Three Essays On Banking Policy Government Intervention In The Us Banking Sector
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Three Essays On Banking Policy Government Intervention In The Us Banking Sector
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Author : Mohamed Ali
language : en
Publisher:
Release Date : 2019
Three Essays On Banking Policy Government Intervention In The Us Banking Sector written by Mohamed Ali and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Three Essays On Financial Intermediaries Reaction To Changing Market Conditions
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Author : David Abell
language : en
Publisher:
Release Date : 2017
Three Essays On Financial Intermediaries Reaction To Changing Market Conditions written by David Abell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This dissertation continues the tradition of identifying the effects of economic shocks to financial intermediaries. Its main contribution is to estimate the size of credit market disruptions in the form of government intervention, asset market crises, and competitive pressures, while using methods that are more novel and appropriate than those of previous work. Chapter 1 examines the effect of the elimination of U.S. banking regulations, which are intended to expand the access of financial services within states and across state-lines, on entrepreneurship activity. It finds that there was increase in small business formation following the deregulation of interstate banking, but not intrastate banking. Results indicate allowing banks to lend and take deposits across state lines increases small business formation by up to 8%. There is a delayed impact following the passage of legislation indicating credit markets require time to adjust to the new regulatory environment. Heterogeneous effects exist across firm sizes in terms of economic impact magnitude and timing. The main contribution of the chapter is that examines the impact on entrepreneurship in separate periods after the initial passing and on subsets of small businesses. Whereas Chapter 1 estimates the effect of a foreseen event, Chapter 2 focuses on the impact of unexpected housing crisis on financial intermediaries loan servicing decisions. As the housing market worsened mortgage lenders could not rely solely on foreclosure processes to reduce losses on homes in default, rather many found the need to engage in modifying loan terms to allow borrowers to continue making mortgage payments. Modifications that increased the affordability of monthly payments were effective at halving the cumulative 36-month redefault rate for mortgages between 2008 and 2011. Findings indicate the improving economy and mortgage risk characteristics are not enough to explain the reduction in redefault. Instead, results find evidence of "learning -by-doing" i.e., servicers become better at targeting borrowers for modification and providing the appropriate payment relief over time. Voluntary government modification programs serve as guidelines for servicers to design and invest in their own modification processes. The impact of this learning by doing is evident before and after controlling for macroeconomic conditions, borrower characteristics, and loan terms. Previous studies do not effectively isolate the improvement in post-modification with an econometric model using a control group similar to this one. Furthermore, other studies consider only particular servicer subsets of mortgage modifications, such as private securitized, whereas the sample here considers all servicer types and payment reducing modifications. Ultimately, the results indicate mortgage modifications were an effective non-foreclosure alternative to keep homeowners in their homes and monthly payments flowing to mortgage servicers. Chapter 3 examines the impact of changes in bank competition on bank capital in the United States. Allen et al. (2011) proposes excessive capital holdings, i.e., capital holdings above regulatory requirements, are attributable to market discipline arising from banks' asset side. Theory predicts competition incentivizes banks to hold higher levels of capital because this indicates a commitment to monitoring to encourage bank stability. I examine heterogeneous impacts of competition on capital over the business cycle and across bank size. Economic downturns usually bring significant changes to bank concentration, which can cause a different impact than during economic booms. Smaller banks can feel different competitive pressures than larger banks due to a focus on local lending activities. I have two main results. More intense competition is associated with higher bank capital ratios at all times (before, during, and after the financial crisis) for small, medium, and large banks. All banks see a larger impact during the crisis period compared to the pre- and post-crisis periods. The findings of this paper can have significant policy implications for the application of anti-trust regulation, since capital ratios are commonly used to restrain individual and systemic bank risk.
The Theory Of Money And Financial Institutions
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Author : Martin Shubik
language : en
Publisher: MIT Press
Release Date : 1999
The Theory Of Money And Financial Institutions written by Martin Shubik and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Tarp And Other Bank Bailouts And Bail Ins Around The World
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Author : Allen Berger
language : en
Publisher: Academic Press
Release Date : 2020-06-09
Tarp And Other Bank Bailouts And Bail Ins Around The World written by Allen Berger and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-09 with Business & Economics categories.
