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Financial system

Transparency in the Financial System: Rollover Risk and Crises

Transparency in the Financial System: Rollover Risk and Crises

... In this setting, we show that the optimal disclosure policy depends on the average quality of banks in the financial system. When the average quality is high enough that investors are willing to rollover ...

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A schematic view of government as regulator and insurer of the financial system

A schematic view of government as regulator and insurer of the financial system

... the financial system reached a high level on the Y1 axis, and the global universal bank became the attractive bank ...the financial sector increased substantially as a percent of ...the ...

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ADB's Distinguished Speakers Program Measuring the Connectedness of the Financial System: Implications for Risk Management

ADB's Distinguished Speakers Program Measuring the Connectedness of the Financial System: Implications for Risk Management

... Banking System Liability chart in Figure 3, then you see the measured sensitivity of the guarantee to asset values, the slope, is very ...Banking System Liability chart, which of course you can see is an ...

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Equilibrium Risk Shifting and Interest Rate in an Opaque Financial System

Equilibrium Risk Shifting and Interest Rate in an Opaque Financial System

... Our key assumption is that outside providers of funds cannot tell apart “prudent” and well diversi…ed banks from “imprudent” ones overly exposed to one particular asset, be- cause the balance sheets of individual ...

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Sovereign Wealth Funds and the Global Financial System

Sovereign Wealth Funds and the Global Financial System

... global financial turmoil reflects the usefulness of the self insurance services made available by having international ...a financial downturn, thus moving away from sovereign investments ...

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FINANCIAL BUBBLES AND RATIONALITY

FINANCIAL BUBBLES AND RATIONALITY

... current financial crisis and the financial bubble have often been denounced as irrational Witnessing the current financial crisis, some people have tried to find explanations for the crash of ...the ...

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The Role of Complementarity and the Financial Liberalization in the Financial Crisis

The Role of Complementarity and the Financial Liberalization in the Financial Crisis

... The paper is structured in the following way. In the next section, we provide details on the theoretical background and the computation of the complementary index. Section 3 discusses the data and defines the variables ...

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Three essays on financial stability

Three essays on financial stability

... view financial stability through the lens of the absence of financial ...of financial instability such as the incapacity of the financial system to perform its usual roles, the ...

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Essays in financial economics

Essays in financial economics

... creditors, while traditional banks purchase these assets at fire-sale prices. This exchange of assets in a crisis generates a complementarity between traditional and shadow banks, where each type of intermediary ...

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Symmetry and financial Markets

Symmetry and financial Markets

... The financial symmetry breaking in this case corresponds to the financial system moving from one state (or mood), where randomness in price movements obey no-arbitrage conditions, into another state ...

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Financial Development, Financial Instability and Poverty

Financial Development, Financial Instability and Poverty

... of financial development on the standard of living of the poor is not ...Furthermore, financial instability significantly reduces the income of the ...17 Financial development is more beneficial to ...

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Financial Inclusion and Firms performance

Financial Inclusion and Firms performance

... to financial crises (Kroszner, Laeven, and Klingebiel, ...the financial system in stabilizing the output of firms, particularly with high liquidity needs, while H´ ericourt and Poncet (2013) shows ...

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Collective intelligence in financial markets : does consumer sentiment influence valuation of financial products?

Collective intelligence in financial markets : does consumer sentiment influence valuation of financial products?

... Moreover, including lagged the Dow Jones Index changes for Greece, Italy and Spain in the above model shows that changes in the Italian Index are not significant[r] ...

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Financial Inclusion and Firms performance

Financial Inclusion and Firms performance

... of financial inclusion and financial development on the performance of firms in countries with low financial ...on financial depth alone find that financial development does not affect, ...

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Essays on financial markets predictability

Essays on financial markets predictability

... Cochrane [ 2011 ] but our model selection technique is applied to identify the best predictors out-of-sample and only indirectly to measure their impact on the cross- section of stock returns. Indeed, while predictors ...

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Financial Flows and the International Monetary System

Financial Flows and the International Monetary System

... from financial integration follow- ing the insights of the textbook neoclassical growth ...on financial integra- tion, this leads us to believe that large welfare gains from financial integration are ...

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Communication impacting financial markets

Communication impacting financial markets

... INTRODUCTION The quote “In the short run, the market is a voting machine, but in the long run it is a weighing machine” is attributed to Benjamin Graham[2]. Graham himself used the quote to argue that investors should ...

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Complexity and financial panics

Complexity and financial panics

... additional liquidity at date 1, the distressed bank b p ^ hoards some its flexible reserves y.. by cutting new loans at date in order to meet its liquidity demand at date 1.[r] ...

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Complexity and financial panics

Complexity and financial panics

... In other words, to decide how many of its loans to recall, this bank only needs to know whether (and how much) it will lose in cross- deposits. At date 0, the bank does not necessarily k[r] ...

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Essays on Structured Financial Products

Essays on Structured Financial Products

... to financial market data and real-time analysis tools of own investments is more common than ever today, making it easy for investors to continuously monitor and re-evaluate ...

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