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Northern Rock Won't Pay Dividend on Treasury Shares
LONDON (Reuters UK) - Northern Rock, the government- owned bank, said it will not pay a dividend on 400 million pounds of preference shares owned by the Treasury, reflecting its priority to repay a Bank of England loan. The Treasury took ownership of the preference shares...
Manufacturing Contracts Sharply and Prices Surge
By Christina Fincher LONDON, July 1 - The manufacturing sector contracted last month at its sharpest rate since December 2001 as output and new orders fell at their fastest rate in almost a decade, according to a survey published on Tuesday. However there was no let-up...
Inflation Targeting, Committee Decision Making and Uncertainty: The Case of the Bank of England's MPC
The transparency and openness of the monetary policymaking process at the Bank of England has provided very detailed information on both the decisions of individual members of the Monetary Policy Committee and the information on which they are based. In this paper we consider this decision making process in the...
Modelling Institutional Change in the Payments System, and Its Implications for Monetary Policy
Many institutional changes have taken place to payments systems. Means of settlement between banks have changed: cheques replaced cash in many transactions, and they have in their turn been replaced partially by cards. The aim of this paper is to appraise one such possible technological development, namely electronic barter, and...
Financial Interlinkages in the United Kingdom's Interbank Market and the Risk of Contagion
A well functioning interbank market is essential for efficient financial intermediation. But interbank exposures imply the possibility of direct contagion: the insolvency of a single institution may trigger multiple bank failures due to direct credit exposures. The complete network of interbank exposures that gives rise to this channel of contagion...
On the Resolution of Banking Crises: Theory and Evidence
This paper reviews the merits of the various techniques used by authorities when resolving individual or widespread bank failures in developed and emerging market economies. In particular, the various banking crisis resolution techniques available to the authorities are classified and then compared with the techniques that have been used in...
Health, Disability Insurance and Labor Force Participation
Over half a million men of working age left the labor market over the course of the 1990s. In this paper this remarkable decline is explored, and the roles played by the interaction of skills, long-term sickness and the disability benefit system are highlighted. The analysis shows that the decline...
Loan Pricing Under Basel Capital Requirements
This paper analyzes the loan pricing implications of the reform of bank capital regulation known as Basel II. It considers a perfectly competitive market for business loans where, as in the model underlying the internal ratings based IRB approach of Basel II; a single risk factor explains the correlation in...
An Empirical Model of Household Arrears
Household arrears on payment obligations are one of the most direct measures of household sector financial stress. In this paper a time series approach is used to model two of the key components of aggregate UK household arrears: those on mortgages and credit cards. Mortgages are the main component of...
Crisis Spillovers in Emerging Market Economies: Interlinkages, Vulnerabilities and Investor Behavior
Many emerging market economy EME financial crises in the 1990s quickly spread to other countries. By contrast, spillovers from the Argentina crisis in 2001-02 appear to have been much more limited. Why do some crises spread widely and others do not? This paper stresses the joint importance of intra-EME linkages,...
Resolution of Banking Crises: A Review
Faced with a banking crisis the authorities clearly need to take some remedial action but they must also consider how their intervention affects the future behavior of the private sector. One goal of crisis resolution is to reduce the disruption to the payments system and damage to confidence in the...
Empirical Determinants of Emerging Market Economies' Sovereign Bond Spreads
This paper investigates the empirical determinants of emerging market sovereign bond spreads, using a ragged-edge panel of JP Morgan EMBI and EMBI Global secondary market spreads and a set of common macro-prudential indicators. This is essentially a dynamic error correction model where cross-sectional coefficients are allowed to vary in the...
E-barter Versus Fiat Money: Will Central Banks Survive
New technology in computing has led some to suggest that the ability to settle transactions electronically will develop to such an extent that money will disappear from use. Two versions of this belief exist. One maintains that there will be 'e-money', issued conceivably by many organizations, and that this will...
Capital Flows to Emerging Markets
Capital flows to emerging market economies have occurred in cycles, with booms in lending often followed by financial crises. Economic theory, though, has had little to say on the optimal rate at which capital should flow. This paper extends the model of Barro, Mankiw and Sala-i-Martin (1995) to make it...
Procyclicality and the New Basel Accord-Bank's Choice of Loan Rating System
This article examines the implications of this new risk-based regime for procyclicality of minimum capital requirements in particular whether the choice of particular loan rating system by the banks would significantly increase the likelihood of sharp increases in capital requirements in recessions, creating the potential for classic credit crunches. The...
Procyclicality and the New Basel Accord-Banks' Choice of Loan Rating System
The Basel Committee on Banking Supervision is proposing to introduce, in 2006, new risk-based requirements for internationally active and other significant banks. These will replace the relatively risk-invariant requirements in the current Accord. This article examines the implications of this new risk-based regime for procyclicality of minimum capital requirements -...
The Provisioning Experience of the Major UK Banks: A Small Panel Investigation
Using panel regression analysis, the paper investigates what factors may help to explain increases in loan-loss provisions for the major UK banks. Explanatory variables reviewed include aggregate variables such as GDP growth as well as bank-specific factors such as the composition of the loan portfolio. The main findings of the...
Equilibrium Analysis, Banking, Contagion and Financial Fragility
This paper contains a general equilibrium model of an economy with incomplete markets GEI with money and default. The model is a simplified version of the real world consisting of a non-bank private sector, banks, a central bank, a government and a regulator. Key analytical results are: a financially fragile...
Base Rate Pass-Through: Evidence From Banks' and Building Societies' Retail Rates
This paper provides a theoretical and econometric framework for assessing the evidence for this assumption using 14 years of monthly data for interest rates on deposit and mortgage products offered by UK banks and building societies. The method employed allows for asymmetries and non-linearities in adjustment and the results show...
Strengthening Financial Infrastructure
The stability of the financial system can be enhanced by developments in market infrastructure, market practices, and law and financial regulation, which either make crises less likely to occur, or make it easier to resolve them when they do occur. This paper reviews such developments. Most of these developments relate...
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