Financial crises are recurring phenomena that result in the financial distress of systemically important banks, making it imperative to understand how to best respond to such crises and their consequences. Two policy responses became prominent for dealing with these distressed institutions since the last Global Financial Crisis: bailouts and bail-ins. The main questions surrounding these responses touch everyone: Are bailouts or bail-ins good for the financial system and the real economy? Is it essential to save distressed financial institutions by putting taxpayer money at risk in bailouts, or is it better to use private money in bail-ins instead? Are there better options, such as first lines of defense that help prevent such distress in the first place? Can countercyclical prudential and monetary policies lessen the likelihood and severity of the financial crises that often bring about this distress? Through careful analysis, authors Berger and Roman review and critically assess the extant theoretical and empirical research on many resolution approaches and tools. Placing special emphasis on lessons learned from one of the biggest bailouts of all time, the Troubled Asset Relief Program (TARP), while also reviewing other programs and tools, TARP and Other Bank Bailouts and Bail-Ins around the World sheds light on how best to protect the financial system on Wall Street and the real economy on Main Street. Presents a well-informed and rich account of bailouts, bail-ins, and other resolution approaches to resolve financially distressed banks. Uses TARP as a key case study of bailouts that has been thoroughly researched. Provides valuable research and policy guidance for dealing with future financial crises.
Finance Development March 2012
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Author : International Monetary Fund. External Relations Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2012-03-14
Finance Development March 2012 written by International Monetary Fund. External Relations 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 2012-03-14 with Business & Economics categories.
Young people, hardest hit by the global economic downturn, are speaking out and demanding change. F&D looks at the need to urgently address the challenges facing youth and create opportunities for them. Harvard professor David Bloom lays out the scope of the problem and emphasizes the importance of listening to young people in "Youth in the Balance." "Making the Grade" looks at how to teach today's young people what they need to get jobs. IMF Deputy Managing Director, Nemat Shafik shares her take on the social and economic consequences of youth unemployment in our "Straight Talk" column. "Scarred Generation" looks at the effects the global economic crisis had on young workers in advanced economies, and we hear directly from young people across the globe in "Voices of Youth." Renminbi's rise, financial system regulation, and boosting GDP by empowering women. Also in the magazine, we examine the rise of the Chinese currency, look at the role of the credit rating agencies, discuss how to boost the empowerment of women, and present our primer on macroprudential regulation, seen as increasingly important to financial stability. People in economics - C. Fred Bergsten, American Globalist. Back to basics - The multi-dimensional role of banks in our financial systems.
The Great Inflation
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Author : Michael D. Bordo
language : en
Publisher: University of Chicago Press
Release Date : 2013-06-28
The Great Inflation written by Michael D. Bordo and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-28 with Business & Economics categories.
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Economic Regulation And Its Reform
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Author : Nancy L. Rose
language : en
Publisher: University of Chicago Press
Release Date : 2014-08-29
Economic Regulation And Its Reform written by Nancy L. Rose and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-29 with Business & Economics categories.
The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
Central Banking In Latin America
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Author : Mr.Luis Ignacio Jácome
language : en
Publisher: International Monetary Fund
Release Date : 2015-03-17
Central Banking In Latin America written by Mr.Luis Ignacio Jácome 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 2015-03-17 with Business & Economics categories.
This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.
Finance Financial Sector Policies And Long Run Growth
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Author : Asli Demirguc-Kunt
language : en
Publisher: World Bank Publications
Release Date : 2008
Finance Financial Sector Policies And Long Run Growth written by Asli Demirguc-Kunt and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Access to Finance categories.
Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
Regulatory Cycles Revisiting The Political Economy Of Financial Crises
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Author : Jihad Dagher
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-15
Regulatory Cycles Revisiting The Political Economy Of Financial Crises written by Jihad Dagher 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 2018-01-15 with Business & Economics categories.
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.