lending securitization and financial stability the spanish case

... fee from the borrower if the collateral is non-cash Lending fees can vary greatly depending on the nature, size and duration of the transaction, the demand to borrow the securities, and other factors ... Mexico, the Netherlands, Switzerland, Turkey, UK and US), the European Commission, and the European Central Bank (ECB) 19 There are exceptions such as US regulated insurers involved in securities lending ... Introduction At the Cannes Summit in November 2011, the G20 Leaders agreed to strengthen the regulation and oversight of the shadow banking system, and endorsed the Financial Stability Board...

Ngày tải lên: 15/03/2014, 19:20

... performance The financial accelerator” and “credit channel” approaches to business cycles help set the stage for recent theories for the role of the corporate sector in financial crises The financial ... financing rose for the U.S., the U.K., and Japan, and was broadly unchanged for the other countries during the 1980s and 1990s (Table 10) Note that there are differences in the overall level of ... countries (the Czech Republic, India, the Republic of Korea, South Africa, and Thailand) and balance sheets for four (Croatia, the Czech Republic, Israel, and Korea) The time intervals for the data...

Ngày tải lên: 17/12/2013, 05:15

... Grounding of financial stability related mandates of central banks in 2009 (The darker the circle, the stronger the grounding of the mandate; the darker the shading of the cell, the bigger the mandate, ... financial stability related mandates on the x-axis against the clarity of financial stability objectives in the law or in extraBIS: Central bank governance and financial stability Financial stability ... appreciate the diversity of financial stability mandates prior to the recent financial crisis Table Financial stability related mandates of central banks in 2009 (The darker the shading the bigger the...

Ngày tải lên: 16/02/2014, 10:20

... during the financial crisis by the loss associated with the $785 million of Lehman securities held by the Reserve Primary Fund The loss led to the Reserve Primary Fund “breaking the buck,” and this ... DELIVERY financial stability improvements that are my main focus But all in all I believe the risks to the stability of the financial system that underpins the economy are too great not to take the ... management, two cases between and percent, and three cases over percent).7 In fact, in one instance the dollar amount of support exceeded the amount of the Reserve Primary Fund’s Lehman exposure These...

Ngày tải lên: 19/02/2014, 14:20

... central banks in the survey aim for price stability directly, operating independent monetary policies, or, in the case of Finland, Ireland, and the Netherlands, under the direction of the European ... the institution is solvent and failure to make its payments poses a threat to the stability of the financial system, and there is a need to act expeditiously 378 Central banks and financial stability ... link to another currency Argentina does this through its one-to-one link with the US dollar, and Bulgaria and Estonia through their tie to the Deutsche Mark and hence the euro The other central...

Ngày tải lên: 06/03/2014, 10:20

... because the price of new cars, , increases and because the scrapping value, , decreases In both cases the e ect is the same and increases the replacement age Second, concerning the e ect of on the ... cost on the left hand side with the expected gain in durable services on the right hand side This gain is computed as the discounted di erence between the services provided by the newest and the ... ad-valorem taxes The rst is the value-added tax (Impuesto sobre el Valor Aủadido, IVA) The second is known as the registration tax At the time of the Prever scheme, the IVA was 16% and the registration...

Ngày tải lên: 16/03/2014, 12:20

... thus drives the extent of the price discount We show how this speed depends on the relative payoffs from taking on the asset, the structure of the OTC network, and the responsiveness of the investors, ... Rochet and Vives (2004), Chui et al (2002) among others, and we adapt the latter for our purposes In modeling the OTC market in secured lending, we build on Anand et al (2011) and Young (2011) These ... with a few large and highly connected broker-dealers in the core and many smaller dealer in the periphery In the special case that there is only one dealer bank in the core, the network simplifies...

Ngày tải lên: 22/03/2014, 20:20

... reinforcing and amplify the financial cycle 8 More broadly, literature has shed new light on the functioning of the bank lending channel since the start of the current financial crisis and stressed the ... would allow them to recover the full amount of their loans Upon the downturn in the housing market cycle, borrowers went bust and the crisis propagated to other asset markets and other countries ... summing up the outstanding loan of the merging parties This allows us to compute a loan growth net of the effect of the merger for the year of this event In the other cases, we interpolate the loan...

Ngày tải lên: 29/03/2014, 08:20

... methodology, and an expert in clinical research These experts reviewed the translation and monitored the adaptation process As the original version of the questionnaire was well defined and structured, the ... CP and JR designed the study and were responsible for the idea of the study CP, RG, SH and JI participated in patient enrrollment and manuscript elaboration DB wrotte the manuscript in part and ... to sensitivity and specificity and Youden's index, the positive (PPV) and negative predictive value (NPV), the kappa coefficient of agreement with the diagnosis according to the standard criterion...

