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The Euro And International Financial Stability
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Book Synopsis The Euro and International Financial Stability by : Efthymios G. Tsionas
Download or read book The Euro and International Financial Stability written by Efthymios G. Tsionas and published by Springer Science & Business Media. This book was released on 2013-10-31 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the financial crisis, the weaknesses of the Eurozone, including the public debt crisis, materialized in severe depressions in certain of its country members. In this monograph, the author analyzes structural weaknesses of the Eurozone and argues that they can be traced to (i) institutional differences, (ii) differences in the economic structures, (iii) the fundamental inability of European Bureaucracy to deal with crises, and (iv) the extreme rigidity of markets which prevents a general equilibrium in product and credit markets. He concludes that whether the Eurozone is sustainable, depends on future monetary and credit policies, and discusses the implications of reforming it in the best interest of the international banking and financial system. The recent policies of the ECB of “cheap” credit expansion are examined in detail. The approach of the work is along the lines of von Mises’ and Hayek’s Austrian tradition; additionally, substantive international empirical evidence supporting this Austrian approach is presented.
Book Synopsis The Euro and International Financial Stability by : Efthymios Tsionas
Download or read book The Euro and International Financial Stability written by Efthymios Tsionas and published by . This book was released on 2013-11-30 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484369270 Total Pages :86 pages Book Rating :4.4/5 (843 download)
Book Synopsis Euro Area Policies by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Euro Area Policies written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-07-19 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Overall the resilience of large euro area banks has improved, but important vulnerabilities remain. Capital buffers are in aggregate sizeable relative to immediate threats, but some banks are especially vulnerable to credit risk and others to market risks, including a substantial rise in risk premia. The banking system as a whole has ample liquidity, against a backdrop of ECB support. At a structural level, low profitability is found in many banks across all business models, despite improving conjunctural conditions. The interconnectedness analysis shows that strong buffers are effective in dampening both vulnerabilities and onward transmission. Risks to financial stability relate mainly to tighter financial conditions, weaker growth, and policy and geopolitical uncertainties. The withdrawal of the United Kingdom from the EU (Brexit) could potentially disrupt financial market and services, and thus the wider economy. Also, policy reversals could hurt debt sustainability and test the cohesion of policy making in the union.
Book Synopsis From Fragmentation to Financial Integration in Europe by : Mr.Charles Enoch
Download or read book From Fragmentation to Financial Integration in Europe written by Mr.Charles Enoch and published by International Monetary Fund. This book was released on 2013-12-11 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level—the pendulum of financial integration and fragmentation—and at the micro level—the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498324029 Total Pages :109 pages Book Rating :4.4/5 (983 download)
Book Synopsis Global Financial Stability Report, October 2019 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, October 2019 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-10-16 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
Book Synopsis Global Financial Stability Report, April 2021 by : International Monetary Fund
Download or read book Global Financial Stability Report, April 2021 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-06 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1616352477 Total Pages :94 pages Book Rating :4.6/5 (163 download)
Book Synopsis Global Financial Stability Report, April 2012 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, April 2012 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-04-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Author :Roger Walton Ferguson Publisher :Centre for Economic Policy Research ISBN 13 :1898128979 Total Pages :217 pages Book Rating :4.8/5 (981 download)
Book Synopsis International Financial Stability by : Roger Walton Ferguson
Download or read book International Financial Stability written by Roger Walton Ferguson and published by Centre for Economic Policy Research. This book was released on 2007 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new Geneva Report examines the main threats to international financial stability, focusing on the implications of major changes that have occurred in the global financial system in the past two decades.
Book Synopsis Integrating Europe's Financial Markets by : Mr.Jörg Decressin
Download or read book Integrating Europe's Financial Markets written by Mr.Jörg Decressin and published by International Monetary Fund. This book was released on 2007-09-12 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.
Book Synopsis Monetary and Financial Policy in the Euro Area by : Maximilian Fandl
Download or read book Monetary and Financial Policy in the Euro Area written by Maximilian Fandl and published by Springer. This book was released on 2018-05-31 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook provides a comprehensive overview of monetary policy, banking supervision and financial stability in the euro area. The author uses his professional experience in central banking to provide a thorough understanding of European economics and to explore how the monetary and financial system functions. The book takes into account the profound changes that resulted from crisis developments in recent years, such as the implementation of quantitative easing or the establishment of the Single Supervisory Mechanism (SSM). The author also invites readers to develop their thoughts on alternative policies to shape the monetary and financial system of the future. The textbook is tailor-made for intermediate courses in economics but will also appeal to those preparing a career in central banking or financial regulation.
Book Synopsis Global Financial Markets and Financial Stability by : Richard Portes
Download or read book Global Financial Markets and Financial Stability written by Richard Portes and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Euro and Economic Stability by : Ewald Nowotny
Download or read book The Euro and Economic Stability written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Euro and Economic Stability assesses the euro area's merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making. The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions' special regional focus: Central, Eastern and South-Eastern Europe.
