FSIs) are measures that indicate the current financial health and soundness of a country's financial institutions, and their corporate and household counterparts. FSIs include both aggregated individual institution data and indicators that are representative of the markets in which the financial institutions operate. FSIs are calculated and disseminated for the purpose of supporting macroprudential analysis--the assessment and surveillance of the strengths and vulnerabilities of financial systems--with a view to strengthening financial stability and limiting the likelihood of financial crises. Financial Soundness Indicators: Compilation Guide is intended to give guidance on the concepts, sources, and compilation and dissemination techniques underlying FSIs; to encourage the use and cross-country comparison of these data; and, thereby, to support national and international surveillance of financial systems.
Author : Urs W. Birchler
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.E/5 ( download)
Download or read book What Does the Yield on Subordinated Bank Debt Measure? written by Urs W. Birchler and published by . This book was released on 2004 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George J. Benston
Publisher : Cambridge, Mass. : MIT Press
ISBN 13 : 9780262022460
Total Pages : 358 pages
Book Rating : 4.0/5 (224 download)
Download or read book Perspectives on Safe & Sound Banking written by George J. Benston and published by Cambridge, Mass. : MIT Press. This book was released on 1986-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking is now, and always has been, a risky business. The key to success both in operating a bank and in supervising a banking system is appropriate risk management. Yet risk management has become increasingly difficult because of higher and more volatile interest rates, faster and cheaper transfer of funds and information, a movement toward deregulation, and subsidies for many institutions embedded in the flat-rate premium structure of the federal deposit insurance system. In this book five leading bank scholars explore the safety and soundness of the U.S. banking system in an economic environment where the likelihood of failures of individual banks has significantly increased. The book's ten chapters cover: the risks of the failure of individual banks and of the banking system; consequences of bank failure on other banks, financial markets, and economic activity; the role of government deposit insurance; alternative ways of resolving insolvencies; the role of lender of last resort; risk and organizational issues in the expansion of banking activities; market discipline as a means of limiting banking problems and failures; feasibility and desirability of permitting or requiring market-value reporting for financial institutions; risk rated premiums; the effectiveness of supervision and field and remote examinations; the effectiveness of centralization or decentralization of regulation, supervision, and examination in multiple federal and state agencies. George J. Benston is at the University of Rochester, Robert A. Eisenbeis at the University of North Carolina, Paul M. Horvitz at the University of Houston, Edward J. Kane at Ohio State University, and George G. Kaufman at Loyola University. Perspectives on Safe and Sound Banking is copublished with the American Bankers Association and is included in the Regulation of Economic Activity Series, edited by Richard Schmalensee.
Author : Carl Chiarella
Publisher : Routledge
ISBN 13 : 1135984506
Total Pages : 513 pages
Book Rating : 4.1/5 (359 download)
Download or read book Financial Markets and the Macroeconomy written by Carl Chiarella and published by Routledge. This book was released on 2009-06-02 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important new book from a group of Keynesian, but nonetheless technically-oriented economists explores one of the dominant paradigms in financial economics: the ‘intertemporal general equilibrium approach’.
Author : Andrew H. Chen
Publisher : Emerald Group Publishing
ISBN 13 : 184855446X
Total Pages : 380 pages
Book Rating : 4.8/5 (485 download)
Download or read book Research in Finance written by Andrew H. Chen and published by Emerald Group Publishing. This book was released on 2009-02-20 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains topics that include the design of a country's financial safety nets, the effective policies of acquiring failed banks in reducing moral hazard problems, the voluntary disclosure of real options by corporate managers, and the interrelationship between the housing and general economic activities.
