Heterogeneity and cross-country spillovers in macroeconomic-financial linkages
- Banco de España
-
27
Dic
2012
We investigate heterogeneity and spillovers in macro-financial linkages across developed economies, with a particular emphasis on the most recent recession. A panel Bayesian VAR model including real and financial variables identifi es a statistically significant common component, which proves to be very signifi cant during the most recent recession.
Global Financial Crisis, Financial Contagion, and Emerging Markets
- FMI
-
14
Dic
2012
The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world.
The financial cycle and macroeconomics: What have we learnt?
- BIS
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12
Dic
2012
It is high time we rediscovered the role of the financial cycle in macroeconomics. In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the financial cycle. This calls for a rethink of modelling strategies and for significant adjustments to macroeconomic policies.
Interpreting TARGET2 balances
- BIS
-
07
Dic
2012
The increase in the TARGET2 balance for the Bundesbank has led to a debate in Germany about the appropriate interpretation and policy response, if any. In this paper we review the evidence for the current account financing interpretation, and find it wanting in explaining the data in 2012.
An industry under assault: a defining moment
- Ernst & Young
-
05
Dic
2012
On 3-4 October 2012, Tapestry Networks and Ernst & Young welcomed 13 non-executive directors from global banks to the fourth Bank Directors Summit in London. This was the 23rd meeting of the Bank Governance Leadership Network (BGLN). The summit came as the industry is facing perhaps its most challenging time since the onset of the financial crisis. Since last year's summit, the industry has suffered a string of high-profile mishaps, which have heightened the political, regulatory and supervisory pressure on large global banks
Liquidity in Government versus Covered Bond Markets
- BIS
-
27
Nov
2012
We present findings on the secondary market liquidity of government and covered bonds in Denmark before, during and after the 2008 financial crisis. The analysis focuses on wholesale trading in the two markets and is based on a complete transaction level dataset covering November 2007 until end 2011. Overall, our findings suggest that Danish benchmark covered bonds by and large are as liquid as Danish government bonds - including in periods of market stress.
EBA research workshop: Banks’ business models after the crisis: incentives, strategies, de-risking
- EBA
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26
Nov
2012
The European Banking Authority organised on 21 and 22 November a research workshop on "Banks' business models after the crisis: incentives, strategies, de-risking". This workshop brought together economists from national supervisory authorities and leading academics with the objective of stimulating the discussion on the impact of the crisis and the Basel 3 rules on EU banks.
Fragmentación financiera en la Eurozona
- La Caixa
-
22
Nov
2012
Desde el estallido de la crisis financiera, los mercados monetarios, bancarios y de deuda europeos se están renacionalizando: la dispersión de precios entre países está aumentando y las carteras con contrapartida en otro país de la UE se están reduciendo.
Rebuilding Bank Governance After the Financial Crisis
- Thomson Reuters
-
16
Nov
2012
Demands on bank directors have rarely been higher. Following the financial crisis of 2008, board members in the U.S. and Europe have confronted dozens of new rules from a multitude of regulators, while striving to regain the confidence of customers and shareholders. Amidst this new scrutiny, bank boards are increasingly being held accountable, with regulators as well as private plaintiffs pursuing claims when performance falters. In the first nine months of 2012, the FDIC authorized suits against 274 defendants-although many of these will ultimately be settled.
Monetary and Financial Stability: Lessons from the Crisis and from classic economics texts
- FSA
-
06
Nov
2012
In a speech to the South African Reserve Bank, Adair Turner, set out the fundamental causes of the Financial Crisis, described the challenges of deleveraging and suggested how emerging economies could avoid the build up of excessive debt and leverage which produced the developed world's Great Recession.
Resolution of Systemically Important Financial Institutions
- FSB
-
05
Nov
2012
El Consejo de Estabilidad Financiera, la agencia de supervisión del G-20, renovó este jueves el listado de bancos globales "sistémicos", aquellos que, si tienen problemas, pueden llegar a ocasionar una grave crisis, como la fraguada en 2008, por su tamaño o influencia en las finanzas mundiales. Una de las principales novedades respecto a la lista de hace un año es la incorporación del BBVA, que se une así al Santander, la otra gran entidad española incluida en esta clasificación de 28 bancos. También entra el británico Standard Chartered. Salen Lloyds (Reino Unido), Commerzbank (Alemania) y Dexia (Bélgica).
Managing systemic risk from the perspective of the financial network under macroeconomic distress
- BIS
-
05
Oct
2012
The recent global financial crisis has emphasized the importance of managing systemic risk, which disrupts the financial system and has a significant adverse impact on the real economy. Recently, the interconnectedness of financial institutions has been identified as a critical source of systemic risk. Financial sector supervisors realise that any systemic event carries contagion effects and conventional supervisory approaches at the level of an individual bank are insufficient. They now have initiated great efforts to assess financial system vulnerabilities arising from interconnectedness and to mitigate the impact of contagion.
Erkki Liikanen: The case for structural reforms of banking after the crisis
- BIS
-
05
Oct
2012
Speech by Mr Erkki Liikanen, Governor of the Bank of Finland and Chairman of the Highlevel Expert Group on the structure of the EU banking sector, at the European Commission, Brussels, 2 October 2012.
Current trends in central bank financial reporting practices
- KPMG
-
04
Oct
2012
Recent economic events have created a fragile world economy, and central banks now play an increasingly key role in responding to these issues.
