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Shadow banking : financial intermediation beyond banks
Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018
Persistent link: https://www.econbiz.de/10011790739
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Sovereign risk, European crisis resolution policies and bond yields
Kilponen, Juha; Laakkonen, Helinä; Vilmunen, Jouko - Suomen Pankki - 2012
We study the effects of the ECB monetary policy and the European crisis resolution policies on the 10 year sovereign bond yields of seven European countries. We find that some of the decisions have had significant impact on sovereign bond yields and have succeeded in reducing stress in the...
Persistent link: https://www.econbiz.de/10011191539
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Interest rates and business cycles in emerging economies: The role of financial frictions
Fernández, Andrés; Gulan, Adam - Suomen Pankki - 2012
Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging market economies. In order to account for this, most business cycle models of emerging market economies have relied on ad hoc and exogenous...
Persistent link: https://www.econbiz.de/10010945109
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Ending over-lending: Assessing systemic risk with debt to cash flow
Ramsay, Bruce A.; Sarlin, Peter - Suomen Pankki - 2014
linked to the vulnerability of a nation, and hence systemic risk, one less explored measure of leverage is the debt … historic Debt/CF trends, as well as apply the same procedure to individual economic sectors. This assessment of systemic risk …
Persistent link: https://www.econbiz.de/10010819000
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Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - Federal Reserve Bank of Chicago - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...
Persistent link: https://www.econbiz.de/10011093786
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Interpreting the Pari Passu Clause in Sovereign Bond Contracts: It's All Hebrew (and Aramaic) to Me
Wright, Mark L. J. - Federal Reserve Bank of Chicago - 2014
In this comment, we take a helicopter tour of the history of notions of “equality” and “justice” in sovereign debt restructuring in particular, and in the division of property more generally, and show that these concerns have existed for centuries, if not millennia. We argue that the...
Persistent link: https://www.econbiz.de/10011027198
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The effects of ratings-contingent regulation on international bank lending behavior: Evidence from the Basel 2 accord
Hasan, Iftekhar; Kim, Suk-Joong; Wu, Eliza - Suomen Pankki - 2014
implementation of the Basel 2 risk-based capital regulatory rules. We study the quarterly bilateral flows from G-10 creditor banking …-ratings that lead to changes in risk-weights for capital adequacy requirements have become more significant since the … implementation of Basel 2 rules for assessing banks’ credit risk under the standardized approach. This evidence is consistent with …
Persistent link: https://www.econbiz.de/10010945108
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The Stock of External Sovereign Debt: Can We Take the Data at ‘Face Value’?
Dias, Daniel A.; Richmond, Christine; Wright, Mark L. J. - Federal Reserve Bank of Chicago - 2014
The stock of sovereign debt is typically measured at face value. Defined as the undiscounted sum of future principal repayments, face values are misleading when debts are issued with different contractual forms or maturities. In this paper, we construct alternative measures of the stock of...
Persistent link: https://www.econbiz.de/10010778841
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Liquidity and market efficiency : alive and well?
Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015
On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...
Persistent link: https://www.econbiz.de/10011414459
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Robust monetary policy in the New-Keynesian framework
Leitemo, Kai; Söderström, Ulf - Suomen Pankki - 2004
We study the effects of model uncertainty in a simple New-Keynesian model using robust control techniques. Due to the simple model structure, we are able to find closed-form solutions for the robust control problem, analysing both instrument rules and targeting rules under different timing...
Persistent link: https://www.econbiz.de/10005419678