policy financial stability and asset prices

... Eli Remolona, Philip Strahan, and Betsy White for their comments and William Bassett for research assistance Discussants at the Symposium on Financial Instability and participants in a workshop ... IMPLICATIONS FOR POLICY The decline of traditional banking presents a challenge to regulators and policymakers On the one hand, banks may respond to their shrinking intermediary role and diminished ... of assets and liabilities Historical-cost accounting has an important advantage in that it is easier to value assets and liabilities Market-value accounting, in contrast, requires estimates and...

Ngày tải lên: 16/02/2014, 11:20

... (China), and Thailand Argentina, Brazil, The Czech Republic, Hungary, Poland and Chile, Colombia, Mexico, Peru and Venezuela Russia South Africa and Turkey Sources: National data; BIS New financial ... Financial Stability Forum, for instance, drew attention to serious statistical shortcomings in 2000 (FSF (2000)) CGFS – Financial stability and local currency bond markets changes in financial asset prices ... related to an overall government balance sheet and physical as well as financial assets (Anderson (1999)) There are 10 CGFS – Financial stability and local currency bond markets One good illustration...

Ngày tải lên: 22/03/2014, 20:20

... Stabilise Asset Prices? ,” mimeo, Institute for Monetary and Financial Stability, University of Frankfurt Assenmacher-Wesche, Katrin and Stefan Gerlach (2008b), Asset Prices in Monetary Policy: ... paper in progress, Institute for Monetary and Financial Stability, University of Frankfurt Bean, Charles (2004), Asset Prices, Monetary Policy and Financial Stability: A Central Banker's View,” Speech ... monetary policy to asset prices is likely to generate pronounced swings in economic activity and to stabilise some asset prices at the costs of inducing more instability in others How important is financial...

Ngày tải lên: 24/10/2012, 09:40

... Borio, C., and P Lowe, 2002, Asset prices, financial and monetary stability: exploring the nexus”, BIS Working Papers n°114, July Caporale, G., and N Spagnolo, 2003, Asset prices and Output ... concludes and discusses some policy implications 5 II ASSET PRICES AND BANK BALANCE SHEETS: RELATED LITERATURE The literature has highlighted several channels through which asset prices impact the financial ... the effect of asset prices on credit growth in France and tries to disentangle credit demand and supply factors, both for the whole 1993-2010 period and during periods of financial instability Using...

Ngày tải lên: 29/03/2014, 08:20

Ngày tải lên: 03/06/2014, 00:59

... underdeveloped domestic financial sectors and fragile corporate and financial sector balance sheets (Kiyotaki and Moore, 1997) The dynamic interaction between credit limits and asset prices is a powerful ... Fund WP/04/124 IMF Working Paper Monetary and Financial Systems Department Corporate Financial Structure and Financial Stability Prepared by E Philip Davis and Mark R Stone1 Authorized for distribution ... CORPORATE FINANCIAL STRUCTURE AND FINANCIAL STABILITY: DESCRIPTIVE ANALYSIS This section describes the impact of a crisis on the level and composition of GDP and the relationship between this impact and...

Ngày tải lên: 17/12/2013, 05:15

... overall financial stability – S Oosterloo and J de Haan (2006), “Central banks and financial stability: a survey”, Journal of Financial Stability, No BIS: Central bank governance and financial stability ... mandate for financial stability policy On the other hand, having an interest in financial stability does not by itself imply having a public policy mandate to pursue an independent financial stability ... and recent innovations I Figure Extent of financial stability related mandate and clarity of financial stability related objectives Clarity of formal financial stability objective High All mandates...

Ngày tải lên: 16/02/2014, 10:20

... “considerable period,” and then by indicating that the tightening in policy While the central banks of New Zealand, Norway, and Sweden publish the expected policy rate path of their monetary policy decision ... futures The RBNZ’s policy rate forecast is determined endogenously along with inflation and output using their Forecasting and Policy System model (see McCaw and Ranchhod 2002, and Ranchhod 2003) ... euro area, and New Zealand in light of the communication strategies of central banks While we find evidence that central bank policy rate forecasts influence market prices in New Zealand, we find...

Ngày tải lên: 17/02/2014, 03:20

... agreements were 19 percent And finally, Treasury and Agency securities were percent and 10 percent, respectively Sponsors are the asset management firms and their parents and affiliates Of course, ... promise a fixed net asset value (NAV).3 Without additional reforms, this structural problem could trigger or amplify future financial stability problems Issues of potential financial instability were ... 2007 and 2010 where identified sponsor support exceeded one percent of assets under management (nine in total – four cases between and percent of assets under management, two cases between and...

Ngày tải lên: 19/02/2014, 14:20

... on investing islands have higher leverage than those on non-investing islands because the asset price is lower in investing islands Accordingly, asset prices in investing islands fall by more ... private credit, leaving total asset demand in the sector n∗ unaffected Let St be total asset demand consistent with a zero excess return on assets on non-investing islands in equilibrium Then n Qn ... emphasized by Adrian and Shin (2008), Brunnermeier and Pederson (2009), Kiyotaki and Moore (2009), Jermann and Quadrini (2009), Fostel and Geanakoplos (2009), Kurlat (2009) and others In the context...

Ngày tải lên: 06/03/2014, 08:20

... institution, is that monetary and financial stability policy are intertwined Monetary policy can have important implications for financial stability; financial stability decisions will also have ... The links between financial stability policy and monetary policy One important argument for preserving a financial stability function in a central bank, even when regulation of financial firms ... policy, and policies for financial stability, are closely intertwined The foremost threat to financial stability comes from the failure of banks, to which we turn next Financial crises and the...

