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- Towards a Macroprudential Framework for Financial Supervision and Regulation?
- Over the last decade or so, addressing financial instability has risen to the top of the policy agenda. This essay argues that in order to improve the safeguards against financial instability, it may be desirable to strengthen further the macroprudential orientation of current prudential frameworks, a process that is already...
- White papers 2003-02-19
- Aggregate Price Shocks and Financial Instability: An Historical Analysis
- This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial instability. It construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index using a dynamic ordered probit model. It was...
- White papers 2000-04-04
Additional Resources
- Equilibrium Analysis, Banking and Financial Instability
- This paper first extends the canonical General Equilibrium with Incomplete Markets GEI model with money and default to allow for competitive banking and financial instability. Second, it introduces capital requirements for the banking sector to assess the short and medium term macroeconomic consequences of the proposed New Basel Accord. The...
- White papers 2001-12-01
- Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough?
- This paper examines the view that inflation targeting alone, whether explicit or implicit, is not enough and that there is a case for an additional monetary response to asset price movements and/or developing financial imbalances in order to reduce the risks of future financial instability. The abrupt unwinding of asset...
- White papers 2003-09-01
- Residential Real Estate Price Indices as Financial Soundness Indicators: Methodological Issues
- This paper focuses on the potential uses of residential real estate price indices as a tool to monitor asset market instability, and the methodological issues involved in their development. The paper examines how real estate price indices can serve as a monitoring device to help minimize financial instability. It reviews...
- White papers 2005-04-22
- Deposit Insurance And Financial Development
- The authors examine the effect of different design features of deposit insurance, on long-run financial development, defined to include the level of financial activity, the stability of the banking sector, and the quality of resource allocation. Their empirical analysis is guided by recent theories of banking regulation that employ an...
- White papers 2001-09-01
- Learning from Brazil's Financial System
- IPE at UNC submits: by Kindred Winecoff Brazil's financial system has made it through the financial crisis relatively unscathed, which is somewhat surprising given their history of financial instability. The broader Brazilian economy has taken a hit as demand for their commodities and manufactured exports has slowed, but the...
- External links 2009-06-25
- Asset Prices, Financial and Monetary Stability: Exploring The Nexus
- This paper argues that financial imbalances can build up in a low inflation environment and that in some circumstances it is appropriate for policy to respond to contain these imbalances. While identifying financial imbalances ex ante can be difficult, this paper presents empirical evidence that it is not impossible....
- White papers 2002-01-01
- Procyclicality of the Financial System and Financial Stability: Issues and Policy Options
- This paper examines the concerns and discusses possible options for policy responses. It is not the intention to formally model the complex interactions between the financial system, the macro economy and economic policy. Rather, the paper has the more modest goal of stimulating discussion on some of the key linkages...
- White papers 2001-04-04
- What have we learned from recent financial crises and policy responses
- This paper draws some policy lessons from recent financial crises. Three forms of financial instability are distinguished: short-term volatility, medium-term misalignments including excessive international capital flows, and contagion across both markets and countries. This document is assessing that it would not be possible to obtain adequately comprehensive and timely information...
- White papers 2000-01-01
- The etiology of financial instability: then and now.(ROUNDTABLE DISCUSSION)
- Embedded in our book's subtitle is the idea that. economic perspectives on financial institutions, markets, and regulatory schemes are dialectical in nature. By this I mean that measures proposed or adopted to solve problems that particularly bedeviled policymakers in the past reach forward in time to...
- Research articles 2007-01-01
- Etiology of Financial Instability: Then and Now, The
- Embedded in our book's subtitle is the idea that economic perspectives on financial institutions, markets, and regulatory schemes are dialectical in nature. By this I mean that measures proposed or adopted to solve problems that particularly bedeviled policymakers in the past reach forward in time to shape the present and...
- Research articles 2007-01-01
- Financial woes force Greyhound to cut 10 percent of national network.
- By Chris Jones, Las Vegas Review-Journal Knight Ridder/Tribune Business News Jul. 7--Hop off the bus, Gus. No need to discuss much, but your route could soon be canceled now that the nation's largest intercity bus operator has decided to leave...
- Research articles 2004-07-07
- Emerging Markets Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?
- Financial market instability has been the focus of attention of both academic and policy circles, with rating agencies being singled out as one of the culprits in fueling financial booms and busts. This paper examines whether changes in sovereign ratings and outlooks contribute to the instability of emerging financial markets....
- White papers 2002-12-02
- The Quantity Theory of Money and Financial Accounting
- The Quantity Theory of Money is implicitly embedded in the arguments for price level adjusted financial statements - inflation accounting. Historically, the instability of commodity prices, which is due to changes in relative prices, is considered by one school of economic thought monetarism as a reflection of the instability of...
- White papers 2004-12-09
- Dollarization of the Banking System: Good or Bad?
- This paper assesses the benefits and risks associated with dollarization of the banking system. It provides novel empirical evidence on the determinants of dollarization, its role in promoting financial development, and on whether dollarization is associated with financial instability. It finds that a the credibility of macroeconomic policy and the...
- White papers 2003-07-01
- Funds for the Fund: America's Congress should stop shilly-shallying and approve extra money for the International Monetary Fund.(Brief Article)(Editorial)
- FOR months the United States House of Representatives has been playing a game of chicken. By refusing to endorse America's share of new money for the IMF, it has flirted with global financial instability. The stakes became clearer this week. Thanks to FOR months the United States...
- Research articles 1998-07-18
- They'll take Manhattan: A&S services the men of the city. (Federated Department Stores Inc. Abraham and Straus)
- Although parent company Federated Department Stores Inc., Cincinnati, was sinking further into financial instability in the fall of 1989 with then-ceo Robert Campeau at the helm, Abraham & Straus was set to open its very first Manhattan store, wh Although parent company Federated Department Stores Inc.,...
- Research articles 1991-10-14
- Venture capitalist financing: contemporary foundations for Minsky's "Wall Street" perspective
- The Anatomy of Financial Instability Hyman Minsky's (1975, 1982) analysis of the predisposition of capitalistic economies like the United States to periods of hyperactivity and fragility in their financial markets is relatively straightforward. The point of departure is to note that while mainstream theory attributes macroeconomic fluctuations to exogenous...
- Research articles 2002-06-01
- Stability of Monetary Unit and Informativeness of Corporate Financial Reporting
- Monetary unit is a basic element of accounting used to manage report, govern and tax organizations in all sectors of the economy. Instability of monetary unit introduces noise, weakening the effectiveness of accounting in performing its important economic roles in society. This report models the impact of monetary instability on...
- White papers 2001-09-09
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