NBER WORKING PAPER SERIES PRICE Nicolae Gârleanu
... The paramount role of funding constraints becomes particularly salient during liquidity crises, with the one that started in 2007 being an excellent case in point. Banks unable to fund their operations closed down, and the funding problems spread to other investors, such as hedge funds, that relied ...
... The paramount role of funding constraints becomes particularly salient during liquidity crises, with the one that started in 2007 being an excellent case in point. Banks unable to fund their operations closed down, and the funding problems spread to other investors, such as hedge funds, that relied ...
Vol. 13, No. 1, June 2006
... lessons are suggested for countries in the region who are tackling the inequality dilemma in the current environment of globalization and deregulation. An immediate issue facing regional policymakers is the global economic environment’s repercussions on domestic macroeconomic policy. Growth in Asia- ...
... lessons are suggested for countries in the region who are tackling the inequality dilemma in the current environment of globalization and deregulation. An immediate issue facing regional policymakers is the global economic environment’s repercussions on domestic macroeconomic policy. Growth in Asia- ...
Revenue Sharing Fund Families
... per employee per fund family per year). Morgan Stanley’s non-cash compensation policies set conditions for each of these types of payments, and do not permit any gifts or entertainment conditioned on achieving any sales target. Administrative Service Fees Morgan Stanley and/or its affiliates receive ...
... per employee per fund family per year). Morgan Stanley’s non-cash compensation policies set conditions for each of these types of payments, and do not permit any gifts or entertainment conditioned on achieving any sales target. Administrative Service Fees Morgan Stanley and/or its affiliates receive ...
Liquidity and Market Crashes
... fundamentals—such as future asset payoffs. They exhibit some distinct features. Crashes are one-sided—there are no sudden market surges. They are typically accompanied by large selling pressures in the market. Moreover, the drop in prices occurs quickly but the recovery is much slower. Even though t ...
... fundamentals—such as future asset payoffs. They exhibit some distinct features. Crashes are one-sided—there are no sudden market surges. They are typically accompanied by large selling pressures in the market. Moreover, the drop in prices occurs quickly but the recovery is much slower. Even though t ...
Vo l u m e 6 5 ... C o n t e n t s
... For most of the period since 1994, the target range for annual Consumers Price Index (CPI) inflation, established by the Policy Targets Agreements (PTA), was 0 to 3 per cent. Over this period, actual CPI inflation has averaged 2 per cent. As one might expect, analysis shows that our medium-term CPI ...
... For most of the period since 1994, the target range for annual Consumers Price Index (CPI) inflation, established by the Policy Targets Agreements (PTA), was 0 to 3 per cent. Over this period, actual CPI inflation has averaged 2 per cent. As one might expect, analysis shows that our medium-term CPI ...
Macroprudential tools, transmission and modelling
... limits require there to be sufficient information exchange between banks and/or the existence of a central credit register. Some countries have explicitly varied capital weights to allow for concerns regarding the housing market. This enables banks to choose whether or not to lend to the sector judg ...
... limits require there to be sufficient information exchange between banks and/or the existence of a central credit register. Some countries have explicitly varied capital weights to allow for concerns regarding the housing market. This enables banks to choose whether or not to lend to the sector judg ...
banco safra sa - Safra Net Banking
... labor “productivity” and simultaneously reducing the friction that fuels inflationary pressures. On the other hand, when there are mismatches between the needs of the economy and the supply of skilled labor it is extremely costly to correct for these mismatches by reducing aggregate demand via monet ...
... labor “productivity” and simultaneously reducing the friction that fuels inflationary pressures. On the other hand, when there are mismatches between the needs of the economy and the supply of skilled labor it is extremely costly to correct for these mismatches by reducing aggregate demand via monet ...
NBER WORKING PAPER SERIES PRACTICAL MONETARY POLICY: Lars E.O. Svensson
... increases, was not in line with its mandate. In contrast, the Federal Reserve kept the policy rate at its lower bound, soon started to communicate possible policy easing, and later launched QE2, the second round of quantitative easing. That the Swedish economy nevertheless grew faster than expected ...
