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Do liquidity limits amplify money market fund redemptions during the COVID crisis?

Dunne, Peter G.; Giuliana, Raffaele - 2021

Regulation of Money Market Funds (MMFs) in the EU requires some categories of MMFs to consider applying liquidity management tools if they breach a minimum 'weekly' liquidity requirement. Anticipation of the application of such tools is a plausible amplifier of run risks. Using a larger European...

Persistent link: https://www.econbiz.de/10012670037

Internationalising the currency while leveraging massively : the case of China

García Herrero, Alicia - 2015

This paper reviews the steps that China has taken towards financial reform with a particular focus on capital account liberalisation and internationalisation of the use of the renminbi. After a slowdown in reform momentum during the global financial crisis, there is a clear push towards reform,...

Persistent link: https://www.econbiz.de/10011384045

India's expericene in navigating the trilemma : do capital control help?

Kohli, Renu - 2011

Managing capital flows is the key policy challenge for emerging economies like India in the aftermath of the crisis. In contrast to other emerging markets who are levying capital controls, India's macro-monetary framework is distinguished by significant restrictions that help manage inflows....

Persistent link: https://www.econbiz.de/10009229800

Securisation special purpose entities, bank sponsors and derivatives

Fiedor, Paweł; Killeen, Neill - 2019

This paper documents the use of derivatives by securitisation special purpose entities (SPEs), also known as financial vehicle corporations (FVCs), domiciled in Ireland using transaction-level data established by the European Market Infrastructure Regulation. We show that these entities...

Persistent link: https://www.econbiz.de/10012036028

Decomposing financial (in)stability in emerging economies

Lepers, Etienne; Sánchez Serrano, Antonio - 2017

The build-up of risks in advanced economies has seen a lot of research efforts in the recent years, while similar research efforts on emerging economies have not been so strong and, when undertaken, have focused mostly on its international dimension. Simultaneously, the financial system of the...

Persistent link: https://www.econbiz.de/10011976156

Cyclical investment behavior across financial institutions

Timmer, Yannick - 2018

This paper contrasts the investment behavior of different financial institutions in debt securities as a response to past returns. For identification, I use unique security-level data from the German Micro-database Securities Holdings Statistics. Banks and investment funds respond in a...

Persistent link: https://www.econbiz.de/10011978714

Use of credit default swaps by UCITS funds : evidence from EU regulatory data

Guagliano, Claudia; Mazzacurati, Julien; Kenny, Oisin; … - 2019

Using a sample of more than 18,000 Undertakings for Collective Investment in Transferable Securities,or UCITS, this paper aims to provide a first overview of the use of credit default swaps by EU UCITS funds. We show that UCITS funds only account for a small share of the overall EU credit...

Persistent link: https://www.econbiz.de/10012017692

Empirical analysis of collateral at central counterparties

Grothe, Magdalena; Pancost, N. Aaron; Tompaidis, Stathis - 2021

This paper studies the risk management of central counterparties (CCPs) using a granular transaction-level dataset. We test whether margining practices are sufﬁcient relative to portfolio risk and whether CCPs reduce margin requirements in a ‟race-to-the-bottom." We ﬁnd that, for some...

Persistent link: https://www.econbiz.de/10012793428

Investment funds, monetary policy, and the global financial cycle

Kaufmann, Christoph - 2021

This paper studies the role of international investment funds in the transmission of global financial conditions to the euro area using structural Bayesian vector auto regressions. While cross-border banking sector capital ows receded significantly in the aftermath of the global financial...

Persistent link: https://www.econbiz.de/10012510743

Calculating the redistributive impact of pension systems in LAC

Altamirano, Alvaro; Oliveri, María Laura; Bosch Mossi, … - 2023

average, LAC's pension systems are subsidized, as they provide pensions above what workers would have obtained by investing … replacement rates (pensions relative to earnings) for low-income workers. Despite this progressivity, in some countries, absolute … much more progressive, but still, because low-income workers do not qualify for minimum pensions, between 50-60% of …

Persistent link: https://www.econbiz.de/10014545279

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