The Domestic Credit Supply Response To International Bank Deleveraging

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The Domestic Credit Supply Response to International Bank Deleveraging

Mr.Shekhar Aiyar,Ms.Sonali Jain-Chandra
The Domestic Credit Supply Response to International Bank Deleveraging Book PDF

Author : Mr.Shekhar Aiyar,Ms.Sonali Jain-Chandra
Publisher : International Monetary Fund
Page : 15 pages
File Size : 54,8 Mb
Release : 2012-10-26
Category : Business & Economics
ISBN : 9781475562347

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The Domestic Credit Supply Response to International Bank Deleveraging by Mr.Shekhar Aiyar,Ms.Sonali Jain-Chandra Pdf

During the global financial crisis, European banks contracted foreign claims on recipient economies sharply. This paper examines the impact of that deleveraging on credit supply in recipient economies, with a particular focus on Asia. Identification is achieved by exploiting heterogeneity in ex-ante patterns of funding reliance on different European banking systems, and in variation in the ratio of local claims in local currency to total foreign claims in recipient economies. These sources of variation are used to create instruments for the deleveraging shock. We find that the contraction in European bank foreign claims was associated with a substantial reduction in domestic credit supply in a broad sample of countries. However, the credit supply response in Asia was only about half the size of the response in non-Asian countries, possibly due to a more robust policy response and healthier local bank balance sheets at the outset of the crisis.

The Great Cross-Border Bank Deleveraging

Mr.Eugenio Cerutti,Mr.Stijn Claessens
The Great Cross Border Bank Deleveraging Book PDF

Author : Mr.Eugenio Cerutti,Mr.Stijn Claessens
Publisher : International Monetary Fund
Page : 38 pages
File Size : 53,7 Mb
Release : 2014-09-25
Category : Business & Economics
ISBN : 9781498332620

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The Great Cross-Border Bank Deleveraging by Mr.Eugenio Cerutti,Mr.Stijn Claessens Pdf

International banks greatly reduced their direct cross-border and local affiliates’ lending as the global financial crisis strained balance sheets, lowered borrower demand, and changed government policies. Using bilateral, lender-borrower countrydata and controlling for credit demand, we show that reductions largely varied in line with markets’ prior assessments of banks’ vulnerabilities, with banks’ financial statement variables and lender-borrower country characteristics playing minor roles. We find evidence that moving resources within banking groups became more restricted as drivers of reductions in direct cross-border loans differ from those for local affiliates’ lending, especially for impaired banking systems. Home bias induced by government interventions, however, affected both equally.

The Impact of Foreign Bank Deleveraging on Korea

Ms.Sonali Jain-Chandra,Min Jung Kim,Sung Ho Park,Jerome Shin
The Impact of Foreign Bank Deleveraging on Korea Book PDF

Author : Ms.Sonali Jain-Chandra,Min Jung Kim,Sung Ho Park,Jerome Shin
Publisher : International Monetary Fund
Page : 21 pages
File Size : 50,8 Mb
Release : 2013-05-08
Category : Business & Economics
ISBN : 9781484360286

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The Impact of Foreign Bank Deleveraging on Korea by Ms.Sonali Jain-Chandra,Min Jung Kim,Sung Ho Park,Jerome Shin Pdf

Korea was hit hard by the 2008 global financial crisis, with the foreign bank deleveraging channel coming prominently into play. The global financial crisis demonstrated that a sharp deleveraging can be transmitted to emerging markets through the bank lending channel to a slowdown in credit growth. The analysis finds that a sharp decline in external funding led to relatively modest decline in domestic credit by Korean banks, due to concerted policy efforts by the government in 2008. Impulse responses from a Dynamic Stochastic General Equilibrium (DSGE) model calibrated to Korea shows that it appears better prepared to handle such shocks relative to 2008. Indeed, Korea is much more resilient to such shocks due to the efforts by the authorities, which has led to the strengthening of external buffers, such as higher foreign exchange reserves and bilateral and multilateral currency swap arrangements.

