The Systemic Impact Of Debt Default In A Multilayered Global Network Model
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The Systemic Impact Of Debt Default In A Multilayered Global Network Model
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Author : Mr. Nathan Porter
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-02
The Systemic Impact Of Debt Default In A Multilayered Global Network Model written by Mr. Nathan Porter 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 2022-09-02 with Business & Economics categories.
The world has become more interconnected over the past few decades. Against this backdrop, economic and financial contagion following adverse shocks can have a severe impact on the global economy. How systemic can the effects of contagion be? What specific transmission channels are involved? What is their relative importance? We address these questions using a multilayered global network model of contagion that simulates the impact of sovereign debt default on the global economy. We also develop a measure of global systemic risk and use bank stress testing techniques to quantify the systemic impact of the shock and the extent of contagion on the global economy. Our model shows that economic and financial contagion are highly non-linear, and many bystander economies can experience significant negative effects as the initial default is spread through the network. This suggests that many economies might be systemically more important than what conventional measures of size or openness might suggest.
Comap Mapping Contagion In The Euro Area Banking Sector
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Author : Mehmet Ziya Gorpe
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-10
Comap Mapping Contagion In The Euro Area Banking Sector written by Mehmet Ziya Gorpe 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 2019-05-10 with Business & Economics categories.
This paper presents a novel approach to investigate and model the network of euro area banks’ large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral linkages. We develop a Contagion Mapping model fully calibrated with bank-level data to study the contagion potential of an exogenous shock via credit and funding risks. We find that tipping points shifting the euro area banking system from a less vulnerable state to a highly vulnerable state are a non-linear function of the combination of network structures and bank-specific characteristics.
Global Financial Stability Report April 2010
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2010-05-20
Global Financial Stability Report April 2010 written by International Monetary Fund. Monetary and Capital Markets Department 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 2010-05-20 with Business & Economics categories.
Risks to global financial stability have eased as the economic recovery has gained steam. But policies are needed to reduce sovereign vulnerabilities, ensure a smooth deleveraging process, and complete the regulatory agenda. The April 2010 Global Financial Stability Report examines systemic risk and the redesign of financial regulation; the role of central counterparties in making over-the-counter derivatives safer; and the effects of the expansion of global liquidity on receiving economies.
Global Shocks And The New Global And Regional Financial Architecture
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Author : Naoyuki Yoshino
language : en
Publisher:
Release Date : 2018
Global Shocks And The New Global And Regional Financial Architecture written by Naoyuki Yoshino and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Business & Economics categories.
Asian economies continue to be subject to new shocks: US monetary policy tightening, the adoption of negative-interest-rate policies by central banks all over the world, the slowdown of the People's Republic of China, and the sharp drop in oil and other commodity prices. All these highlight the vulnerability of the region to volatile trade and capital flows even as the global and Asian regional financial architecture evolves. This volume analyzes the vulnerabilities of Asian economies to external economic and financial shocks and assesses the performance of Asian regional institutions in financial surveillance and cooperation. It also evaluates ongoing reforms of the global financial architecture, including the International Monetary Fund (IMF), the Financial Stability Board, and reviews the experience of the "Troika" (European Commission, European Central Bank, and the IMF) in managing the European sovereign debt and banking crisis. Based on these, the book develops valuable recommendations to strengthen the Asian regional financial architecture and improve cooperation with global multilateral institutions.
Resetting The International Monetary Non System
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Author : José Antonio Ocampo
language : en
Publisher: Oxford University Press
Release Date : 2017
Resetting The International Monetary Non System written by José Antonio Ocampo and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business & Economics categories.
Annotation Provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.
What Is Real And What Is Not In The Global Fdi Network
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Author : Jannick Damgaard
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-11
What Is Real And What Is Not In The Global Fdi Network written by Jannick Damgaard 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 2019-12-11 with Business & Economics categories.
Macro statistics on foreign direct investment (FDI) are blurred by offshore centers with enormous inward and outward investment positions. This paper uses several new data sources, both macro and micro, to estimate the global FDI network while disentangling real investment and phantom investment and allocating real investment to ultimate investor economies. We find that phantom investment into corporate shells with no substance and no real links to the local economy may account for almost 40 percent of global FDI. Ignoring phantom investment and allocating real investment to ultimate investors increases the explanatory power of standard gravity variables by around 25 percent.
Stress Testing The Global Economy To Climate Change Related Shocks In Large And Interconnected Economies
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Author : Mr. Camilo E Tovar Mora
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-16
Stress Testing The Global Economy To Climate Change Related Shocks In Large And Interconnected Economies written by Mr. Camilo E Tovar Mora 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 2022-09-16 with Business & Economics categories.
We stress test the global economy to extreme climate change-related shocks on large and interconnected economies. Our analysis (i) identifies large and interconnected economies vulnerable to climate change-related shocks; (ii) estimates these economies’ external financing needs-at-risk due to these shocks, and (iii) quantifies the spillovers to the global economy using a global network model. We show that large and interconnected economies vulnerable to climate change could trigger a drain of $1.8 trillion in international reserves (2 percent of 2019’s global GDP). Domestic and multilateral macroeconomic policies can help reduce these global lossess to about $0.8 trillion. The scenario highlights the importance of considering global spillovers when assessing the impact of climate change-related shocks.
Estimating Bilateral Exposures In The German Interbank Market
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Author : Christian Upper
language : en
Publisher:
Release Date : 2016
Estimating Bilateral Exposures In The German Interbank Market written by Christian Upper 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.
Credit risk associated with interbank lending may lead to domino effects, where the failureKreditrisiken aus Interbankbeziehungen können zu Dominoeffekten führen indem der.
The Great Financial Plumbing
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Author : Karel Lannoo
language : en
Publisher: Rowman & Littlefield
Release Date : 2015-09-30
The Great Financial Plumbing written by Karel Lannoo and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-30 with Business & Economics categories.
The financial crisis has led to a far-reaching redesign of the European regulatory and supervisory framework. Following the commitments made in the context of the G-20, but also reacting to internal shortcomings, the EU engaged in a massive program to re-regulate financial markets. The EU furthermore redesigned the structure for supervisory cooperation, initially through the European Supervisory Authorities, and later in its ambition to form the Banking Union. In The Great Financial Plumbing, Karel Lannoo systematically assesses the new regulatory and supervisory framework. The book’s structure follows the big questions on the agenda: 1) What is Banking Union? 2) How have the concerns of the G-20 been addressed by the EU (oversight of credit-rating agencies, better capital for banks, the re-regulation of securities and derivatives markets, asset management, depositor protection and bank resolution)? 3) How were uniquely EU rules on state aid applied to the banking sector? This book is designed to give professionals, policy-makers and students a better understanding of the new regulatory framework and insights into the policy context that has led to the new rules governing financial markets in Europe.
Does Financial Connectedness Predict Crises
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Author : Ms.Camelia Minoiu
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-24
Does Financial Connectedness Predict Crises written by Ms.Camelia Minoiu 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 2013-12-24 with Business & Economics categories.
The global financial crisis has reignited interest in models of crisis prediction. It has also raised the question whether financial connectedness - a possible source of systemic risk - can serve as an early warning indicator of crises. In this paper we examine the ability of connectedness in the global network of financial linkages to predict systemic banking crises. Our results indicate that increases in a country's financial interconnectedness and decreases in its neighbors' connectedness are associated with a higher probability of banking crises after controlling for macroeconomic fundamentals.