Book Synopsis Five Years After by : Mr.Martin Cihak
Download or read book Five Years After written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2009-03-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno
Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Book Synopsis International Finance Regulation by : Georges Ugeux
Download or read book International Finance Regulation written by Georges Ugeux and published by John Wiley & Sons. This book was released on 2014-06-04 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the global market expands, the need for internationalregulation becomes urgent Since World War II, financial crises have been the result ofmacroeconomic instability until the fatidic week end of September15 2008, when Lehman Brothers filed for bankruptcy. The financialsystem had become the source of its own instability through acombination of greed, lousy underwriting, fake ratings andregulatory negligence. From that date, governments tried to puttogether a new regulatory framework that would avoid using taxpayermoney for bailout of banks. In an uncoordinated effort, theyproduced a series of vertical regulations that are disconnectedfrom one another. That will not be sufficient to stop finance frombeing instable and the need for international and horizontalregulation is urgent. This challenge is the focus of GeorgesUgeux’s book. International Finance Regulation: The Quest for FinancialStability focuses on the inspirations behind regulation, andexamines the risks and consequences of fragmentation on a globalscale. Author Georges Ugeux has four decades of experience in thelegal and economic aspects of international business operations. Hecreated and run the New York Stock Exchange’sinternationalgroup in charge of developing the NYSE’s reach to non-UScompanies, including relationships with regulators and governments. Ugeux teaches European Banking and Finance of the ColumbiaUniversity School of Law. Ugeux is uniquely positioned to providerecommendations and suggestions from the perspective of a topglobal authority. In the book, he explores international regulationwith topics such as: • Laws, regulations, and risks of overregulation • Transformation of the U.S. market and creation of theEurozone • Development of a global framework and stability of thebanking system • In-depth examination of Basel III, the Dodd-Frank Act, theEuropean Banking Union, and the Volcker Rule The book also contains case studies from real-world scenarioslike Lehman, CDS, Greece, the London Whale, and Libor to illustratethe concepts presented. Finance consistently operates within anincreasingly global paradigm, and an overarching regulation schemeis becoming more and more necessary for sustainable growth.International Finance Regulation: The Quest for FinancialStability presents an argument for collaboration toward acomprehensive global regulation strategy.
Book Synopsis Financial Stability Policy in the Euro Zone by : Gundbert Scherf
Download or read book Financial Stability Policy in the Euro Zone written by Gundbert Scherf and published by Springer Science & Business Media. This book was released on 2013-06-17 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the lack of political salience that financial stability policy enjoys in tranquil economic times, this policy field lends itself particularly well to capture – the more so the more important the role of banks is in the financial system. Gundbert Scherf’s research focuses on this nexus between integrated banking, supranational monetary policy and national banking regulation. He finds that national level differences in financial systems and related institutions explain and drive variation in regulatory financial stability policy across countries.
Book Synopsis Managing International Financial Instability by : Fabrizio Saccomanni
Download or read book Managing International Financial Instability written by Fabrizio Saccomanni and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a masterpiece. It combines a clear historical analysis of issues and causes of past international instability with a contemporary discussion of how to avoid future occurrences. It is a very informative book that caters to the need of the savvy and the uninformed. It reviews in a rigorous manner the core obstacles to achieving a durable global financial stability. The presentation is clear, simple and well organised. . . Saccomanni demonstrated a great understanding of monetary and financial matters. The book could not have been better timed given the deepening recession caused by the global financial meltdown. I am very delighted to recommend it. Chika B. Onwuekwe, Journal of International Banking Law and Regulation . . . the timing of this publication could not have been better, Fabrizio Saccomanni provides the reader with a well-written analytical and historical survey of the causes and consequences of international financial crisis and possible solutions. . . the book is enjoyable, compendious and concise. . . the book is worth reading by anyone who is interested in understanding the global financial system and is looking for a critical appraisal of its performance. In particular, students and academics of international economics can get a good overview on the issue of international financial stability, since the book bridges the gap between theoretical models and practical policy implications. . . Saccomanni s book is a well-written and valuable contribution to the debate as already said before the timing of its publication could hardly be better. Ralf Fendel, Journal of Economics and Statistics Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions sovereign debt defaults, exchange rate misalignments, financial market illiquidity and asset price bubbles are linked, in this book, to the shortcomings of the global financial system which tends to generate cycles of boom and bust in credit flows. These cycles are set in motion by the monetary impulses of major industrial countries and are amplified and propagated through the operation of global financial markets. Fabrizio Saccomanni argues that to counter such systemic instability requires that national authorities give adequate weight to financial stability objectives when formulating their monetary and regulatory policies. He maintains that appropriate multilateral strategies to deal with unsustainable trends in credit aggregates and asset prices should be devised in the International Monetary Fund in the context of a strengthened framework to deal with global payments imbalances and exchange rate misalignments. Providing a comprehensive historical and analytical survey of the causes, consequences and possible cures of international financial instability, this book will be of great interest to students and academics of international economics and finance. It will also appeal to financial market participants and analysts, government officials and central bankers as a comprehensive survey of the relevant academic literature and of the state of the policy debate.