Global Financial Stability Report, April 2015

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report April 2015 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 52,6 Mb
Release : 2015-04-15
Category : Business & Economics
ISBN : 1498372937

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Global Financial Stability Report, April 2015 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 42,5 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Regional Economic Outlook, April 2012, Asia and Pacific

International Monetary Fund. Asia and Pacific Dept
Regional Economic Outlook April 2012 Asia and Pacific Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 61 pages
File Size : 43,9 Mb
Release : 2012-04-27
Category : Business & Economics
ISBN : 9781616352509

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Regional Economic Outlook, April 2012, Asia and Pacific by International Monetary Fund. Asia and Pacific Dept Pdf

Barring the realization of downside risks to the global economy, growth in the Asia and the Pacific region is expected to gain momentum over the course of 2012, according to this report, and now projected at 6 percent in 2012, rising to about 61⁄2 percent in 2013. Stronger economic and policy fundamentals have helped buffer the region's economies against the global financial crisis, by limiting adverse financial market spillovers and ameliorating the impact of deleveraging by European banks, but a sharp fall in exports to advanced economies and a reversal of foreign capital flows would have a severe impact on the region. The region's policymakers now face the difficult task of calibrating the amount of insurance needed to support stable, noninflationary growth. Some Asian and Pacific economies can afford to lengthen the pause in the normalization of their macroeconomic policies that was initiated when the global recovery stalled late in 2011; others may need a faster return to more neutral policy stances. Similarly, the pace of fiscal consolidation should be calibrated to country-specific circumstances. Additional chapters in the report discuss whether China is rebalancing and the particular challenges facing Asian low-income and small island economies.

Global Banking Crises and Emerging Markets

Josef C. Brada,Paul Wachtel
Global Banking Crises and Emerging Markets Book PDF

Author : Josef C. Brada,Paul Wachtel
Publisher : Springer
Page : 301 pages
File Size : 42,5 Mb
Release : 2015-11-23
Category : Business & Economics
ISBN : 9781137569059

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Global Banking Crises and Emerging Markets by Josef C. Brada,Paul Wachtel Pdf

This timely reader of seminal papers published by Palgrave on behalf of Comparative Economic Studies, examines how and why foreign banks enter emerging markets and the positive benefits they bring to the host countries.

Global Financial Stability Report, April 2012

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report April 2012 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 94 pages
File Size : 42,5 Mb
Release : 2012-04-18
Category : Business & Economics
ISBN : 9781616352479

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Global Financial Stability Report, April 2012 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.

Contemporary Issues in Banking

Myriam García-Olalla,Judith Clifton
Contemporary Issues in Banking Book PDF

Author : Myriam García-Olalla,Judith Clifton
Publisher : Springer
Page : 454 pages
File Size : 45,8 Mb
Release : 2018-07-23
Category : Business & Economics
ISBN : 9783319902944

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Contemporary Issues in Banking by Myriam García-Olalla,Judith Clifton Pdf

This book offers insights into the contemporary issues in banking with a special focus on the recent European regulatory reforms, governance and the performance of firms. Written by prestigious professors and expert academics in the field, the book also covers a diverse set of topics that have gained great importance in this sector such as firm financing, culture, risk and other challenges faced by banks. The book is of interest to scholars, students and professionals in banking.

Playing with Fire

Yilmaz Akyüz
Playing with Fire Book PDF

Author : Yilmaz Akyüz
Publisher : Oxford University Press
Page : 288 pages
File Size : 49,8 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9780192517630

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Playing with Fire by Yilmaz Akyüz Pdf

Starting in the early 1990s many emerging and developing economies (EDEs) liberalized their capital accounts, allowing greater freedom for international lenders and investors to enter their markets as well as for their residents to borrow and invest in international financial markets. Despite recurrent crises, liberalization has continued and in fact accelerated in the new millennium. Integration has been greatly facilitated by progressively looser monetary policy in the United States, notably the policies that culminated in debt crises in the United States and Europe and the ultra-easy monetary policy adopted in response. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic financial markets and the presence of their nationals in foreign markets have reached unprecedented levels. As a result new channels have emerged for the transmission of financial shocks from global boom-bust cycles. Almost all EDEs are now vulnerable irrespective of their balance-of-payments, external debt, net foreign assets and international reserve positions although these play an important role in the way such shocks could impinge on them. This is a matter for concern since the multilateral system still lacks mechanisms for orderly resolution of financial crises with international dimensions. Playing with Fire provides an empirical account of deeper integration of EDEs into the global financial system and discusses its implications for stability and growth, focusing on the role of policies in the new millennium in both EDEs and the United States and Europe.

Bank Debt in Europe

Mrs.Vanessa Le Lesle
Bank Debt in Europe Book PDF

Author : Mrs.Vanessa Le Lesle
Publisher : International Monetary Fund
Page : 40 pages
File Size : 43,6 Mb
Release : 2012-12-20
Category : Business & Economics
ISBN : 9781475522037

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Bank Debt in Europe by Mrs.Vanessa Le Lesle Pdf

The crisis in Europe has underscored the vulnerability of European bank funding models compared to international peers. This paper studies the drivers behind this fragility and examines the future of bank funding, primarily wholesale, in Europe. We argue that cyclical and structural factors have altered the structure, cost, and composition of funding for European banks. The paper discusses the consequences of shifting funding patterns and investor preferences and presents possible policy options and bank actions to enhance European bank funding models’ robustness.

