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| Registros recuperados: 12 | |
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| Hart, Oliver; Zingales, Luigi. |
| We design a new, implementable capital requirement for large financial institutions (LFIs) that are too big to fail. Our mechanism mimics the operation of margin accounts. To ensure that LFIs do not default on either their deposits or their derivative contracts, we require that they maintain an equity cushion sufficiently great that their own credit default swap price stays below a threshold level, and a cushion of long term bonds sufficiently large that, even if the equity is wiped out, the systemically relevant obligations are safe. If the CDS price goes above the threshold, the LFI regulator forces the LFI to issue equity until the CDS price moves back down. If this does not happen within a predetermined period of time, the regulator intervenes. We show... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Banks; Capital Requirement; Too Big to Fail; Financial Economics; G21; G28. |
| Ano: 2009 |
URL: http://purl.umn.edu/56220 |
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| Krawczyk, Mariusz K.. |
| The weakness of the Japanese banking industry, suffering from acute problem of non-performing loans, prevents Japan from restoring sound growth rates despite having undertaken structural reforms and substantial fiscal policy efforts, and, through impairing transmission channels of monetary policy, it has also made ineffective efforts to stimulate the economy through "zero interest rates" and quantitative easing policy. Misunderstanding the roots of the banking crisis contributed greatly to its exceptional length and depth and prevented its early solution. Poor coordination and sequencing of liberalization of financial services together with macroeconomic policy mistakes have been responsible for the crisis. But the origins of those mistakes can be traced... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Japanese economy; Banking crisis; Financial liberalisation; Financial Economics; G21; G28. |
| Ano: 2004 |
URL: http://purl.umn.edu/26383 |
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| Farhi, Emmanuel; Tirole, Jean. |
| The paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating refinancing. In turn, refusing to adopt a risky balance sheet lowers the return on equity. The key ingredient is that monetary policy is non-targeted. The ex post benefits from a monetary bailout accrue in proportion to the number amount of leverage, while the distortion costs are to a large extent fixed. This insight has important consequences. First, banks choose to correlate their risk exposures. Second, private borrowers may deliberately choose to increase their interest-rate sensitivity following bad news about... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Monetary Policy; Funding Liquidity Risk; Strategic Complementarities; Macro-Prudential Supervision; Financial Economics; E44; E52; G28. |
| Ano: 2009 |
URL: http://purl.umn.edu/52545 |
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| Deininger, Klaus W.; Goyal, Aparajita. |
| Despite strong beliefs that property titling and registration will enhance credit access, empirical evidence in support of such effects remains scant. The gradual roll-out of computerization of land registry systems across Andhra Pradesh’s 387 sub-registry offices (SROs) allows us to combine quarterly administrative data on credit disbursed by all commercial banks for a 11 year period (1997-2007) aggregated to the SRO level with the date of shifting registration from manual to digital. Computerization had no credit effect in rural areas but led to increased credit-supply in urban ones. A marked increase of registered urban mortgages due to computerization supports the robustness of the result. At the same time, estimated impacts from reduction of stamp... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Registration; Credit; Transactions; Computerization; India; International Development; Land Economics/Use; G28; Q24; R51; R52. |
| Ano: 2010 |
URL: http://purl.umn.edu/61257 |
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| Tirole, Jean. |
| The recent crisis was characterized by massive illiquidity. This paper reviews what we know and don't know about illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated given that a capital adequacy requirement is already in place. The paper then analyzes market breakdowns due to either adverse selection or shortages of financial muscle, and explains why such breakdowns are endogenous to balance sheet choices and to information acquisition. It then looks at what economics can contribute to the debate on systemic risk and its containment. Finally, the paper takes a... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Liquidity; Contagion; Bailouts; Regulation; Financial Economics; E44; E52; G28. |
| Ano: 2010 |
URL: http://purl.umn.edu/91011 |
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| Kanas, Angelos. |
| We test for pure contagion effects in international banking arising from the failure of the Bank of Credit and Commerce International (BCCI), one of the largest bank failures in the world. We focused on large individual banks in three developed countries where BCCI had established operations, namely the UK, the US, and Canada. Using event study methodology, we tested for contagion effects using time windows surrounding several known BCCI-related announcements. Our analysis provides strong evidence of pure contagion effects in the UK, which have arisen prior to the official closure date. In contrast, there is no evidence of pure contagion effects in the US and Canada. |
| Tipo: Journal Article |
Palavras-chave: Bank failures; Pure contagion effects; Event study methodology; Abnormal returns; G21; G28. |
| Ano: 2005 |
URL: http://purl.umn.edu/37495 |
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| Hoxhaj, Rezart. |
| This paper describes important regulation issues that concern microfinance. It starts by considering literature on how and why to regulate and supervise microfinance. Considering the specific case of microfinance in Albania, it analyzes the context of this industry and some particular issues that might influence its growth. Related regulation in Albania seems to be not activity–oriented since a real definition of microfinance is lacking in the Albanian law. Therefore, Albanian microfinance sector needs, first of all, a microcredit and microfinance definition to implement the right development policies and avoid confusion and license misuse. Moreover, the regulatory framework seems to be too restrictive for institutions supposed to be engaged in... |
| Tipo: Journal Article |
Palavras-chave: Microfinance institution; Regulation; Supervision; Credit union; Non-bank financial institution.; Financial Economics; G21; G28; K23. |
| Ano: 2010 |
URL: http://purl.umn.edu/95971 |
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| Luigi, Zingales. |
| The U.S. system of security law was designed more than 70 years ago to regain investors’ trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors’ perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management. |
| Tipo: Working or Discussion Paper |
Palavras-chave: U.S. Security Law; Securities Regulation; Trust; Financial Economics; G2; G28; G01. |
| Ano: 2009 |
URL: http://purl.umn.edu/50356 |
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| Registros recuperados: 12 | |
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