Banking Policy And The New Pricing Of Deposit Guarantees
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Banking Policy And The Pricing Of Deposit Guarantees
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Author : Mr.W. R. M. Perraudin
language : en
Publisher: International Monetary Fund
Release Date : 1991-12-01
Banking Policy And The Pricing Of Deposit Guarantees written by Mr.W. R. M. Perraudin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-12-01 with Business & Economics categories.
This paper describes a new approach to pricing government deposit guarantees that uses techniques of stochastic process switching employed in the recent literature on exchange rate determination. Our model avoids inconsistent assumptions about the information available to investors and the government common in previous work based on an option pricing approach. We derive actuarially fair deposit insurance premia and optimal financial reorganization rules and examine the role of banking policies such as capital requirements.
Banking Policy And The New Pricing Of Deposit Guarantees
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Author : Steven M. Fries
language : en
Publisher:
Release Date : 1991
Banking Policy And The New Pricing Of Deposit Guarantees written by Steven M. Fries and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Banks and banking categories.
Banking Policy And The Pricing Of Deposit Guarantees
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Author : S.M. Fries
language : en
Publisher:
Release Date : 2006
Banking Policy And The Pricing Of Deposit Guarantees written by S.M. Fries and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper describes a new approach to pricing government deposit guarantees that uses techniques of stochastic process switching employed in the recent literature on exchange rate determination. Our model avoids inconsistent assumptions about the information available to investors and the government common in previous work based on an option pricing approach. We derive actuarially fair deposit insurance premia and optimal financial reorganization rules and examine the role of banking policies such as capital requirements.
Pricing Of Deposit Insurance
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Author : Luc Laeven
language : en
Publisher:
Release Date : 2002
Pricing Of Deposit Insurance written by Luc Laeven and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Deposit insurance categories.
The Business Of Banking
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Author : Giusy Chesini
language : en
Publisher: Springer
Release Date : 2017-10-09
The Business Of Banking written by Giusy Chesini and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-09 with Business & Economics categories.
This book offers new insights on banking business models, risks and regulation proposals in the aftermath of the European financial crisis. It investigates the main issues affecting the business of banking nowadays, such as low interest rates and non-performing loans. The combined effect of low to negative interest rates and weak economic growth has encouraged banks to shift their business towards new areas less associated with interest rates, which financial markets and institutional investors are currently evaluating. Contributions also shed new light on topics not yet fully investigated by current literature, such as banks’ short selling bans after Brexit, the European Deposit Guarantee Scheme and banks’ risk appetite framework. This book will be of interest to researchers, scholars and practitioners.
Contingency Approaches To Corporate Finance
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Author : Dan Galai
language : en
Publisher: World Scientific Publishing Company
Release Date : 2019-01-30
Contingency Approaches To Corporate Finance written by Dan Galai and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-30 with Corporations categories.
Black and Scholes (1973) and Merton (1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and equity. The BSM modeling framework is also named the 'structural' approach to risky debt valuation. The CCA approach considers all stakeholders of the corporation as holding contingent claims on the assets of the corporation. Each claim holder has different priorities, maturities and conditions for payouts. It is based on the principle that all the assets belong to all the liability holders.In the structural approach the arrival of the default event relies on economic arguments for why firms default as it is explicitly related to the dynamics of the economic value of the firm. A standard structural model of default timing assumes that a corporation defaults when its assets drop to a sufficiently low level relative to its liabilities.The BSM modeling framework gives the basic fundamental version of the structural model where default is assumed to occur when the net asset value of the firm at the maturity of the pure-discount debt becomes negative, i.e., market value of the assets of the firm falls below the market value of the firm's liabilities. In a regime of limited liability, the shareholders of the firm have the option to default on the firm's debt. Equity can be viewed as a European call option on the firm's assets with a strike price equal to the face value of the firm's debt. Actually, CCA can be used to value all the components of the firm's liabilities. Option pricing models are used to value stocks, bonds, and many other types of corporate claims.Different versions of the model correspond to different assumptions about the conditions when a firm defaults. Merton (1974) assumes that the firm only defaults at the maturity date of the firm's outstanding debt when the net asset value of the firm, in market value terms, is negative. Others introduce other conditions for default. Also, different authors introduce more complicated capital structure with different kinds of bonds (e.g. senior and junior), warrants, corporate taxes, ESOP, and more. Volume 1: Foundations of CCA and Equity ValuationVolume 1 presents the seminal papers of Black and Scholes (1973) and Merton (1973, 1974). This volume also includes papers that specifically price equity as a call option on the corporation. It introduces warrants, convertible bonds and taxation as contingent claims on the corporation. It highlights the strong relationship between the CCA and the Modigliani-Miller (M&M) Theorems, and the relation to the Capital Assets Pricing Model (CAPM). Volume 2: CCA Approach to Corporate Debt ValuationVolume 2 concentrates on corporate bond valuation by introducing various types of bonds with different covenants as well as introducing various conditions that trigger default. While empirical evidence indicates that the simple Merton's model underestimates the credit spreads, additional risk factors like jumps can be used to resolve it. Volume 3: Issues in Corporate Finance with CCA ApproachVolume 3 includes papers that look at issues in corporate finance that can be explained with the CCA approach. These issues include the effect of dividend policy on the valuation of debt and equity, the pricing of employee stock options and many other issues of corporate governance. Volume 4: CCA Approach to Banking and Financial IntermediationVolume 4 focuses on the application of the contingent claim approach to banks and other financial intermediaries. Regulation of the banking industry led to the creation of new financial securities (e.g., CoCos) and new types of stakeholders (e.g., deposit insurers).
International Conference On Deposit Insurance And Problem Bank Resolution Policies
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Author : Federal Deposit Insurance Corporation
language : en
Publisher:
Release Date : 1990
International Conference On Deposit Insurance And Problem Bank Resolution Policies written by Federal Deposit Insurance Corporation and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Bank deposits categories.
The Changing Role Of Banks And The Changing Value Of Deposit Guarantees
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Author : Peter Ritchken
language : en
Publisher:
Release Date : 1995
The Changing Role Of Banks And The Changing Value Of Deposit Guarantees written by Peter Ritchken and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Bank investments categories.
Deposit Insurance
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Author : Rita Carisano
language : en
Publisher: Dartmouth Publishing Company
Release Date : 1992
Deposit Insurance written by Rita Carisano and has been published by Dartmouth Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
The salience of deposit insurance has increased enormously in recent years as a result of the thrifts crisis in the USA and its proposed introduction to the European Community.
Deposit Insurance
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Author : G. G. Garcia
language : en
Publisher: International Monetary Fund
Release Date : 1996-08
Deposit Insurance written by G. G. Garcia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-08 with Business & Economics categories.
The paper contrasts deposit protection with other forms of insurance, examines why goods and services of all kinds receive warranties and guarantees, and explores the particular characteristics of deposits and banks that merit deposit insurance. It examines a variety of reasons why countries choose to adopt systems of deposit insurance, the pitfalls that can arise from poorly designed schemes, and the features of a scheme that successfully avoids these pitfalls.