Intertwined Sovereign And Bank Solvencies In A Model Of Self Fulfilling Crisis
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Intertwined Sovereign And Bank Solvencies In A Model Of Self Fulfilling Crisis
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Author : Gustavo Adler
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-01
Intertwined Sovereign And Bank Solvencies In A Model Of Self Fulfilling Crisis written by Gustavo Adler 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 2012-07-01 with Business & Economics categories.
Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence between fiscal and bank solvency. This paper presents a simple model of twin (sovereign and banking) crisis that stresses how this interdependence creates conditions conducive to a self-fulfilling crisis.
Financial Crises Explanations Types And Implications
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Author : Mr.Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-30
Financial Crises Explanations Types And Implications written by Mr.Stijn Claessens 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 2013-01-30 with Business & Economics categories.
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Three Branches Of Theories Of Financial Crises
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Author : Itay Goldstein
language : en
Publisher:
Release Date : 2015-12-15
Three Branches Of Theories Of Financial Crises written by Itay Goldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-15 with Business & Economics categories.
In this monograph, we review three branches of theoretical literature on financial crises. The first deals with banking crises originating from coordination failures among bank creditors. The second deals with frictions in credit and interbank markets due to problems of moral hazard and adverse selection. The third deals with currency crises. We discuss the evolutions of these branches in the literature, and how they have been integrated recently to explain the turmoil in the world economy during the East Asian crises and in the last few years. We discuss the relation of the models to the empirical evidence and their ability to guide policies to avoid or mitigate future crises.
Sovereign Debt Restructurings 1950 2010
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Author : Mr.Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das 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 2012-08-01 with Business & Economics categories.
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Modern Financial Crises
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Author : Beniamino Moro
language : en
Publisher: Springer
Release Date : 2015-07-21
Modern Financial Crises written by Beniamino Moro and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-21 with Business & Economics categories.
This book is devoted to the analysis of the three main financial crises that have marked this century: 2001 Argentina’s defaulting on its external debt, the American subprime crisis in 2008, and the current European debt crisis in Europe. The book pursues three major objectives: firstly, to accurately portray these three financial crises; secondly, to analyze what went wrong with mainstream economic theory, which was unable to foresee these types of economic turmoil; and thirdly, to review macroeconomic theory, re-evaluating Keynes’ original contribution to economic analysis and pointing out the need to rebuild macroeconomics with a view to studying economic illness rather than trying to prove the non-existence of economic problems.
Tracking Global Demand For Advanced Economy Sovereign Debt
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Author : Mr.Serkan Arslanalp
language : en
Publisher: International Monetary Fund
Release Date : 2012-12-03
Tracking Global Demand For Advanced Economy Sovereign Debt written by Mr.Serkan Arslanalp 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 2012-12-03 with Business & Economics categories.
Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this methodology, it introduces a dataset for 24 major advanced economies that can be used to track US$42 trillion of sovereign debt holdings on a quarterly basis over 2004-11. While recent outflows from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on foreign investors. This may have helped reduce borrowing costs, but it can imply higher refinancing risks going forward. Meanwhile, advanced economy banks’ exposure to their own government debt has begun to increase across the board after the global financial crisis, strengthening sovereign-bank linkages. In light of these risks, the paper proposes a framework—sovereign funding shock scenarios (FSS)—to conduct forward-looking analysis to assess sovereigns’ vulnerability to sudden investor outflows, which can be used along with standard debt sustainability analyses (DSA). It also introduces two risk indices—investor base risk index (IRI) and foreign investor position index (FIPI)—to assess sovereigns’ vulnerability to shifts in investor behavior.
Imf Research Bulletin September 2012
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-27
Imf Research Bulletin September 2012 written by International Monetary Fund. Research Dept. 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 2012-09-27 with Business & Economics categories.
The research summaries in the September 2012 issue of the IMF Research Bulletin are "Surges in Capital Flows: Why History Repeats Itself" (by Mahvash S. Qureshi) and "The LIC-BRIC Linkage: Growth Spillovers" (by Issouf Samake, Yongzheng Yang, and Catherine Pattillo). The Q&A covers "Seven Questions on Monetary Transmission in Low-Income Countries" (by Prachi Mishra and Peter Montiel). "Conversations with a Visiting Scholar" features an interview with IMF Fellow Olivier Coibion. Also included in this issue are details on the IMF Fellowship Program, visiting scholars at the IMF, a listing of recently published IMF Working Papers and Staff Discussion Notes, and an announcement on IMF Economic Review's first Impact Factor.
Reassessing The Role And Modalities Of Fiscal Policy In Advanced Economies
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-06-21
Reassessing The Role And Modalities Of Fiscal Policy In Advanced Economies written by International Monetary Fund. Fiscal Affairs Dept. 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 2013-06-21 with Business & Economics categories.
This paper investigates how developments during and after the 2008–09 crisis have changed economists’ and policymakers’ views on: (i) fiscal risks and fiscal sustainability; (ii) the effectiveness of fiscal policy as a countercyclical tool; (iii) the appropriate design of fiscal adjustment programs; and (iv) the role of fiscal institutions.
Regional Economic Outlook May 2013 Western Hemisphere
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-06
Regional Economic Outlook May 2013 Western Hemisphere written by International Monetary Fund. Western Hemisphere Dept. 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 2013-05-06 with Business & Economics categories.
Despite some global risks, external conditions for Latin America should remain stimulative. With monetary policy in advanced economies expected to stay accommodative, external financing conditions will remain favorable. Strong demand from emerging Asian economies and the gradual recovery of advanced economies will continue to support commodity prices, benefiting exporters. The main policy challenge for most of the region is to take advantage of current conditions to continue buttressing a foundation for sustained growth. Other issues important to the region include: (i) strengthening balance sheets; (ii) understanding how changes in external conditions could impact public and external debt dynamics; and (iii) making the best use of the windfall from the recent terms-of-trade boom.
2021 Comprehensive Surveillance Review Background Paper On The Surveillance Priority Confronting Risks And Uncertainties
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-18
2021 Comprehensive Surveillance Review Background Paper On The Surveillance Priority Confronting Risks And Uncertainties written by International Monetary 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 2021-05-18 with Business & Economics categories.
The coverage of risks has become more systematic since the Global Financial Crisis (GFC): staff reports now regularly identify major risks and provide an assessment of their likelihood and economic impact, summarized in Risk Assessment Matrices (RAM). But still limited attention is paid to the range of possible outcomes. Also, risk identification is useful only so much as to inform policy design to preemptively respond to relevant risks and/or better prepare for them. In this regard, policy recommendations in surveillance could be richer in considering various risk management approaches. To this end, progress is needed on two dimensions: • Increasing emphasis on the range of potential outcomes to improve policy design. • Encouraging more proactive policy advice on how to manage risks. Efforts should continue to leverage internal and external resources to support risk analysis and advice in surveillance.