Ngày tải lên: 18/06/2014, 22:20

... underlying the 10 items of the scale The reliability of the Spanish version of the 10-item CD-RISC was similar to that of the original version (Cronbach’s a of the original version = 0.85 and of the Spanish ... between the sexes As the sample sizes were relatively large (n = 681), the goodness of fit of the hypothetical models to the sample data was assessed with the Hu and Bentler criteria [14] To test the ... groups, and the PCA and CFA results did not show significant differences between groups Reliability Convergent validity The differences in the mean score of the MCS and in the mean score of the PSQI...

Ngày tải lên: 20/06/2014, 15:20

... methodology, and an expert in clinical research These experts reviewed the translation and monitored the adaptation process As the original version of the questionnaire was well defined and structured, the ... CP and JR designed the study and were responsible for the idea of the study CP, RG, SH and JI participated in patient enrrollment and manuscript elaboration DB wrotte the manuscript in part and ... to sensitivity and specificity and Youden's index, the positive (PPV) and negative predictive value (NPV), the kappa coefficient of agreement with the diagnosis according to the standard criterion...

Ngày tải lên: 20/06/2014, 16:20

... version and the one validating the U S version The most important include the fact that the Spanish sample was a representative urban group whereas the U.S sample came from different settings, and the ... of 50 and a standard deviation (SD) of 10 The individual mean of each domain (range, 1-5) is taken into account in the standardization procedure, as well as the group mean and SD in the Spanish ... comparing the standardized mean scores and 95% CIs between children whose parents scored within the normal range on the CBCL and their counterparts in the borderline-clinical range Standardized...

Ngày tải lên: 20/06/2014, 16:20

... Introduction Lending, securitization and financial stability: the Spanish case 2.1 Securitization and financial stability 2.2 Lending and housing prices and securitization 2.3 Securitization, risk-taking and ... securitization and financial stability: the Spanish case 2.1 Securitization and financial stability The crisis has shown that securitization is heavily dependent on markets’ perceptions and could ... countries is the role of securitization in the lending and housing prices boom and burst At the macroeconomic level, the dynamics of the relationship between lending, housing prices and securitization...

Ngày tải lên: 22/03/2014, 20:20

... zero even at the 95% level in Canada, Finland, the Netherlands, Norway, Sweden, Switzerland, the UK and the US Moreover, while in some countries, (including Finland, the UK and the US) residential ... Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Spain, Sweden, Switzerland, the UK and the US The sample starts in 1986 in order to avoid the more turbulent, ... the whole sample period are available for Australia, Canada, Switzerland, Denmark, Finland, France, the Netherlands, Sweden, the UK and the US For, Belgium we link an older series for small and...

Ngày tải lên: 24/10/2012, 09:40

... deterioration in the income advantages they once enjoyed on the asset side of their balance sheets The growth of the commercial paper and junk bond markets and the increased securitization of ... addition, the same forces that drove the securitization process in the United States are at work in other countries and will undercut the profitability of traditional banking there Thus, although the ... been conducted by the Bank for International Settlements (the “Promisel Report”), the Bank of England, the Group of Thirty, the Office of the U.S Comptroller of the Currency, the Commodity Futures...

Ngày tải lên: 16/02/2014, 11:20

... control by the blockholders affects the quality of financial reporting H 3: The control by the families affects the quality of financial reporting H 4: The control by the State and the financial ... It reflects the power of the families and is named “FAMIL” The fourth axis is associated with the percentage of directors who represent the State and the financial institutions and their shareholding ... that the control by the State and the financial institutions is associated with a good quality of financial reporting However, we discern that the presence of the blockholders, the families and the...

Ngày tải lên: 06/01/2015, 19:49

... mirror-imaging of AC in the literature In this case, we describe the second case of MZ with mirror-imaging of AC and discuss the possible clinical implications First, Helland and Wester11 reported ... and follow-up Therefore, a large percentage of patients with AC are probably undiscovered Mirror images, on the other hand, are present in approximately 25% of MZ Therefore, we suggest that the ... AC in the cerebellopontine angle and indicated that genetic factors were important in the predisposition to cystogenesis in some patients Previously, both the familial occurrence of AC and the...

Ngày tải lên: 25/10/2012, 11:00

... injury The below must be severe enough to cause brain contusion and a secondary reparative process The location of the impact and the tumor should correspond exactly one to the other There should ... the occurrence of the tumor corresponded exactly one to the other; and (4) there was a more than one year interval between trauma and the appearance of the tumor As regards the pathogenesis of ... injury, and early brain CT was negative; (2) the blow was severe and caused brain contusion or intra- 249 cranial hematoma with a secondary reparative process; (3) the location of the impact and the...

Ngày tải lên: 25/10/2012, 11:48

... activities and the ways to carry out these activities, the ways to group the students, the appropriate amount of time for them and the purposes of the activities They have adapted or expanded the exercises ... or the representatives of some groups to stand up and report their work for the others in the class to comment and correct the mistakes The teachers often gave some additional explanation and the ... (25/30) And the information the teachers used in organizing pair and group work was mainly taken from the textbook (23/30), among them in cases the teachers used the exact copies from the textbook and...

Ngày tải lên: 07/11/2012, 14:54

Ngày tải lên: 14/08/2013, 11:42