Author : Iva Petrova
Publisher : International Monetary Fund
ISBN 13 : 1455252859
Total Pages : 28 pages
Book Rating : 4.4/5 (552 download)
Download or read book Determinants of Emerging Market Sovereign Bond Spreads written by Iva Petrova and published by International Monetary Fund. This book was released on 2010-12-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the determimants of emerging market sovereign bond spreads by examining the short and long-run effects of fundamental (macroeconomic) and temporary (financial market) factors on these spreads. During the current global financial and economic crisis, sovereign bond spreads widened dramatically for both developed and emerging market economies. This deterioration has widely been attributed to rapidly growing public debts and balance sheet risks. Our results indicate that in the long run, fundamentals are significant determinants of emerging market sovereign bond spreads, while in the short run, financial volatility is a more important determinant of sperads than fundamentals indicators.
Author : Joshua Ronen
Publisher : Bloomsbury Publishing USA
ISBN 13 : 0313366683
Total Pages : 192 pages
Book Rating : 4.3/5 (133 download)
Download or read book Off-Balance Sheet Activities written by Joshua Ronen and published by Bloomsbury Publishing USA. This book was released on 1990-11-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of Off-Balance Sheet Activities is to gain insights into, and propose meaningful solutions to, those issues raised by the current proliferation of off-balance sheet transactions. The book has its origins in a New York University conference that focused on this topic. Jointly undertaken by the Vincent C. Ross Institute of Accounting Research and New York University's Salomon Center for the study of Financial Institutions at the Stern School of Business, the conference brought together academic researchers and practitioners in the field of accounting and finance to address the issues with the broad-mindedness requisite of a group whose approaches to solutions are as different from each other as their respectively theoretical and applied approaches to the disciplines of finance and accounting. The essays are divided into two sections. The first covers issues surrounding OBS activities and banking and begins with a brief introduction that places the essays into context. OBS activities and the underinvestment problem, whether loan sales are really OBS, and money demand and OBS liquidity are examined in detail. Section two, which also begins with a brief introduction, focuses on issues of securitized assets and financing. A report on recognition and measurement issues in accounting for securitized assets is followed by three separate discussion essays. Other subjects covered include contract theoretic analysis of OBS financing, the use of OBS financing to circumvent financial covenant restrictions, and debt contracting and financial contracting. The latter two contributions are also followed by discussion essays. This unique collection of papers will prove to be an interesting and valuable tool for accounting and finance professionals as well as for academics involved in these fields. It will also be an important addition to public, college, and university libraries.
Author : Jean-Charles Rochet
Publisher : Princeton University Press
ISBN 13 : 1400828317
Total Pages : 320 pages
Book Rating : 4.4/5 (8 download)
Download or read book Why Are There So Many Banking Crises? written by Jean-Charles Rochet and published by Princeton University Press. This book was released on 2009-02-09 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost every country in the world has sophisticated systems to prevent banking crises. Yet such crises--and the massive financial and social damage they can cause--remain common throughout the world. Does deposit insurance encourage depositors and bankers to take excessive risks? Are banking regulations poorly designed? Or are banking regulators incompetent? Jean-Charles Rochet, one of the world's leading authorities on banking regulation, argues that the answer in each case is "no." In Why Are There So Many Banking Crises?, he makes the case that, although many banking crises are precipitated by financial deregulation and globalization, political interference often causes--and almost always exacerbates--banking crises. If, for example, political authorities are allowed to pressure banking regulators into bailing out banks that should be allowed to fail, then regulation will lack credibility and market discipline won't work. Only by insuring the independence of banking regulators, Rochet says, can market forces work and banking crises be prevented and minimized. In this important collection of essays, Rochet examines the causes of banking crises around the world in recent decades, focusing on the lender of last resort; prudential regulation and the management of risk; and solvency regulations. His proposals for reforms that could limit the frequency and severity of banking crises should interest a wide range of academic economists and those working for central and private banks and financial services authorities.