... increases, was not in line with its mandate. In contrast, the Federal Reserve kept the policy rate at its lower bound, soon started to communicate possible policy easing, and later launched QE2, the second round of quantitative easing. That the Swedish economy nevertheless grew faster than expected ...
Central Bank Digital Currencies: assessing
... Despite the technical feasibility to digitize cash while preserving all of its aforementioned attributes, CBs are also looking into CBDC schemes that retain only some of the four key properties of physical cash. Among all the possible combinations, Chart 1.2 shows the four basic CBDC schemes that we ...
... Despite the technical feasibility to digitize cash while preserving all of its aforementioned attributes, CBs are also looking into CBDC schemes that retain only some of the four key properties of physical cash. Among all the possible combinations, Chart 1.2 shows the four basic CBDC schemes that we ...
Corresponding author - European Financial Management Association
... Recent research in cognitive sciences and financial economics suggests that rationality and emotion are not antithetical but are in fact complementary in decision making. This notion tempers the traditional efficient markets hypothesis that price is a sufficient statistic and no other information is ...
... Recent research in cognitive sciences and financial economics suggests that rationality and emotion are not antithetical but are in fact complementary in decision making. This notion tempers the traditional efficient markets hypothesis that price is a sufficient statistic and no other information is ...
P a g e 1
... Indeed, in G20 policy debates the term "global imbalances" is treated as almost synonymous with "current account imbalances". ...
... Indeed, in G20 policy debates the term "global imbalances" is treated as almost synonymous with "current account imbalances". ...
Financing Growth without Banks: Korean Housing Repo Contract
... is key to successful economic development. However, the imperfect nature of financial intermediation has presented serious bottlenecks to the smooth flow of financing. The challenges posed by informational asymmetries and lack of enforcement mechanisms often rule out direct financing from savers to ...
... is key to successful economic development. However, the imperfect nature of financial intermediation has presented serious bottlenecks to the smooth flow of financing. The challenges posed by informational asymmetries and lack of enforcement mechanisms often rule out direct financing from savers to ...
Technical Note on Stress Testing for IIFS
... Section 1: Background ............................................................................................................ 1 1.1. Introduction...................................................................................................................... 1 ...
... Section 1: Background ............................................................................................................ 1 1.1. Introduction...................................................................................................................... 1 ...
Commercial real estate debt
... has no construction risk). In most situations, the borrower would typically sell the property — with no operational phase in the debt financing. However, in some circumstances, the construction phase automatically rolls over into an operational phase instrument, which has similar characteristics to ...
... has no construction risk). In most situations, the borrower would typically sell the property — with no operational phase in the debt financing. However, in some circumstances, the construction phase automatically rolls over into an operational phase instrument, which has similar characteristics to ...
Bank Stress Tests and Financial Stability
... 8. Alas, in a chapter on bank stress tests, it is necessary to have some discussion of different measures of bank capital—admittedly, an arcane topic. This chapter makes reference to two types of bank capital ratios: one based on risk-weighted assets (RWA) in the denominator, called risk-based meas ...
... 8. Alas, in a chapter on bank stress tests, it is necessary to have some discussion of different measures of bank capital—admittedly, an arcane topic. This chapter makes reference to two types of bank capital ratios: one based on risk-weighted assets (RWA) in the denominator, called risk-based meas ...
Macroprudential Regulation and Macroeconomic Activity
... parameter measuring the disutility from supplying labor, ϕ is the Frisch elasticity of labor supply and 1/b is the constant elasticity of substitution between consumption and deposits. As b approaches zero, consumption and deposits become perfect substitutes. I abstract from many of the frictions in ...
... parameter measuring the disutility from supplying labor, ϕ is the Frisch elasticity of labor supply and 1/b is the constant elasticity of substitution between consumption and deposits. As b approaches zero, consumption and deposits become perfect substitutes. I abstract from many of the frictions in ...
