The Long Shadow Of The Global Financial Crisis Public Interventions In

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The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector

Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro

Author : Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro
Publisher : International Monetary Fund
Page : 90 pages
File Size : 54,7 Mb
Release : 2019-07-30
Category : Business & Economics
ISBN : 9781513509433

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The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro Pdf

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector

Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro

Author : Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro
Publisher : International Monetary Fund
Page : 90 pages
File Size : 47,7 Mb
Release : 2019-07-30
Category : Business & Economics
ISBN : 9781513508337

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The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro Pdf

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.

Social Finance

Neil Shenai

Author : Neil Shenai
Publisher : Springer
Page : 231 pages
File Size : 48,7 Mb
Release : 2018-09-19
Category : Business & Economics
ISBN : 9783319913469

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Social Finance by Neil Shenai Pdf

How do market participants construct stable markets? Why do crises that seem inevitable after-the-fact routinely take market participants by surprise? What forces trigger financial panics, and why does uncertainty lead to market volatility? How do economic elites respond to financial distress, and why are some regulatory interventions more effective than others? Social Finance: Shadow Banking during the Global Financial Crisis answers these questions by presenting a new, economic conventions-based model of financial crises. This model emerges from a theoretical synthesis of several intellectual traditions, including Keynesian epistemology, Hyman Minsky’s asset market theory, economic sociology, and international relations theory. Social Finance uses this new paradigm to explain instability in the global shadow banking system during the global financial crisis. And it presents the results of interviews with some of the world’s leading investors – who saw over $2 trillion in annual order flows and managed over $160 billion in assets – to provide first-hand accounts of markets in crisis. Written in accessible prose, Social Finance will appeal to a broad audience of academics, policymakers, and practitioners interested in understanding the drivers of financial stability in the twenty-first century.

The Real Effects of Financial Sector Interventions During Crises

Mr.Luc Laeven,Mr.Fabian Valencia

Author : Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 37 pages
File Size : 50,7 Mb
Release : 2011-03-01
Category : Business & Economics
ISBN : 9781455218974

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The Real Effects of Financial Sector Interventions During Crises by Mr.Luc Laeven,Mr.Fabian Valencia Pdf

We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity.

Unwinding Financial Sector Interventions

Mr.Michael G. Papaioannou,Mr.Udaibir S Das

Author : Mr.Michael G. Papaioannou,Mr.Udaibir S Das
Publisher : International Monetary Fund
Page : 94 pages
File Size : 49,5 Mb
Release : 2010-10-04
Category : Business & Economics
ISBN : 9781589069893

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Unwinding Financial Sector Interventions by Mr.Michael G. Papaioannou,Mr.Udaibir S Das Pdf

As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers from an IMF-sponsored conference of senior policymakers, academics, and senior representatives of the private sector on unwinding public interventions initiated during the crisis. There was broad agreement that the main goal of any strategy for unwinding such interventions should be to create price stability, fiscal sustainability, and a new economic landscape that is much safer than currently exists. Different perspectives on the timing and sequence of the exit process are presented and some guiding principles for exit strategies are discussed. Policy objectives, unwinding public support to banks, and dealing with risky assets purchased by central banks are among topics discussed in detail. The volume also presents views on what the new financial landscape will look like.

Public Sector Interventions in the Financial Sector

Martin Cihak

Author : Martin Cihak
Publisher : Unknown
Page : 128 pages
File Size : 41,8 Mb
Release : 2018
Category : Electronic
ISBN : 1484337204

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Public Sector Interventions in the Financial Sector by Martin Cihak Pdf

Review the experience with public sector interventions to support the financial system, ten years after the onset of the global financial crisis. The project's purpose is to shed light on long-run effects of public support, with a focus on its impact on fiscal balances and the banking system's structure. To this aim, it would provide an update on the fiscal costs of the interventions and on the extent to which intervened financial institutions remain on their respective governments' books. The Fall 2018 flagships would be able to draw on the project's results; the full paper and database would be published in November/December 2018.

A Decade after the Global Recession

M. Ayhan Kose,Franziska Ohnsorge

Author : M. Ayhan Kose,Franziska Ohnsorge
Publisher : World Bank Publications
Page : 475 pages
File Size : 42,5 Mb
Release : 2021-03-19
Category : Business & Economics
ISBN : 9781464815287

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A Decade after the Global Recession by M. Ayhan Kose,Franziska Ohnsorge Pdf

This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.

