Global Imbalances and the Financial Crisis: Products of Common Causes pdf

... distortions, and financial innovation created the toxic mix of conditions making the U.S. the epicenter of the global financial crisis. Given the regulatory weaknesses outside the U.S. and competitive ... jumped from 3.6 percent of GDP in 2004 to 7.2 21 Trichet (2004). Global Imbalances and the Financial Crisis: Products of Common Causes...

Ngày tải lên: 23/03/2014, 02:20

... matched by the acquisition of a deposit vis-à- vis them (the transfer of purchasing power). The financial transaction only generates offsetting gross capital flows. And the subsequent use of the deposit ... account imbalances played a critical role in the crisis. This is true of global flows and of those that affected the United States, the country at th...

Ngày tải lên: 17/02/2014, 03:20

... fluctuations of credit in the context of secured lending expose the fallacy of the lump of liquidity in the financial system. The language of liquidity suggests a stock of available funding in the financial ... Abstract The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the “sh...

Ngày tải lên: 14/03/2014, 23:20

... statement on the appropriate roles of each during the current financial crisis and into the future, and on the steps necessary to ensure financial and monetary stability. The four points of agreement ... with the Bank of England, the European Central Bank, the Bank of Japan and the Swiss National Bank that would enable the provision of foreign currenc...

Ngày tải lên: 17/02/2014, 21:20

... rate The turnover rate is the sum of the market value of all large trades in a given month divided by the average of the outstanding nominal amounts at the beginning and the end of the month. ... Liquidity. Review of Financial Studies 22, pp 2201-2238. Choi, J.Y, Dan Salandro and Kuldeep Shastri (1988), “On the Estimation of Bid-Ask Spreads: Theory and...

Ngày tải lên: 06/03/2014, 04:21

... Bank of New York, the Department of Housing and Ur- ban Development, the Oce of the Comptroller of the Currency, the Oce of Fed- eral Housing Enterprise Oversight (and its successor, the Federal ... States.” In this report, the Com- mission presents to the President, the Congress, and the American people the results of its examination and its conclus...

Ngày tải lên: 06/03/2014, 09:22

... tested, K is the number of risk factors in the asset pricing model, µ is a column vector of mean re- turns of the risk factors, Ω is the unbiased estimate of the covariance matrix of the risk ... Results of the principal component analysis (PCA) The proxy for the interest rate risk is the difference between the monthly return of government bonds and...

Ngày tải lên: 29/03/2014, 06:21

... Supervision, and Surveillance 3.3 Since the beginning of 2009, the governance and regulation of financial institutions and markets have been in the spotlights. Within the current financial sys- tem ... interpretations, and conclu- sions expressed in this paper are entirely those of the author(s) and do not neces- sarily represent the view of the African Dev...

Ngày tải lên: 17/02/2014, 21:20

... periods of the year than those to the right of the NMS ( horizontal arrows ). Species positioned in the upper part of the NMS were in the northern swamps, and those in the lower part of the NMS ... estimate of the conversion of tun- dra to wetlands is most likely an underestimate. Nevertheless, global climate change will considerably increase the area of...

Ngày tải lên: 18/02/2014, 20:20

... patterns and maturity mismatches in the international financial system in the case of the BIS (also relevant for Recommendation # 4); and, the enhancement of the frequency and timeliness of the ... data and the identification of the institutional sector of the foreign debtor in the case of the IMF). These working groups are expected to give careful...

Ngày tải lên: 06/03/2014, 19:20