IMF Research Bulletin, December 2012

International Monetary Fund. Research Dept.
IMF Research Bulletin December 2012 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 14 pages
File Size : 48,8 Mb
Release : 2012-12-10
Category : Business & Economics
ISBN : 9781475556650

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IMF Research Bulletin, December 2012 by International Monetary Fund. Research Dept. Pdf

The Research Summaries in the December 2012 IMF Research Bulletin look at "Market Failures and Macroprudential Policy" (Giovanni Favara and Lev Ratnovski) and "Measurement Matters for House Price Indices" (Mick Silver). The Q&A column looks at "Seven Questions on Turning Points of the Global Business Cycle." The Bulletin also includes a listing of recent IMF Working Papers and Staff Discussion Notes, as well as a list of the top-viewed articles for the first three issues of IMF Economic Review in 2012. Information is also included on a call for papers for the conference "Asia: Challenges of Stability and Growth" to be held in Seoul in 2013.

Playing with Fire

Yilmaz Akyüz
Playing with Fire Book PDF

Author : Yilmaz Akyüz
Publisher : Oxford University Press
Page : 288 pages
File Size : 48,5 Mb
Release : 2017-06-23
Category : Business & Economics
ISBN : 9780192517623

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Playing with Fire by Yilmaz Akyüz Pdf

Starting in the early 1990s many emerging and developing economies (EDEs) liberalized their capital accounts, allowing greater freedom for international lenders and investors to enter their markets as well as for their residents to borrow and invest in international financial markets. Despite recurrent crises, liberalization has continued and in fact accelerated in the new millennium. Integration has been greatly facilitated by progressively looser monetary policy in the United States, notably the policies that culminated in debt crises in the United States and Europe and the ultra-easy monetary policy adopted in response. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic financial markets and the presence of their nationals in foreign markets have reached unprecedented levels. As a result new channels have emerged for the transmission of financial shocks from global boom-bust cycles. Almost all EDEs are now vulnerable irrespective of their balance-of-payments, external debt, net foreign assets and international reserve positions although these play an important role in the way such shocks could impinge on them. This is a matter for concern since the multilateral system still lacks mechanisms for orderly resolution of financial crises with international dimensions. Playing with Fire provides an empirical account of deeper integration of EDEs into the global financial system and discusses its implications for stability and growth, focusing on the role of policies in the new millennium in both EDEs and the United States and Europe.

Bank Funding Costs for International Banks

MissRita Babihuga,Marco Spaltro
Bank Funding Costs for International Banks Book PDF

Author : MissRita Babihuga,Marco Spaltro
Publisher : International Monetary Fund
Page : 38 pages
File Size : 48,7 Mb
Release : 2014-04-30
Category : Business & Economics
ISBN : 9781475517910

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Bank Funding Costs for International Banks by MissRita Babihuga,Marco Spaltro Pdf

This paper investigates the determinants of bank funding costs for a sample of internationally active banks from 2001–12. We find that changes in banks’ unsecured funding costs are associated with bank-specific characteristics such as an institution’s credit worthiness and the return on its market value, and importantly, on the level and quality of capital. Similarly, market factors such as the level of investor risk appetite, as well as shocks to financial markets—notably the US subprime crisis and the Euro Area sovereign debt crisis—have also been key drivers of the sharp rise in bank funding costs. We also find evidence that large systemically important institutions have enjoyed a funding advantage, and that this advantage has risen since the onset of the two crises. With the exception of Euro Area periphery banks, by end-2012 the rise in funding costs had generally been reversed for most major banks as a result of improvments in bank asset quality as well as steps taken to increase resilience, notably higher capitalization. Our results suggest increased capital buffers may potentially support bank lending to the real economy by reducing bank funding costs.

Managing Elevated Risk

Iwan J. Azis,Hyun Song Shin
Managing Elevated Risk Book PDF

Author : Iwan J. Azis,Hyun Song Shin
Publisher : Springer
Page : 124 pages
File Size : 51,9 Mb
Release : 2014-12-11
Category : Business & Economics
ISBN : 9789812872845

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Managing Elevated Risk by Iwan J. Azis,Hyun Song Shin Pdf

This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.