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The Asian and European Banking Systems
After a brief review of the literature on the determinants of financial development, the paper reviews the Asian and European financial systems in terms of their size and efficiency. It also compares the steps taken in the two regions in the quest for financial development and stability, which in a few cases are very similar but differ markedly in others. While there has been a clear move towards a more balanced financial structure in both regions, financial liberalization, as well as the strengthening of bank regulation and supervision occurred later in Asia and with a different speed and sequencing. The most striking difference between the two areas is the degree of international - and regional - financial integration, much lower for Asia. Finally, the case of Spain - as a European country with a finance-led convergence process - is analyzed in more detail. Lessons are drawn from the Spanish experience for Asian countries.
Bank Capital, Lending Booms and Busts, Evidence from Spain in the Last 150 Years
En este estudio analizamos el efecto del capital bancario en las expansiones y contracciones crediticias durante alrededor de 150 años en España. Primero construimos cuidadosamente una medida de apalancamiento bancario (i. e., ratio de capital sobre activo) para el sector bancario español desde el año 1880. Después, llevamos a cabo un análisis econométrico sólido para analizar el impacto de los niveles de capital bancario sobre los ciclos crediticios, controlando por otros factores de crecimiento de crédito. Encontramos evidencia empírica robusta sobre la relación asimétrica entre el capital bancario y el ciclo crediticio. En particular, un aumento del capital bancario antes de u...
Capital Structure and Corporate Financing Decisions
A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasin...
The Use and Effectiveness of Macroprudential Policies
Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while advanced countries use borrower-based policies more. Usage is generally associated with lower growth in credit, notably in household credit. Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financial cycles, they work less well in busts.
The Great Recession
Here, experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises. The contributors focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets.
Dynamic Provisioning
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An Empirical Study of Residential Developer Bankruptcies in the United States 2007-2008
With falling home prices and home foreclosures currently acknowledged as a severe problem in the U.S., more attention needs to be paid to the contributing phenomenon of residential developers undergoing liquidation, which has left behind a trail of partially-completed or abandoned properties. This dissertation presents the results of an empirical investigation aimed at understanding this phenomenon. Specifically, we addressed the following research questions: How have the Chapter 11 bankruptcy cases of residential developers and home builders during this downturn been resolved? How did the actions taken by secured lenders in the course of bankruptcy proceedings shape the resolution outcome? ...
Dealing with the Challenges of Macro Financial Linkages in Emerging Markets
This book deals with the challenges of macro financial linkages in the emerging markets.