Ngày tải lên: 06/03/2014, 10:20

... 3.1 Assets and liabilities of firms and households The financial accounts of German, Spanish, French and Italian firms and households for 1996, 1997 and 1998 are summarised in Table 4.17 The asset ... housing and financial markets institutions and EMU, Oxford Review of Economic Policy 14, No 3, Autumn, pp 54-80 Mc Cauley R and W White (1997): The euro and the European financial markets, EMU and ... Herrmann H and W Jahnke (1994): The interest rate policy transmission process in Germany, BIS (1994) Kennedy M., A Palerm, C Pigott and F.Terribile (1998): Asset prices and monetary policy, Economics...

Ngày tải lên: 15/03/2014, 14:20

... currency: banks Deposit and currency: other sectors Other liabilities and assets: banks Other sectors=firms and households 48 Other liabilities assets: other sectors and Net errors and omissions 4798 ... Boratav, Yeldan and Köse (2000), Onaran (2000), Yeldan and Köse (1999), Filiztekin (1999), Ercan (1999), Pamukçu and de Boer (1999), Köse and Yeldan (1998a and 1998b), Yentürk (1997 and 1999), Uygur ... Conditions, Policy and Performance in the 1980s” in G K Helleiner (ed.) Trade Policy and Industrialization in Turbulent Times London: Routledge Celasun, M and D, Rodrik (1989) “Debt, Adjustment and Growth:...

Ngày tải lên: 15/03/2014, 19:20

... faced by financial intermediaries (which include haircuts) can have a first-order impact on asset prices and market dynamics, and thus propagate and amplify financial shocks throughout the financial ... between monetary policy and macro-prudential policies Angelini, Neri and Panetta (2010) and Beau, Clerc and Mojon (2011) analyse the interaction of monetary and macro-prudential policy in a dynamic ... inter-dealer repos and dealer-to-client repos Figures are outstanding volumes for a moving panel of dealers and might be double counting repos and reverse repos 56 Gorton, Gary B and Andrew Metrick...

Ngày tải lên: 15/03/2014, 19:20

... averages, or compared with a decade or two ago Stock prices, home prices, commercial real estate prices, land prices, even oil prices and other commodity prices, are said to be very high.2 The two phenomena ... inflation, and real interest rates, and how their thinking has impacted both asset prices and interest rates This will lead to a conclusion that there is only a very tenuous relation between asset prices ... them to demand more investments when asset inflation has inflated the assets on their balance sheets, so that higher asset prices tend to create through this mechanism yet higher asset prices 21...

Ngày tải lên: 17/03/2014, 08:20

... encumbrance, LEIs can enhance OTC market liquidity, and hence promote financial stability 4.3 Collateral and monetary policy In recent work, Adrian and Shin (2011) and Singh (2011) have highlighted the importance ... Frankfurt 18 Financial Stability Board (2012) ‘Securities Lending and repos: market overview and financial stability issues’, Interim Report of the FSB Workstream on Securities Lending and Repos ... Cascino and Joachim Gassen, February 2012 "Fair Value Reclassifications of Financial Assets during the Financial Crisis" by Jannis Bischof, Ulf Brüggemann and Holger Daske, February 2012 "Intended and...

Ngày tải lên: 22/03/2014, 20:20

... fail to secure greater financial stability chapter Global Financial Stability Assessment Risks to financial stability have increased since the April 2012 Global Financial Stability Report (GFSR), ... = Austria, Denmark, Finland, Germany, the Netherlands, and Switzerland Debtor countries = Ireland, Italy, Portugal, and Spain from market prices, which has been rising and falling alongside strains ... Belgium, Finland, Germany, and the Netherlands; periphery = Greece, Ireland, Italy, Portugal, and Spain –1 –2 –3 –4 –5 –6 –7 chapter 1  Global Financial Stability Assessment and growth under...

Ngày tải lên: 29/03/2014, 13:20

... Uncertainty, Sovereign Risk, and Financial Fragilities A What Is the Outlook for Global Financial Stability? B Sovereign Risks and Financial Fragilities C Sovereign and Banking System Spillovers ... crisis for the banking system, and put in place a new regulatory and institutional landscape to ensure financial stability Overall progress toward global financial stability has suffered a setback ... level and one-month volatility of the spreads, prices, and total returns of each asset class relative to the average during 2003–06 (i.e., wider spreads, lower prices and total returns, and higher...

Ngày tải lên: 01/11/2014, 13:20

... Outlook and Global Financial Stability Report xi Executive Summary xiii Chapter 1.  Resolving the Crisis Legacy and Meeting New Challenges to Financial Stability A How Has Global Financial Stability ... Writedowns and Capital   1.6.  Germany: Bank Writedowns and Capital   1.7.  Projections of Credit Capacity for and Demand from the Nonfinancial Sector   1.8.  Asset Class Valuations   1.9.  Global Financial ... warrant close scrutiny and early policy action so as not to compromise financial stability Chapter notes that there are strong links between global liquidity expansion and asset prices in “liquidity-receiving”...

Ngày tải lên: 01/11/2014, 19:18

... Financial Crisis and Federal Reserve Policy 10.1057/9780230118072 - The Financial Crisis and Federal Reserve Policy, Lloyd B Thomas 9780230108462_01_prexx.indd iii 1/10/2011 11:32:21 AM THE FINANCIAL ... Thailand, Malaysia, Hong Kong, Indonesia, the Philippines and South Korea in 1997 and 1998; Russia in 1998; and Argentina and Turkey in 2001 In addition to encompassing asset price declines and ... - The Financial Crisis and Federal Reserve Policy, Lloyd B Thomas 9780230108462_03_ch02.indd 23 12/21/2010 6:00:08 PM The Financial Crisis and Federal Reserve Policy or more classes of assets...

Ngày tải lên: 01/11/2014, 23:32