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Quantitative Easing and Credit Rating Agencies

Abidi, Nordine; Falagiarda, Matteo; Miquel-Flores, Ixart - 2022

This paper investigates the behaviour of credit rating agencies using a natural experiment in monetary policy. We exploit the corporate QE of the Eurosystem and its rating-based specific design which generates exogenous variation in the probability for a bond of becoming eligible for outright...

Persistent link: https://www.econbiz.de/10013405784

Assessing the Cost of Financial Regulation

Elliott, Douglas - 2012

This study assesses the overall impact on credit of the financial regulatory reforms in Europe, Japan, and the United … higher taxes and fees. Overall, average lending rates in the base case would rise by 18 bps in Europe, 8 bps in Japan, and 28 …

Persistent link: https://www.econbiz.de/10013099136

Structural Changes in Japanese Firms : Business Dynamism in an Aging Society

Hong, Gee Hee; Ito, Arata; Saito, Yukiko Umeno; Anh Thi … - 2021

patterns have evolved between 2007 and 2017. Firm exit patterns have been heavily influenced by Japan's demographic trends, as …

Persistent link: https://www.econbiz.de/10013228164

Unstash the Cash! Corporate Governance Reform in Japan

Aoyagi, Chie - 2014

Japan's high corporate savings might be holding back growth. We focus on the causes and consequences of the current … corporate behavior and suggest options for reform. In particular, Japan's weak corporate governance - as measured by available … comprehensive corporate governance reform should be a key component of Japan's growth strategy …

Persistent link: https://www.econbiz.de/10013048363

Feeling the Heat : Climate Shocks and Credit Ratings

Cevik, Serhan; Jalles, João Tovar - 2021

Climate change is an existential threat to the world economy like no other, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic impact of climate change, but research on how climate change affects sovereign...

Persistent link: https://www.econbiz.de/10013250076

How is the Likelihood of Fire Sales in a Crisis Affected by the Interaction of Various Bank Regulations?

Kirti, Divya - 2017

We present a model that describes how different types of bank regulation can interact to affect the likelihood of fire sales in a crisis. In our model, risk shifting motives drive how banks recapitalize following a negative shock, leading banks to concentrate their portfolios. Regulation affects...

Persistent link: https://www.econbiz.de/10012956306

Islamic Finance, Consumer Protection, and Financial Stability

Lukonga, Inutu - 2015

Consumer protection and financial literacy are essential pillars of a well functioning and stable financial system. As the global financial crisis demonstrated, inadequate attention to consumer protection and financial literacy can lead to financial instability. Though Shari'ah principles...

Persistent link: https://www.econbiz.de/10013021443

Banking and Trading

Ratnovski, Lev - 2012

We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with...

Persistent link: https://www.econbiz.de/10013098572

Appraising Credit Ratings : Does the CAP Fit Better than the ROC?

Irwin, R. John - 2012

ROC and CAP analysis are alternative methods for evaluating a wide range of diagnostic systems, including assessments of credit risk. ROC analysis is widely used in many fields, but in finance CAP analysis is more common. We compare the two methods, using as an illustration the ability of the...

Persistent link: https://www.econbiz.de/10013102283

Survey of Reserve Managers : Lessons from the Crisis

Morahan, Aideen - 2013

This paper reports in detail on a survey that was circulated to reserve managing central banks of IMF member countries in April 2012. The survey aims to gain further insight into how reserve managers have reacted to the crisis to date. The survey also aims to understand how reserve managers...

Persistent link: https://www.econbiz.de/10013080847