Engine of Inequality

Karen Petrou

Author : Karen Petrou
Publisher : John Wiley & Sons
Page : 288 pages
File Size : 55,7 Mb
Release : 2021-03-05
Category : Business & Economics
ISBN : 9781119727538

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Engine of Inequality by Karen Petrou Pdf

The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book: Presents practical ways America can and should tackle economic inequality with fast-acting results Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever Reveals the dangers of FinTech and BigTech companies taking over banking Shows how Facebook wants to control even the dollars in your wallet Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.

The Role of Crises in Shaping Financial Systems

Małgorzata Iwanicz-Drozdowska,Elżbieta Malinowska-Misiąg,Piotr Mielus,Paweł Smaga,Bartosz Witkowski

Author : Małgorzata Iwanicz-Drozdowska,Elżbieta Malinowska-Misiąg,Piotr Mielus,Paweł Smaga,Bartosz Witkowski
Publisher : Taylor & Francis
Page : 185 pages
File Size : 51,7 Mb
Release : 2022-10-18
Category : Business & Economics
ISBN : 9781000738865

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The Role of Crises in Shaping Financial Systems by Małgorzata Iwanicz-Drozdowska,Elżbieta Malinowska-Misiąg,Piotr Mielus,Paweł Smaga,Bartosz Witkowski Pdf

The Role of Crises in Shaping Financial Systems: From the Global Financial Crisis to COVID-19 underscores the role of crises as turning points for the financial sector and its interactions with the real economy. It sheds new light on the financial industry through the lens of three recent crises – the global financial crisis, the sovereign debt crisis, and the COVID-19 pandemic. The book provides in-depth insight into the financial systems in European Economic Area countries, accentuating the role of crises in shaping the condition and development of the financial arena. The authors pay special attention to the differences between “old” and “new” Europe, i.e. countries that joined the EU in 2004 or later. It explores the implications of recent turbulences for financial institutions, financial markets, and public finance, and their relationship with the economy. The book examines low or negative interest rates, non-standard monetary policy, fiscal stimulus, dense safety nets, regulatory inflation, weak profitability of the financial sector, and the sovereign-bank nexus. Post-crisis developments are assessed, comprehensively and empirically, from both macro- and microeconomic perspectives to help readers understand the nature of policy measures and their socio-economic implications. The authors outline their predictions for the future of financial systems, focusing on the structural changes and legacy of the COVID-19 crisis and global financial interlinkages. The book adopts both theoretical and practical approaches to explore the key issues and, as such, will appeal to academics and students of financial economics and international finance, as well as policymakers and financial regulators.

Modeling Economic Growth in Contemporary Greece

Vasileios Vlachos,Aristidis Bitzenis,Bruno S. Sergi

Author : Vasileios Vlachos,Aristidis Bitzenis,Bruno S. Sergi
Publisher : Emerald Group Publishing
Page : 223 pages
File Size : 41,8 Mb
Release : 2021-11-04
Category : Business & Economics
ISBN : 9781800711242

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Modeling Economic Growth in Contemporary Greece by Vasileios Vlachos,Aristidis Bitzenis,Bruno S. Sergi Pdf

Modeling Economic Growth in Contemporary Greece assesses the conditions shaping the Greek economy's restart, discussing the effect of institutions on the business environment and highlighting the factors which are critical for achieving sustainable economic growth.

The State as Financier of Last Resort

Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh

Author : Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh
Publisher : International Monetary Fund
Page : 37 pages
File Size : 48,9 Mb
Release : 2022-10-13
Category : Business & Economics
ISBN : 9798400220692

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The State as Financier of Last Resort by Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh Pdf

During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. This Staff Discussion Note argues that such FSMs prevented bankruptcies and attenuated the recession by increasing firms’ liquidity, reducing risk premiums, and boosting confidence. But FSMs also carry large and long-lasting fiscal costs and risks. The note presents recommendations for managing the legacies of the COVID-19 programs and preparing for future crises. Ideally, FSMs should be assessed and included in budget plans, though a balance needs to be struck between speed and scrutiny.

