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Bank Solvency and Funding Cost
This paper presents new evidence on the empirical relationship between bank solvency and funding costs. Building on a newly constructed dataset drawing on supervisory data for 54 large banks from six advanced countries over 2004–2013, we use a simultaneous equation approach to estimate the contemporaneous interaction between solvency and liquidity. Our results show that liquidity and solvency interactions can be more material than suggested by the existing empirical literature. A 100 bps increase in regulatory capital ratios is associated with a decrease of bank funding costs of about 105 bps. A 100 bps increase in funding costs reduces regulatory capital buffers by 32 bps. We also find evidence of non-linear effects between solvency and funding costs. Understanding the impact of solvency on funding costs is particularly relevant for stress testing. Our analysis suggests that neglecting the dynamic features of the solvency-liquidity nexus in the 2014 EU-wide stress test could have led to a significant underestimation of the impact of stress on bank capital ratios.
Next Generation System-Wide Liquidity Stress Testing
A framework to run system-wide, balance sheet data-based liquidity stress tests is presented. The liquidity framework includes three elements: (a) a module to simulate the impact of bank run scenarios; (b) a module to assess risks arising from maturity transformation and rollover risks, implemented either in a simplified manner or as a fully-fledged cash flow-based approach; and (c) a framework to link liquidity and solvency risks. The framework also allows the simulation of how banks cope with upcoming regulatory changes (Basel III), and accommodates differences in data availability. A case study shows the impact of a "Lehman" type event for stylized banks.
Proceedings and Addresses of the American Philosophical Association
List of members in v. 1- .
Foreign Consular Offices in the U.S.
Contains a complete and official listing of foreign consular offices in the U.S., and recognized consular officers. Includes names, addresses, and telephone numbers.
Congressional Record
The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)
Social Register
None
Astronomy and Astrophysics Abstracts
From the reviews: Astronomy and Astrophysics Abstracts has appeared in semi-annual volumes since 1969 and it has already become one of the fundamental publications in the fields of astronomy, astrophysics and neighbouring sciences. It is the most important English-language abstracting journal in the mentioned branches. ... The abstracts are classified under more than hundred subject categories, thus permitting a quick survey of the whole extended material. The AAA is a valuable and important publication for all students and scientists working in the fields of astronomy and related sciences. As such it represents a necessary ingredient of any astronomical library all over the world." Space Sc...
