Leverage What Leverage A Deep Dive Into The Us Flow Of Funds In Search Of Clues To The Global Crisis PDF Download
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Author | : Mr.Ashok Vir Bhatia |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 2012-06-01 |
Genre | : Business & Economics |
ISBN | : 1475504713 |
Download Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis Book in PDF, ePub and Kindle
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States.
Author | : Nobuharu Yokokawa |
Publisher | : Routledge |
Total Pages | : 113 |
Release | : 2022-05-11 |
Genre | : Business & Economics |
ISBN | : 1000589498 |
Download Money, Finance, and Capitalist Crisis Book in PDF, ePub and Kindle
Extraordinary growth of the financial relative to the nonfinancial sector has marked the development of mature capitalism during the last four decades. The changing balance between the two sectors has altered the outlook of the economy and facilitated the spread of financial concerns, practices, and outlooks across society. The result has been the gradual transformation of contemporary capitalism – namely, its financialization since the late 1970s. There are similarities between the Marxian, the Post-Keynesian and other heterodox approaches to analyzing the profound changes in money and finance in the global economy since the 1980s. Prominent among them is a common focus on financialization but also on the limits of monetary policy, the transformation of banking, the tendency to crisis related to financial excess, and the problematic role of neoliberalism in finance. Furthermore, the complexity of the interrelationship between finance and the rest of the economy has increased since the great crisis of 2007-9. This book tackles several of these developments as well as engaging in debate among different currents of heterodox economics. The chapters in this book were originally published in The Japanese Political Economy.
Author | : International Monetary Fund. Research Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 17 |
Release | : 2012-09-21 |
Genre | : Business & Economics |
ISBN | : 1475510683 |
Download IMF Research Bulletin, September 2012 Book in PDF, ePub and Kindle
The research summaries in the September 2012 issue of the IMF Research Bulletin are "Surges in Capital Flows: Why History Repeats Itself" (by Mahvash S. Qureshi) and "The LIC-BRIC Linkage: Growth Spillovers" (by Issouf Samake, Yongzheng Yang, and Catherine Pattillo). The Q&A covers "Seven Questions on Monetary Transmission in Low-Income Countries" (by Prachi Mishra and Peter Montiel). "Conversations with a Visiting Scholar" features an interview with IMF Fellow Olivier Coibion. Also included in this issue are details on the IMF Fellowship Program, visiting scholars at the IMF, a listing of recently published IMF Working Papers and Staff Discussion Notes, and an announcement on IMF Economic Review's first Impact Factor.
Author | : Alexander Herman |
Publisher | : International Monetary Fund |
Total Pages | : 41 |
Release | : 2015-06-30 |
Genre | : Business & Economics |
ISBN | : 1513525174 |
Download The Macroeconomic Relevance of Credit Flows Book in PDF, ePub and Kindle
This paper exploits the Financial Accounts of the United States to derive long time series of bank and nonbank credit to different sectors, and to examine the cyclical behavior of these series in relation to (i) the long-term business cycle, (ii) recessions and recoveries, and (iii) systemic financial crises. We find that bank and nonbank credit exhibit different dynamics throughout the business cycle. This diverging cyclical behavior of output and bank and nonbank credit argues for placing greater emphasis on sector-specific macroprudential measures to contain risks to the financial system, rather than using interest rates to address any vulnerabilities. Finally, we examine the role of bank and nonbank credit in the creation of financial interconnections and illustrate a method to conduct macro-financial stability assessments.
Author | : François Chesnais |
Publisher | : BRILL |
Total Pages | : 322 |
Release | : 2016-09-07 |
Genre | : Political Science |
ISBN | : 9004255486 |
Download Finance Capital Today Book in PDF, ePub and Kindle
Finance Capital Today is shortlisted for the The Isaac and Tamara Deutscher Memorial Prize 2017. Finance Capital Today presents a rich new analysis of the specific features of contemporary capitalism, notably its truly global nature and its financialisation, calling on Marxist analyses of the concentration, centralisation and globalisation of capital and Marx’s theory of interest-bearing and fictitious capital. Chesnais shows how financial globalisation and the exponential growth of financial assets have developed alongside the globalisation of productive capital, paying special attention to the contemporary operations of transnational corporations and global oligopoly. He argues that the macroeconomic perspective is one in which large amounts of capital are looking for profitable investment in a setting of underlying overproduction and low profits. The outcome will be low global growth, repeated financial shocks and the growing interconnection between the environmental and economic crises.
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 443 |
Release | : 2012-11-30 |
Genre | : Business & Economics |
ISBN | : 1475510950 |
Download Global Financial Stability Report, October 2012 Book in PDF, ePub and Kindle
The October 2012 Global Financial Stability Report (GFSR) finds increased risks to the global financial system, with the euro area crisis the principal source of concern, and urges policymakers to act now to restore confidence, reverse capital flight, and reintegrate the euro zone. This GFSR presents a report on whether regulatory reforms are moving the financial system in the right direction, and finds that progress has been limited, partly because many reforms are in the early stages of implementation and partly because crisis intervention methods are still in use in a number of economies, delaying the movement of the financial system onto a safer path. The final chapter examines whether certain aspects of financial structure enhance economic outcomes. Indeed, some structural features are associated with better outcomes. In particular, financial buffers made up of high-quality capital and truly liquid assets tend to be associated with better economic performance.
Author | : |
Publisher | : |
Total Pages | : 208 |
Release | : 2013 |
Genre | : Commercial statistics |
ISBN | : |
Download Survey of Current Business Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 396 |
Release | : 2012 |
Genre | : Capital market |
ISBN | : |
Download Global Financial Stability Report Book in PDF, ePub and Kindle
Author | : Mr.Manmohan Singh |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2018-03-19 |
Genre | : Business & Economics |
ISBN | : 1484348303 |
Download Leverage—A Broader View Book in PDF, ePub and Kindle
Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.
Author | : Mr.Zoltan Pozsar |
Publisher | : International Monetary Fund |
Total Pages | : 19 |
Release | : 2011-12-01 |
Genre | : Business & Economics |
ISBN | : 1463927231 |
Download The Nonbank-Bank Nexus and the Shadow Banking System Book in PDF, ePub and Kindle
The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ?mines' for the shadow banking system. Banks receive funding through the re-use of pledged collateral ?mined' from asset managers. Accounting for this, the size of the shadow banking system in the U.S. may be up to $25 trillion at year-end 2007 and $18 trillion at year-end 2010, higher than earlier estimates. In terms of policy, regulators will need to consider the re-use of pledged collateral when defining bank leverage ratios. Also, given asset managers' demand for non-M2 types of money, monitoring the shadow banking system will warrant closer attention well beyond the regulatory perimeter.