The Financial Crisis Inquiry Report

Financial Crisis Inquiry Commission

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
Page : 692 pages
File Size : 49,6 Mb
Release : 2011-05-01
Category : Political Science
ISBN : 9781616405410

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The Financial Crisis Inquiry Report by Financial Crisis Inquiry Commission Pdf

The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

The Routledge Handbook of Policy Styles

Michael Howlett,Jale Tosun

Author : Michael Howlett,Jale Tosun
Publisher : Routledge
Page : 524 pages
File Size : 47,6 Mb
Release : 2021-02-28
Category : Political Science
ISBN : 9781000364194

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The Routledge Handbook of Policy Styles by Michael Howlett,Jale Tosun Pdf

This Handbook provides a systematic overview of the study of policy styles provided by leading experts in the field. The book unites theoretical bases and advancements in practice, ranging from the fundamentals of policy styles to its place in greater policy studies, and responds to new questions regarding policy style dynamics across a range of government levels and activities, including contemporary trends affecting styles such as the use of digital tools and big data in government. It is a comprehensive reference for students and scholars of public policy. Key features: consolidates and advances the contemporary body of knowledge on policy styles and defines its distinctiveness within broader policy studies; provides a detailed picture of national policy styles in a wide range of countries as well as insights concerning sectoral and other kinds of styles within countries, including executive styles and styles of policy advice; systematically explores questions dealing with how policy styles impact policy goals, and the realization of policies, including how styles affect instruments choices and impact; provides a guide to future comparative research pathways and cross-sectoral dialogue on the concept and practice of policy styles. The Routledge Handbook Policy Styles is essential reading and an authoritative reference for scholars, students, researchers and practitioners of public policy, public administration, public management as well as for comparative politics and government, public organizations and individual policy areas such as health policy, welfare policy, industrial policy, environmental policy, among others.

Greece

International Monetary Fund. European Dept.

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 41,5 Mb
Release : 2019-11-15
Category : Business & Economics
ISBN : 9781513520261

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Greece by International Monetary Fund. European Dept. Pdf

This Selected Issues paper explores the links between wage policies, non-wage cost developments, and competitiveness. A series of program-era policies helped to partially reverse this trend, including labor market policies that cushioned the effect of the crisis on employment and brought unit labor costs broadly in line with trading partners. However, the resulting more competitive wage structure only partly translated into price adjustments due to product market rigidities (with firms retaining some profit margin) and rising non-wage cost factors (e.g., taxes and financing costs). This incomplete internal devaluation and subsequent low productivity gains reinforce the view that Greece has further to go to address its external imbalances. However, labor policy reversals following program exit in August 2018 threaten this objective. The paper shows that Greece must preserve its labor cost competitiveness while increasing efforts to facilitate price adjustment in product markets and reduce non-wage costs.

The Global Financial Crisis

Professor Tony Ciro

Author : Professor Tony Ciro
Publisher : Ashgate Publishing, Ltd.
Page : 267 pages
File Size : 45,8 Mb
Release : 2013-02-28
Category : Business & Economics
ISBN : 9781409497905

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The Global Financial Crisis by Professor Tony Ciro Pdf

This book offers commentary and analysis on the catastrophic events which have recently confronted the international economy in the modern era and contrasts the current situation with other financial crises. It includes case studies on Lehman Brothers in the US, Babcock & Brown in Australia, and Northern Rock in the UK. Asking many pertinent questions about the causes of the crisis and its effects, the book explores fundamental themes such as: asset bubbles and speculation in the financial and non-financial markets, systemic risks and the role of regulation, and regulators. It also reviews the response of international institutions such as the IMF, the World Bank, the US Federal Reserve, the EU Central Bank and the G20. The book assesses the triggers of the crisis and evaluates rescue packages and policy responses as well as suggesting reform of regulatory and supervisory frameworks to maintain banking and modern financial systems in the future.

The Long Shadow Of The Global Financial Crisis Public Interventions In The Financial Sector

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro Pdf

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro Pdf

Social Finance by Neil Shenai Pdf

The Real Effects of Financial Sector Interventions During Crises by Mr.Luc Laeven,Mr.Fabian Valencia Pdf

Unwinding Financial Sector Interventions by Mr.Michael G. Papaioannou,Mr.Udaibir S Das Pdf

Public Sector Interventions in the Financial Sector by Martin Cihak Pdf

A Decade after the Global Recession by M. Ayhan Kose,Franziska Ohnsorge Pdf

Engine of Inequality by Karen Petrou Pdf

The Role of Crises in Shaping Financial Systems by Małgorzata Iwanicz-Drozdowska,Elżbieta Malinowska-Misiąg,Piotr Mielus,Paweł Smaga,Bartosz Witkowski Pdf

Modeling Economic Growth in Contemporary Greece by Vasileios Vlachos,Aristidis Bitzenis,Bruno S. Sergi Pdf

The State as Financier of Last Resort by Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh Pdf

The Financial Crisis Inquiry Report by Financial Crisis Inquiry Commission Pdf

The Routledge Handbook of Policy Styles by Michael Howlett,Jale Tosun Pdf

Greece by International Monetary Fund. European Dept. Pdf

The Global Financial Crisis by Professor Tony Ciro Pdf

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