Author : Anat Admati
Publisher : Princeton University Press
ISBN 13 : 0691251703
Total Pages : 624 pages
Book Rating : 4.6/5 (912 download)
Download or read book The Bankers’ New Clothes written by Anat Admati and published by Princeton University Press. This book was released on 2024-01-09 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Wall Street Journal, Financial Times, and Bloomberg Businessweek Book of the Year Why our banking system is broken—and what we must do to fix it New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis—and that we’d never again have to choose between massive bailouts and financial havoc. The Bankers’ New Clothes uncovers just how little things have changed—and why banks are still so dangerous. Writing in clear language that anyone can understand, Anat Admati and Martin Hellwig debunk the false and misleading claims of bankers, regulators, politicians, academics, and others who oppose effective reform, and they explain how the banking system can be made safer and healthier. Thoroughly updated for a world where bank failures have made a dramatic return, this acclaimed and important book now features a new preface and four new chapters that expose the shortcomings of current policies and reveal how the dominance of banking even presents dangers to the rule of law and democracy itself.
Author : Sebastian C. Moenninghoff
Publisher : Springer
ISBN 13 : 3658238119
Total Pages : 181 pages
Book Rating : 4.6/5 (582 download)
Download or read book The Regulation of Systemically Relevant Banks written by Sebastian C. Moenninghoff and published by Springer. This book was released on 2018-09-26 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sebastian Moenninghoff provides an extensive overview of the status of the ‘Too-Big-to-Fail’ doctrine post-crisis and develops the first comprehensive framework to categorize and discuss the full range of major policy options for regulating banks. Governments need to actively manage their exposure to banking system risk with the optimal policy mix depending on risk return preferences of a society and an economy’s institutional setting. The new regulation for global systemically important banks developed by international regulators following the financial crisis is a significant step in expanding the tools to manage government exposure to banking system risk.
Author : Martin S. Fridson
Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960546
Total Pages : 92 pages
Book Rating : 4.9/5 (449 download)
Download or read book Foundations of High-Yield Analysis written by Martin S. Fridson and published by CFA Institute Research Foundation. This book was released on 2018-08-27 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the advent some 40 years ago of a vibrant primary market for speculative-grade corporate bonds, the high-yield market has evolved from a niche occupied by a small group of specialists into a full-fledged institutional investment category. Asset allocators and portfolio managers now have at their disposal the tools necessary for rigorous investment analysis, including financial statements of the issuers, indexes, trading prices, historical default rates, and time series on such credit factors as liquidity, ratings, and covenant quality. This research brief provides up-to-date techniques for extracting from the extensive data the information that can lead to sound investment decisions.
Author : Andrea Sironi
Publisher : John Wiley & Sons
ISBN 13 : 9780470510735
Total Pages : 808 pages
Book Rating : 4.5/5 (17 download)
Download or read book Risk Management and Shareholders' Value in Banking written by Andrea Sironi and published by John Wiley & Sons. This book was released on 2007-04-30 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an integrated framework for risk measurement, capital management and value creation in banks. Moving from the measurement of the risks facing a bank, it defines criteria and rules to support a corporate policy aimed at maximizing shareholders' value. Parts I - IV discuss different risk types (including interest rate, market, credit and operational risk) and how to assess the amount of capital they absorb by means of up-to-date, robust risk-measurement models. Part V surveys regulatory capital requirements: a special emphasis is given to the Basel II accord, discussing its economic foundations and managerial implications. Part VI presents models and techniques to calibrate the amount of economic capital at risk needed by the bank, to fine-tune its composition, to allocate it to risk-taking units, to estimate the "fair" return expected by shareholders, to monitor the value creation process. Risk Management and Shareholders' Value in Banking includes: * Value at Risk, Monte Carlo models, Creditrisk+, Creditmetrics and much more * formulae for risk-adjusted loan pricing and risk-adjusted performance measurement * extensive, hands-on Excel examples are provided on the companion website www.wiley.com/go/rmsv * a complete, up-to-date introduction to Basel II * focus on capital allocation, Raroc, EVA, cost of capital and other value-creation metrics
