Leverage? What Leverage? A Deep Dive into the U.S. 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
ISBN: 1475504713
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
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: Mr.Ashok Vir Bhatia
Publisher: International Monetary Fund
ISBN: 1475504713
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
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: Alexander Herman
Publisher: International Monetary Fund
ISBN: 1513525174
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
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: Nobuharu Yokokawa
Publisher: Routledge
ISBN: 1000589498
Category : Business & Economics
Languages : en
Pages : 113
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Book Description
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
ISBN: 1475510683
Category : Business & Economics
Languages : en
Pages : 17
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Book Description
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: François Chesnais
Publisher: BRILL
ISBN: 9004255486
Category : Political Science
Languages : en
Pages : 322
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Book Description
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
ISBN: 1475510950
Category : Business & Economics
Languages : en
Pages : 443
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Book Description
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:
ISBN:
Category : Commercial statistics
Languages : en
Pages : 208
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Book Description
Author: Charles R. Morris
Publisher: Crown Business
ISBN: 9780812931730
Category : Financial crises
Languages : en
Pages : 334
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Book Description
The world seems awash in financial crises. The Asian crisis of 1998, the near-demise of Long Term Capital Management, and the black hole of Russia are just a few of the most recent. Are they the result of greedy speculators, crony capitalism, or the warp speed of the forces of globalization? Can we send in the repairman and get things fixed through the legal and regulatory systems? Or are other causes at work that may be beyond our control? Money, Greed, and Risk is that rare book which, through adroit analysis of both historical and contemporary events and their leading players, lends new insights into the causes of financial turmoil. Charles Morris: Explores the eternal cycle of financial crises: from brilliant innovation to gross excess and inevitable crash, before investors and institutions catch up. Explains why the American financial system grew from a capital-starved backwater in the nineteenth century to one that plays the leading role in the world today. Examines the technological, economic, demographic, and industrial experiences that caused the financial engine to kick into such high gear in the 1980s and 1990s. Shows how the boom-and-bust cycle in early American history helps illuminate recent events in South Asia and Russia. In the process we become more realistic about what to expect during the nascent stages of capitalism and market development everywhere. Explains that globalization is nothing new. The investment system in the nineteenth century was perhaps even more global than the world today. Looks at contemporary financial geniuses--Michael Milken is a good example--and shows that they didn't invent any financial instruments thatnineteenth-century counterparts like Jay Gould hadn't already thought of. There are a handful of books about finance and the financial markets that are substantive enough to provide intellectual grist for sophisticated investors while also providing intriguing explanations of contemporary events that will be of interest to a general audience. Money, Greed, and Risk is one of them. Finance is the plumbing that makes capitalism run. And, like a good plumbing system, finance is invisible when working well. But just as a broken pipe can be a disaster, so too when the financial system breaks and crises and crashes occur. We look to understand the causes and Charles Morris provides unusual insights that bring our understanding to a new level.
Author:
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 396
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Book Description
Author: Matthew Bishop
Publisher: Bloomberg Press
ISBN: 9781861975805
Category : Business & Economics
Languages : en
Pages : 282
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Book Description
