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The Role of Bank Capital in Bank Holding Companies’ Decisions
This paper examines the role of bank capital in decision-making by bank holding companies (BHCs) in the United States. Following Chami and Cosimano’s (2001) call option approach to bank capital, BHCs optimally choose the amount of capital to insure the bank against becoming capital constrained in the future. We provide empirical support for this model, and find that a higher optimal level of capital leads to higher loan rates. Furthermore, higher loan rates result in lower amounts of lending. Thus, an increase in capital requirements is likely to lead to higher loan rates and a significant reduction in lending.
What’s Different about Bank Holding Companies?
The recent fnancial crisis highlighted the role of Bank Holding Companies (BHCs) in exacerbating the crisis and in transmitting monetary policy beyond the local economy to global markets. Yet, little is known about their behavior, as most models of banking typically focus on banks with a loan desk. We develop a dynamic model of a BHC that encompasses both a trading desk and a loan desk, and explore the role of risk attitude and overleveraging by the trading desk. We trace the impact of monetary policy and market innovations on bank behavior in the presence of Basel III type regulations. To our knowledge, this is a first such exercise. We show that the value of the BHC is enhanced by operating both desks, even if they both are subject to common market shocks. We explore alternative regulatory remedies to ongoing efforts to ring-fence the proprietary trading business, and show that regulations that target bank governance can mitigate possible rogue trading and the overleveraging problem.
Handbook of Computational Economics
Handbook of Computational Economics summarizes recent advances in economic thought, revealing some of the potential offered by modern computational methods. With computational power increasing in hardware and algorithms, many economists are closing the gap between economic practice and the frontiers of computational mathematics. In their efforts to accelerate the incorporation of computational power into mainstream research, contributors to this volume update the improvements in algorithms that have sharpened econometric tools, solution methods for dynamic optimization and equilibrium models, and applications to public finance, macroeconomics, and auctions. They also cover the switch to mass...
IMF Research Bulletin, June 2015
In the June 2015 issue, the Research Summaries review "Migration: An Attractive Insurance Option in African Countries" (Ahmat Jidoud) and "Investment in Emerging Markets" (Nicolas E. Magud and Sebastian Sosa). The Q&A looks at "Seven Questions on Islamic Finance” (Inutu Lukonga). The Bulletin also includes its regular listings of recent IMF Working Papers and Staff Discussion Notes, as well as information on the "IMF Economic Review." A new IMF eLibrary discussion site on energy and climate change is highlighted, along with new recommendations from IMF Publications.
The Role of Bank Capital in Bank Holding Companies' Decisions
Paper examines the role of bank capital in decision-making by bank holding companies (BHCs) in the United States. Following Chami and Cosimano's (2001) call option approach to bank capital, BHCs optimally choose the amount of capital to insure the bank against becoming capital constrained in the future. We provide empirical support for this model, and find that a higher optimal level of capital leads to higher loan rates. Furthermore, higher loan rates result in lower amounts of lending. Thus, an increase in capital requirements is likely to lead to higher loan rates and a significant reduction in lending. --Abstract.
Human-Computer Interaction: Design and Development Approaches
This four-volume set LNCS 6761-6764 constitutes the refereed proceedings of the 14th International Conference on Human-Computer Interaction, HCII 2011, held in Orlando, FL, USA in July 2011, jointly with 8 other thematically similar conferences. The revised papers presented were carefully reviewed and selected from numerous submissions. The papers accepted for presentation thoroughly cover the entire field of Human-Computer Interaction, addressing major advances in knowledge and effective use of computers in a variety of application areas. The papers of this first volume are organized in topical sections on HCI design, model-based and patterns-based design and development, cognitive, psychological and behavioural issues in HCI, development methods, algorithms, tools and environments, and image processing and retrieval in HCI.
The Future Internet
Co-editors of the volume are: Federico Álvarez, Alessandro Bassi, Michele Bezzi, Laurent Ciavaglia, Frances Cleary, Petros Daras, Hermann De Meer, Panagiotis Demestichas, John Domingue, Theo G. Kanter, Stamatis Karnouskos, Srdjan Krčo, Laurent Lefevre, Jasper Lentjes, Man-Sze Li, Paul Malone, Antonio Manzalini, Volkmar Lotz, Henning Müller, Karsten Oberle, Noel E. O'Connor, Nick Papanikolaou, Dana Petcu, Rahim Rahmani, Danny Raz, Gaël Richards, Elio Salvadori, Susana Sargento, Hans Schaffers, Joan Serrat, Burkhard Stiller, Antonio F. Skarmeta, Kurt Tutschku, Theodore Zahariadis The Internet is the most vital scientific, technical, economic and societal set of infrastructures in existence...
Loans and Credit in Consilia and Decisiones in the Low Countries (c. 1500-1680)
Based on consilia and decisions, Wouter Druwé studies the multinormative framework on loans and credit in the Golden Ages of Antwerp and Amsterdam (c. 1500-1680). He analyzes the use of a wide variety of legal financial techniques in the Low Countries.
Nonlinear Perron-Frobenius Theory
Guides the reader through the nonlinear Perron-Frobenius theory, introducing them to recent developments and challenging open problems.
