Global Financial Contagion Identification
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Global Financial Contagion Identification
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Author : Ajbinder Sull
language : en
Publisher:
Release Date : 2006
Global Financial Contagion Identification written by Ajbinder Sull and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Financial crises categories.
In the last several years, there has been a large amount of effort aimed at identifying the causes of contagion and how contagion can be measured. Recent studies have found that correlation coefficients overstate the existence of contagion due to the heteroscedasticity of market returns. Specifically, this paper applies an adjustment to the correlations between the Russian and Brazilian stock markets to determine whether or not the rise in variances during the Russian Cold crisis of 1998 was in fact an episode of contagion. A crisis period that causes an increase in the level of biasness leads to false conclusions of contagion - when in fact none exists. In light of these findings and given the immense fallout from the Russian Cold crisis of 1998, this paper will apply a methodology of adjusting for volatility to show that the Russian debt default did not lead to contagion in Brazil.
Identifying International Financial Contagion
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Author : Mardi Dungey
language : en
Publisher: Oxford University Press, USA
Release Date : 2005
Identifying International Financial Contagion written by Mardi Dungey and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
This book tackles these factors theoretically, providing an intellectually satisfying framework for the understanding of financial contagion."--Jacket.
Identifying International Financial Contagion
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Author : Mardi Dungey
language : en
Publisher:
Release Date : 2005
Identifying International Financial Contagion written by Mardi Dungey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Financial crises categories.
This is a review of the literature on international financial contagion. The contributions bridge the gap between econometric theory and evidence, while the range of financial market and country regions under consideration highlights future challenges facing econometricians, international policymakers and financial practitioners.
Financial Contagion
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Author : Rob Quail
language : en
Publisher: John Wiley & Sons
Release Date : 2011-02-09
Financial Contagion written by Rob Quail and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-09 with Business & Economics categories.
"Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.
Evolution Of The Global Financial Network And Contagion A New Approach
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Author : Ms.Yevgeniya Korniyenko
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-15
Evolution Of The Global Financial Network And Contagion A New Approach written by Ms.Yevgeniya Korniyenko 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 2018-05-15 with Business & Economics categories.
This paper studies the interconnectedness of the global financial system and its susceptibility to shocks. A novel multilayer network framework is applied to link debt and equity exposures across countries. Use of this approach—that examines simultaneously multiple channels of transmission and their important higher order effects—shows that ignoring the heterogeneity of financial exposures, and simply aggregating all claims, as often done in other studies, can underestimate the extent and effects of financial contagion.The structure of the global financial network has changed since the global financial crisis, impacted by European bank’s deleveraging and higher corporate debt issuance. Still, we find that the structure of the system and contagion remain similar in that network is highly susceptible to shocks from central countries and those with large financial systems (e.g., the USA and the UK). While, individual European countries (excluding the UK) have relatively low impact on shock propagation, the network is highly susceptible to the shocks from the entire euro area. Another important development is the rising role of the Asian countries and the noticeable increase in network susceptibility to shocks from China and Hong Kong SAR economies.
International Contagion
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Author : Giovanni Majnoni
language : en
Publisher:
Release Date : 2016
International Contagion written by Giovanni Majnoni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
What can the international community do to prevent financial contagion?Chang and Majnoni try to identify and evaluate the public policy implications of financial contagion on the basis of a very simple model of financial crises. In this model, financial contagion can be driven by a combination of fundamentals and by self-fulfilling market expectations.The model allows the authors to identify different notions of contagion, especially the distinction between monsoonal effects, spillovers, and switchers between equilibria.They discuss both domestic and international policy options.Domestic policies, they say, should be aimed at reducing financial fragility - that is, reducing unnecessary short-term debt commitments. With explicit commitments, the maturity of external debts should be lengthened. With implicit commitments, such as private liability guarantees, they emphasize limiting or eliminating such guarantees, to improve an economy's international liquidity and reduce its exposure to contagion.Internationally, they stress the need for improving financial standards, which makes it easier to assess when a country is subject to different kinds of contagion. The effectiveness of international rescue packages depends on the kind of contagion to which a country is exposed.Implications: The international community should help those countries that are already helping themselves.This paper - a product of the Financial Sector Strategy and Policy Group -is part of a larger effort in the group to study the determinants and policy implications of international financial contagion. The author Giovanni Majnoni may be contacted at [email protected].
International Financial Contagion
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Author : Stijn Claessens
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
International Financial Contagion written by Stijn Claessens and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
The Big C
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Author : Kristin Forbes
language : en
Publisher:
Release Date : 2012
The Big C written by Kristin Forbes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Economics categories.
This paper surveys and assesses the academic literature on defining, measuring, and identifying financial contagion and the various channels by which it can occur. It also includes new empirical analysis of recent trends and causes of contagion, highlighting contagion risks in the euro area. The paper defines "interdependence" as high correlations across markets during all states of the world and "contagion" as the spillovers from extreme negative events. Interdependence has increased dramatically over time, especially within the euro area, even after controlling for global shocks and changes in volatility. Not surprisingly, negative events in one country also quickly affect others. Regression analysis shows that a country is more vulnerable to contagion if it has a more levered banking system, greater trade exposure, weaker macroeconomic fundamentals, and larger international portfolio investment liabilities. Countries are less vulnerable, however, if they have larger international portfolio investment assets (which can provide a buffer against shocks) and are less reliant on debt (versus equity) for international financing. These results have important implications for understanding contagion and for analyzing policies designed to mitigate contagion, especially for the current crisis in the euro area.
Global Financial Contagion
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Author : Shalendra D. Sharma
language : en
Publisher: Cambridge University Press
Release Date : 2014
Global Financial Contagion written by Shalendra D. Sharma and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
This book is an authoritative account of the economic and political roots of the 2008 financial crisis. It examines why it was triggered in the United States, why it morphed into the Great Recession, and why the contagion spread with such ferocity around the globe. It also examines how and why economies - including the Eurozone, Russia, China, India, East Asia, and the Middle East - have been impacted and explores their response to the unprecedented challenges of the crisis and the effectiveness of their policy measures. Global Financial Contagion specifically looks at how the Obama administration's policy missteps have contributed to America's huge debt and slow recovery, why the Eurozone's response to its existential crisis has become a never-ending saga, and why the G-20's efforts to create a new international financial architecture may fall short. This book will long be regarded as the standard account of the crisis and its aftermath.
Financial Contagion
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Author : Robert W. Kolb
language : en
Publisher: Wiley
Release Date : 2011-02-22
Financial Contagion written by Robert W. Kolb and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-22 with Business & Economics categories.
"Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.