...
Abstract
The financial crisis of 2007-09 highlighted the changing role of financial institutions
and the growing importance of the “shadow banking system,” which grew out of the
securitization of ... financial crises. We describe the changing nature of financial
intermediation in the market-based financial system, chart the course of the...
... story of the
Everest of the sea will captivate anyone with a curiosity
about, and respect for, the vast and unknowable ocean.
DIXON
GHOST
THE TRUE STORY OF THE BIGGEST WAVE ON
EARTH AND THE ... Catalina Island. They would then cross another thirty-two
miles of ocean to the southern flank of San Clemente Island, a naval base and
artillery range populated by...
... substantially alters the impact of
time and the role of history in the model, theorizes the monetary crisis and lays the
foundation for the financial crisis, and introduces the essential notion of a contractually ... content, crisis potential
is not the same as crisis cause, and a crisis framework is not yet a theory of crisis. To put
content in...
... for these
countries the existence of cointegration could not be rejected. We therefore specify the VAR
models in the level of the variables. Nevertheless, we neither impose the number of
cointegrating ... countries: the fall of residential property prices is
significantly different from zero even at the 95% level in Canada, Finland, the Netherlands,
Norway, Sweden...
... Understanding the surprise component of these announcements is important in
order to understand how much of their effect on the day of the announcement was already priced
in.
In the case of the ... percent and then used
purchases of different assets as an additional policy tool.
Following the failure of Lehmann Brothers and the financial turmoil that ensue...
... billion in the first
quarter of 1998 (see the 29 April 1999 issue of the Financial Times”). Moreover, the share of top-
rated firms (triple and double A) in these issues decreased from 66% of the total ... out whether the risks of important asymmetries in the
income effects exist in these early stages of EMU.
The approach taken starts with the financial bala...
... unlike the IMF’s, is linked to the date of
the liberalization. Eichengreen forthcoming reviews the data and methodological differences among most
of these and other studies. (For discussions of the ... many of the prior state variables lead to large reductions in the sample. In particular, the
experiences of the 1960s are sometimes lost with the use of th...
... return on other investments
3. The degree of risk in the investment compared with the degree of risk in other
investments
4. The liquidity of the investment compared with the liquidity of other investments
5. ... refer to the way that the value of a payment
changes depending on when the payment is received as
the time value of money. The price of a financi...
... summary, the rapid growth of M2/GDP ratio is the
consequence of financial deepening and a reflection of the unique feature of the
structure of financial assets.
1
Globalization: the Role of Institution ... the deepening process of the financial markets has rendered the
dominance of the banking sector in the financial system. At the same time, op...
...
Pearson Canada Inc.
9 - 6
Dynamics of Past Canadian Financial Crises:
Stage I
Stage One: Initiation of Financial Crisis
•
Mismanagement of Financial Liberalization and
Innovation
–
Credit boom
–
Deleveraging
•
Asset ... conditions and uncertainty
leads depositors to withdraw their funds.
•
Decreases the number of banks and worsens
both adverse selection and mor...