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

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

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 Maurice Obstfeld and Kenneth Rogoff* November 2009 ... institutions as well as the global nature of the housing bust. The fragility of the international financial system was not well appreciated before the crisis. The magnitude of global imbalances up to...
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Tài liệu Global imbalances and the financial crisis: Link or no link? docx

Tài liệu Global imbalances and the financial crisis: Link or no link? docx

... 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 the epicentre of the turmoil. First, the expansion ... discussions of global imbalances have emphasised the role of the official sector, the bulk of gross inflows into the United States originated in the private sector (Graph 6, top right-hand panel)....
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Changing Nature Of Financial Intermediation And The Financial Crisis Of 2007-09 pptx

Changing Nature Of Financial Intermediation And The Financial Crisis Of 2007-09 pptx

... 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 “shadow banking system,” which grew out of the securitization of ... compares the stock of repos of U.S. primary dealers1 plus the stock of financial commercial paper expressed as a proportion of the M2 money stock. M2 includes the bulk of retail deposits and holdings...
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Tài liệu The Financial Crisis: A Timeline of Events and Policy Actions ppt

Tài liệu The Financial Crisis: A Timeline of Events and Policy Actions ppt

... 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 thatwould enable the provision of foreign currency liquidity by the Federal Reserve to U.S. financial Page ... at the end of fourth quarter of 2008, to 305 institutions with $220 billion of assets at the end of the first quarter of 2009. The FDIC also announces that there were 21 bankfailures in the...
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DANMARKS NATIONALBANK WORKING PAPERS: Liquidity of Danish Government and Covered Bonds – Before, During and After the Financial Crisis – Preliminary Findings doc

DANMARKS NATIONALBANK WORKING PAPERS: Liquidity of Danish Government and Covered Bonds – Before, During and After the Financial Crisis – Preliminary Findings doc

... 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 Evidence.” Journal of Financial and Quantitative ... research and development, often still ongoing, as a contribution to the professional debate. The viewpoints and conclusions stated are the responsibility of the individual contributors, and do...
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THE FINANCIAL CRISIS INQUIRY REPORT - Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States docx

THE FINANCIAL CRISIS INQUIRY REPORT - Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States docx

... 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 conclusions as to the causes of the crisis. More than ... to launch and expand the market and, in turn, to further fuel the housing bubble.Second, CDS were essential to the creation of synthetic CDOs. These syntheticCDOs were merely bets on the performance...
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Common factors in the performance of European corporate bonds – evidence before and after financial crisis pdf

Common factors in the performance of European corporate bonds – evidence before and after financial crisis pdf

... 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 the one-month risk-free rate of the previous ... the previous month. The proxy of the default risk is the difference between the return of corporate bonds and the return of maturity-matched government bonds. The level and slope interest rate...
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Tài liệu POLICY BRIEFS ON THE FINANCIAL CRISIS: AN UPDAATE ON THE IMPACT OF THE FINANCIAL CRISIS ON AFRICAN ECONOMIES ppt

Tài liệu POLICY BRIEFS ON THE FINANCIAL CRISIS: AN UPDAATE ON THE IMPACT OF THE FINANCIAL CRISIS ON AFRICAN ECONOMIES ppt

... Supervision, and Surveillance3.3 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 entirelythose of the author(s) and do not neces-sarily represent the view of the AfricanDevelopment Bank, its Board of Directors,or the countries ... manufacturing and tourism are hitby plummeting commodity prices and acontinuous decline in global demand.1.2 The latest key features of the crisissince the last meeting include :• A slowdown in the...
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Tài liệu Global Change and the Function and Distribution of Wetlands ppt

Tài liệu Global Change and the Function and Distribution of Wetlands ppt

... 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 wetlands on the planet and these wetlands ... greater than the rate of decomposition. Therefore, the nature of the accumulated organic matter can then be used as a proxy to represent the composition of the former wetland communities at the site....
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The Financial Crisis and Information Gaps: Progress Report Action Plans and Timetables pptx

The Financial Crisis and Information Gaps: Progress Report Action Plans and Timetables pptx

... 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 consideration to the benefits and the ... Communication of Official Statistics 20. The G-20 economies to support enhancement of the Principal Global Indicators website, and close the gaps in the availability of their national data. The IAG...
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