An affine factor model of the Greek term structure
... in the economy, as used in the context of a¢ ne term structure models. It allows us to directly examine the impact of the extracted factors on the shape of the yield curve over time and on the associated price and amount of risk in the term structure. We estimate an unobservable (latent) factor mode ...
... in the economy, as used in the context of a¢ ne term structure models. It allows us to directly examine the impact of the extracted factors on the shape of the yield curve over time and on the associated price and amount of risk in the term structure. We estimate an unobservable (latent) factor mode ...
Banking in sub-Saharan Africa: Challenges and
... banking sector, such as the emergence of mobile and agency banking as well as Pan-African banking groups, have a great potential to transform the existing business models, improve competition and efficiency, as well as access to finance and financial inclusion. This study was prepared for the EIB’s ...
... banking sector, such as the emergence of mobile and agency banking as well as Pan-African banking groups, have a great potential to transform the existing business models, improve competition and efficiency, as well as access to finance and financial inclusion. This study was prepared for the EIB’s ...
The information content of market liquidity: An empirical analysis of
... investment-opportunity set. Thus, when a large number of investors move out of equities, the cost of trading equities changes, as there are potentially fewer liquidity suppliers left. To support their conjecture Næs et al. show, using ownership data for Norway, that market liquidity is correlated wi ...
... investment-opportunity set. Thus, when a large number of investors move out of equities, the cost of trading equities changes, as there are potentially fewer liquidity suppliers left. To support their conjecture Næs et al. show, using ownership data for Norway, that market liquidity is correlated wi ...
investing for the future
... the event of the current government being persuaded by the arguments in this paper to begin to set up a BIB immediately, it would not make its first loans until 2014, or more likely 2015. It is to be hoped that by then the UK economy will be well out of the current recession and growing at a reasona ...
... the event of the current government being persuaded by the arguments in this paper to begin to set up a BIB immediately, it would not make its first loans until 2014, or more likely 2015. It is to be hoped that by then the UK economy will be well out of the current recession and growing at a reasona ...
Stimulating Investment in Emerging-Market SMEs
... number of employees and amount of revenue and assets. For example, the World Bank defines SMEs as having a maximum of 300 employees, $15 million in annual revenue, and $15 million in assets. The Inter-American Development Bank, meanwhile, describes SMEs as having a maximum of 100 employees and less ...
... number of employees and amount of revenue and assets. For example, the World Bank defines SMEs as having a maximum of 300 employees, $15 million in annual revenue, and $15 million in assets. The Inter-American Development Bank, meanwhile, describes SMEs as having a maximum of 100 employees and less ...
The impact of monetary policy on particular sectors of the economy
... output gap (in percentage points)… ......................................................................................... 49 Figure 3. Turkish Lira exchange rate ...................................................................................... 67 Figure 4. Impulse response functions of outpu ...
... output gap (in percentage points)… ......................................................................................... 49 Figure 3. Turkish Lira exchange rate ...................................................................................... 67 Figure 4. Impulse response functions of outpu ...
Accounting Quality and Catastrophic Market Events.
... associated with a reduction by 10% of the average drop (this is approximately equivalent to 450 billions dollars). I also find that the effect of accounting quality is stronger during the worst crashes. To further ensure that accounting quality is not simply a proxy for a greater sensitivity to mark ...
... associated with a reduction by 10% of the average drop (this is approximately equivalent to 450 billions dollars). I also find that the effect of accounting quality is stronger during the worst crashes. To further ensure that accounting quality is not simply a proxy for a greater sensitivity to mark ...
The determinants of long-term debt issuance by European banks
... contrast, long-term wholesale debt funding, such as banks’ issuance of mediumterm notes (MTN) and bonds, has remained largely outside the scope of analysis. At the same time, long-term debt is an important source of funding. For example, the share of debt securities (excluding securitisations) with ...
... contrast, long-term wholesale debt funding, such as banks’ issuance of mediumterm notes (MTN) and bonds, has remained largely outside the scope of analysis. At the same time, long-term debt is an important source of funding. For example, the share of debt securities (excluding securitisations) with ...