EAFInforma Nº 3 - Septiembre 2012. Revista de Economistas Asesores Financieros
- Economistas Asesores Financieros (EAF)
-
03
Oct
2012
En este tercer número de la revista hemos querido hacer hincapié en la crisis en los mercados financieros. El contexto económico actual hace que tengamos serias dudas sobre el final de la crisis. Actualmente el gobierno está aprobando muchas medidas de índole fiscal, laboral, financiero,... con objeto de sentar las bases de un sistema que permita crecer a medio plazo. Sin embargo, estas medidas, que están suponiendo un gran esfuerzo a los ciudadanos, no generan confianza, ni son -ni mucho menos- suficientes para el efecto económico necesario.
The Economic Benefits of High Quality Securitisation to the EU Economy - September 2012
- Association for Financial Markets in Europe (AFME)
-
02
Oct
2012
Given the current state of the European economy, the impact of the Eurozone crisis, pro‐cyclical changes to banking regulation, the inability of many European banks to directly access the capital markets, collateral encumbrance constraints, and investor capacity constraints on bank debt, it is important that European policymakers recognise and take proactive steps, together with the industry, to help encourage investment in high quality securitisations. According to recent estimates, by the end of 2012, the level of bank assets in the Eurozone will decrease by approximately 4.9% (€ 1.64 trillion) compared to 2011. Corporate loans are expected to contract by 4.7% (€ 224 billion) and are not expected to surpass their pre‐crisis peak of € 4.8 trillion until 2015.
Eurofi Financial Forum 2012
- Eurofi
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01
Oct
2012
El director de Asuntos Financieros y Mercados de Capitales del Fondo Monetario Internacional (FMI), José Viñals, ha reclamado a Europa que ponga en marcha "lo antes posible" la unión bancaria, y lo haga "de la forma correcta", al mismo tiempo que ha incidido en que lo que el Viejo Continente necesita ahora es "estabilización, integración y crecimiento". En un discurso pronunciado en el 'Eurofi Financial Forum' celebrado en Bruselas, Viñals señaló que la crisis de la eurozona es el ejemplo más evidente de la necesidad de una mayor integración y cooperación institucional y menos fragmentación en una crisis que ha sido global.
Monetary policy in a downturn: Are financial crises special?
- BIS
-
28
Sep
2012
Accommodative monetary policy during the financial crisis was instrumental in preventing a deeper recession. Views differ, however, on how long such measures should be kept in place. At the heart of this debate is the notion that a protracted period of policy accommodation could create distortions. Some would argue that any distortions will be limited in extent and that further monetary stimuli should bolster the recovery.
Global Financial Stability Report - October 2012. Chapter 3 y Chapter 4
- FMI
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27
Sep
2012
Mientras los responsables de formular las políticas buscan lograr una mayor seguridad de los sistemas financieros, en un nuevo estudio del Fondo Monetario Internacional (FMI) se analiza el grado en que una mayor seguridad de las estructuras financieras también sirve para generar buenos resultados económicos. Como respuesta a la crisis financiera mundial, las autoridades de diversos países han adoptado medidas para resolverla; y estas medidas, a su vez, han comenzado a modificar la estructura de sus sistemas financieros. Los bancos y otras instituciones financieras también están adecuando su forma de hacer negocios.
La crisis del euro
- BBVA
-
25
Sep
2012
La crisis del euro, presentación a cargo de Jorge Sicilia para el Foro BBVA en Colombia. Septiembre 2012.
Valuation of VIX derivatives
- Banco de España
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25
Sep
2012
Realizamos un extenso análisis empírico de los modelos de valoración de los derivados sobre el VIX antes, durante y después de la crisis financiera de 2008-2009.
Dealing with financial crisis and public debt
- Roland Berger
-
07
Ago
2012
In this think: act STUDY, we focus on the GLOBAL TOPIC public debt. In the case of the economy, public debt is either an urgent and thorny dispute or a window of opportunity - depending on which country you ask.
Capital market bank funding: (Not such a) brave new world …
- Deutsche Bank Research
-
03
Ago
2012
The years preceding the crisis were characterised by banks increasingly tapping the market for funding while at the same time the importance of deposits was declining, the securitisation market was expanding rapidly and the market environment was one of low interest rates and high liquidity.
Public recapitalisations and bank risk: evidence from loan spreads and leverage
- BIS
-
02
Ago
2012
A number of countries' authorities put in place bank rescue packages using public funds in response to the global financial crisis. Were these public recapitalisations followed by a reduction of risk in banks' loan books?
Spanish Economic and Financial Outlook. Vol. 1, Nº 2
- FUNCAS
-
30
Jul
2012
Over the past few years, the Spanish authorities, supported by efforts of the Spanish financial sector, have taken noteworthy steps towards restructuring and recapitalizing Spanish credit institutions. Government intervention mostly took the form of provision of funding for consolidation and recapitalization through the national public backstop facility, the FROB, in addition to guarantees and other liquidity support measures. The Spanish financial sector also played its part through substantial contributions to the Deposit Guarantee Fund, mergers and acquisitions, and strong provisioning regimes over recent years, reducing the amount of public sector funding ultimately channeled into the banking sector. Despite progress on the whole, Spain´s financial sector policy has failed to deliver expected results. By the end of May 2012, Spain experienced higher market tensions and a widening of spreads over the German bund relative to preceding months, ultimately, leading the government to request EU assistance for the banking sector.
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