Could Asymmetric Information Alone Have Caused The Collapse Of Private Label Securitization
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Could Asymmetric Information Alone Have Caused The Collapse Of Private Label Securitization
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Author : Daniel O. Beltran
language : en
Publisher: DIANE Publishing
Release Date : 2010
Could Asymmetric Information Alone Have Caused The Collapse Of Private Label Securitization written by Daniel O. Beltran and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Reference categories.
A key feature of the 2007-2008 financial crisis is that for some classes of securities trade has ceased. And where trade does occur, it appears that market prices are well below what one might believe to be the intrinsic value for that class of security. This seems to be especially true for those securities where the payoff streams are particularly complex (for ex., CDOs). One explanation for this is that info. about these securities intrinsic values is asymmetric, with the current holders having better info. than potential buyers. The resulting adverse selection problem can help explain why more complex securities trade at significant discounts to their intrinsic values or do not trade at all. Charts and tables. This is a print on demand report.
Could Asymmetric Information Alone Have Caused The Collapse Of Private Label Securitization
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Author : Daniel O. Beltran
language : en
Publisher:
Release Date : 2015
Could Asymmetric Information Alone Have Caused The Collapse Of Private Label Securitization written by Daniel O. Beltran and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
A key feature of the 2007-2008 financial crisis is that for some classes of securities trade has ceased. And where trade does occur, it appears that market prices are well below what one might believe to be the intrinsic value for that class of security. This seems to be especially true for those securities where the payoff streams are particularly complex (for example, CDOs). One explanation for this is that information about these securities' intrinsic values is asymmetric, with the current holders having better information than potential buyers. We show how the resulting adverse selection problem can help explain why more complex securities trade at significant discounts to their intrinsic values or do not trade at all. To examine whether asymmetric information alone would suffice to shut down portions of the asset-backed securities (ABS) market, we append a simple "workhorse" model for pricing securities under asymmetric information into a Monte Carlo simulation that generates hypothetical securities backed by residential mortgages. We conduct a type of "stress test" on the ABS by making the distribution of payoffs to the underlying loans worse, and find that the intrinsic values of the securities further down the securitization chain become dispersed in such a way that the market for them may shut down under asymmetric information. We then consider the role for government intervention, and compare the effectiveness of different policies that aim to unclog these markets.
Rethinking The Federal Reserve S Many Mandates On Its 100 Year Anniversary
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Author : United States. Congress. House. Committee on Financial Services
language : en
Publisher:
Release Date : 2014
Rethinking The Federal Reserve S Many Mandates On Its 100 Year Anniversary written by United States. Congress. House. Committee on Financial Services and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Anti-inflationary policies categories.
Asian Monetary Policy Forum The Insights For Central Banking
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Author : Steven J Davis
language : en
Publisher: World Scientific
Release Date : 2021-06-03
Asian Monetary Policy Forum The Insights For Central Banking written by Steven J Davis and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-03 with Business & Economics categories.
The Monetary Authority of Singapore, Asian Bureau of Finance and Economic Research, University of Chicago Booth Business School, and National University of Singapore Business School have organised the Asian Monetary Policy Forum (AMPF) annually since 2014. The Forum brings together eminent academics, policymakers and private sector economists to deliberate pressing monetary policy issues particularly relevant for Asian countries.This volume collects the inaugural speech and commissioned papers from the past Forums from 2014 to 2020. The chapters cover a range of topics that have assumed importance in the global monetary and financial system over the past twenty years. These include the efficacy of traditional monetary policy frameworks amid synchronised global financial flows, the challenges presented by the US dollar dominance, and the optimality of central banks' use of a broader set of policy instruments within an integrated policy framework. Policymakers, practitioners, students and academicians will be able to draw from this volume useful insights to understand these complex policy challenges.
The Financial Crisis Inquiry Report
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Author : Financial Crisis Inquiry Commission
language : en
Publisher: Cosimo, Inc.
Release Date : 2011-05-01
The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-01 with Political Science categories.
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Banking Regulation In Africa
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Author : Folashade Adeyemo
language : en
Publisher: Routledge
Release Date : 2021-12-28
Banking Regulation In Africa written by Folashade Adeyemo and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-28 with Law categories.
There is little literature on the development of banking regulation in Nigeria, or the scope of powers of the Central Bank of Nigeria, which is its core banking sector regulator. The critical impetus of this book is to contribute to the literature of this area, with a detailed exploration of the Nigerian regulatory architecture. In addition, the book also engages in a comparative analysis with two emerging economies in Africa: South Africa and Kenya. It also considers the UK and the US as comparator jurisdictions in light of their regulatory responses to the global financial crisis of 2008. This book contributes to the ongoing discourse in this area by exploring, in detail, the theoretical underpinnings of regulation and supervision, to determine whether there is an understanding of what constitutes effective regulation in these jurisdictions. Given that Nigeria is the core jurisdictional focus, a historical account of banking exchanges from the pre-colonial era to more recent times is provided. Offering an understanding of how political, local and economic settings, in conjunction with the theories of regulation, have impacted and influenced regulatory development in Nigeria, the book engages in an examination of Nigeria’s historical experiences with bank failures, including the banking crisis it experienced in 2008. The newly enacted Banks and Other Financial Institutions Act 2020 is also explored as part of this discourse. Through a critical analysis of the law, the book demonstrates that the Nigerian regulator has historically adopted a reactionary strategy, instead of a proactive and pragmatic approach, which is imperative for an effective regulatory regime. The outcome of this analysis is that there are lessons to be learned, and proposals are discussed in order to rethink the act of banking regulation.
Neoliberalism 2 0 Regulating And Financing Globalizing Markets
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Author : L. Nijs
language : en
Publisher: Springer
Release Date : 2016-01-26
Neoliberalism 2 0 Regulating And Financing Globalizing Markets written by L. Nijs and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-26 with Business & Economics categories.
In today's increasingly globalized environment, many economic fundamentals need to be reconsidered in order to regain stability in the global marketplace. One such consideration is the failing dynamics of the international tax infrastructure. Neoliberalism 2.0 brings a 21st century assessment of the Pigovian taxes, considering a completely new calibration of the international tax systems, inspired by the historically developed Pigovian tax model. The book considers the impact neoliberalism had and will have on regulatory infrastructure, democracy in an era of globalization and reduced legitimation of the national state. The Pigovian model brings home the often forgotten relationship between taxation (as a part of the regulatory sphere), macro-economics, and the political-philosophical context in which law and economics emerge. The model also takes into account the phenomena of globalization and financialization and is tested using the financial sector as an example. This book addresses the many challenges a Pigovian shift would imply for the sovereign and its national economies. Neoliberalism 2.0 demonstrates the ability to design a paradigm-changing alternative to the current tax infrastructure, while taking into account a low economic growth environment of the future, the implications of globalization and the changing relationship between citizens and their state.
Capital Structure In The Modern World
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Author : Anton Miglo
language : en
Publisher: Springer
Release Date : 2016-07-20
Capital Structure In The Modern World written by Anton Miglo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-20 with Business & Economics categories.
This book focuses on microeconomic foundations of capital structure theory. It combines theoretical results with a large number of examples, exercises and applications. The book examines fundamental ideas in capital structure management, some of which are still not very well understood in the business community, such as Modigliani and Miller’s irrelevance result, trade-off theory, pecking-order theory, asset substitution, credit rationing and debt overhang. Chapters also cover capital structure issues that have become very important following the recent financial crisis. Miglo discusses the ways in which financial economists were forced to look critically at capital structure, as the problems faced by many companies stemmed from their financing policies following the crisis. The book also discusses links between capital structure and firm’s performance, corporate governance, firm’s strategy and flexibility, and covers such topics as life cycle approach to capital structure management, capital structure of small and start-up companies, corporate financing versus project financing and examples of optimal capital structure analyses for different companies. This comprehensive guide to capital structure theory will be of interest to all students, academics and practitioners seeking to understand this fast-developing and critical area of business management.
The Handbook Of Global Shadow Banking Volume I
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Author : Luc Nijs
language : en
Publisher: Springer Nature
Release Date : 2020-06-30
The Handbook Of Global Shadow Banking Volume I written by Luc Nijs and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-30 with Business & Economics categories.
This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
Routledge Handbook Of Macroeconomic Methodology
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Author : Jesper Jespersen
language : en
Publisher: Taylor & Francis
Release Date : 2023-06-20
Routledge Handbook Of Macroeconomic Methodology written by Jesper Jespersen and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-20 with Business & Economics categories.
The present macroeconomic crisis has demonstrated that a deeper understanding of the importance of relevant macroeconomic theories and methods is wanting. Additionally, lack of methodological awareness is behind much of the disagreement within macroeconomics which, looked upon from outside, often appears incomprehensible. The Handbook gives a structured presentation of the study of principles and procedures by which macroeconomics is researched, taught and communicated both within academia and to a wider audience, and why specific theories, research strategies and teaching are preferred. The principles of selecting theory relevant to real-world problems are the core of methodology. This book contains a broad range of arguments behind theory construction and appraisal and the consequences of these choices within the field of macroeconomics. An international range of experts provide clear analysis of key concepts, ideas and principles to give academics, students and others a better understanding of the macroeconomics behind policy conclusions which are put forward at different levels.