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  1. The political economy of euro area sovereign debt restructuring
    Autor*in: Heinemann, Friedrich
    Erschienen: 2021
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    The establishment of a sovereign debt restructuring mechanism (SDRM) is one of the important issues in the academic debate on a viable constitution for the European Monetary Union (EMU). Yet the topic seems to be taboo in official reform... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Bundesverfassungsgericht, Bibliothek
    Signatur:
    Online-Ressource
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 15
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe

     

    The establishment of a sovereign debt restructuring mechanism (SDRM) is one of the important issues in the academic debate on a viable constitution for the European Monetary Union (EMU). Yet the topic seems to be taboo in official reform contributions to the debate. Against this backdrop, the article identifies the SDRM interests of key players, including the European Commission, the European Parliament, the European Central Bank and national governments. The empirical section takes advantage of the recently established EMU Positions Database. The findings confirm political economy expectations: Low-debt countries support an EMU constitution that includes an insolvency procedure whereas a coalition of high-debt countries and European institutions oppose it. The analysis points towards a possible political-economic equilibrium for coping with sovereign insolvencies: an institutional set-up without a SDRM and with hidden transfers. Recent European fiscal innovatios in response to the Covid-19 solvency shock confirm this prediction.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/229143
    Schriftenreihe: Discussion paper / ZEW ; no. 21, 004 (01/2021)
    Schlagworte: sovereign debt restructuring mechanism; banking regulation; EMU reform; fiscal union
    Umfang: 1 Online-Ressource (24 Seiten)
  2. The universe of supervisory mandates - total eclipse of the core?
    Autor*in: Kirakul, Sasin; Yong, Jeffery; Zamil, Raihan
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Financial Stability Institute, [Basel]

    Most banking supervisory authorities are charged with multiple mandates in addition to their core responsibility of fostering the safety and soundness (S&S) of banks and the banking system. Some of these mandates may conflict with, or divert scarce... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Keine Rechte
    Fernleihe:
    keine Fernleihe

     

    Most banking supervisory authorities are charged with multiple mandates in addition to their core responsibility of fostering the safety and soundness (S&S) of banks and the banking system. Some of these mandates may conflict with, or divert scarce supervisory resources away from, the core S&S function. This paper takes stock of supervisory mandates in 27 jurisdictions and explores how banking supervisors interpret and navigate the S&S remit among other objectives. We find that most surveyed authorities have at least 10 or more objectives, accentuating potential tensions with their S&S remit – whose scope and complexity have increased over time. In this context, we outline a range of initiatives that some supervisory authorities take to deliver on their core S&S remit, while minimising potential tensions with other objectives. Nevertheless, the staggering range of objectives imposed on supervisory authorities highlights the extraordinary pressure placed on supervisors to juggle multiple responsibilities and risks diluting their ability to deliver on the core S&S mandate.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292594565
    Schriftenreihe: FSI insights on policy implementation ; no 30 (March 2021)
    Schlagworte: banking regulation; banking supervision; supervisory independence; supervisory mandates; supervisory objectives
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  3. Corporate loans, banks' internal risk estimates and central bank collateral
    evidence from the euro area
    Autor*in: Calza, Alessandro; Hey, Julius-Benjamin; Parrini, Alessandro; Sauer, Stephan
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We use a unique dataset of ratings for euro area corporate loans from commercial banks' internal rating-based (IRBs) systems and central banks' in-house credit assessment systems (ICASs) to investigate whether banks' IRB ratings underestimate the... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    We use a unique dataset of ratings for euro area corporate loans from commercial banks' internal rating-based (IRBs) systems and central banks' in-house credit assessment systems (ICASs) to investigate whether banks' IRB ratings underestimate the credit risk of their corporate loan portfolios when the latter are used as collateral in the Eurosystem's monetary policy operations. We are able to identify systematic risk underestimation by comparing the IRB ratings with those produced for the same borrowers by the ICASs. Our results show that while they are on average more conservative than ICASs for the entire population of rated corporate loans, IRBs are significantly less conservative than ICASs for those loans that are actually used as Eurosystem collateral, particularly for large loans. The less conservative estimates of risk by IRBs relative to ICASs can be partly explained by banks' liquidity constraints, but not by their degree of capitalisation. Overall, our findings suggest the existence of a collateral-related channel through which the use of IRB ratings may influence the internal estimation of risk by banks.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289947657
    Weitere Identifier:
    hdl: 10419/237718
    Schriftenreihe: Working paper series / European Central Bank ; no 2579 (July 2021)
    Schlagworte: Internal ratings; probability of default; banking regulation; central bank liquidity
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  4. Precision of public information disclosures, banks' stability and welfare
    Autor*in: Moreno, Diego; Takalo, Tuomas
    Erschienen: 3 March 2021
    Verlag:  Bank of Finland, Helsinki

    We study the optimal precision of public information disclosures about banksíassets quality. In our model the precision of information a§ects banksí cost of raising funding and asset proÖle riskiness. In an imperfectly competitive banking sector,... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 685
    Fernleihe:
    keine Fernleihe

     

    We study the optimal precision of public information disclosures about banksíassets quality. In our model the precision of information a§ects banksí cost of raising funding and asset proÖle riskiness. In an imperfectly competitive banking sector, banksístability and social surplus are non-monotonic functions of precision: an intermediate precision (or low-to-intermediate precision if banks contract their repayment promises on public information) maximizes stability, and also yields the maximum surplus when the social cost of bank failure c is large. When c is small and the banksíasset risk taking is not too sensitive to changes in the precision, the maximum surplus (and maximum risk) are reached at maximal precision. In a perfectly competitive banking sector in which banksíasset risk taking is not too sensitive to the precision of information, the maximum surplus (and maximum risk) are reached at maximal precision, while maximum stability is reached at minimal precision.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789523233683
    Weitere Identifier:
    hdl: 10419/240351
    Schriftenreihe: Bank of Finland research discussion papers ; 2021, 3
    Schlagworte: financial stability; stress tests; bank transparency; banking regulation
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  5. The implications of new financial regulations on small business financing in Trinidad and Tobago
    Autor*in: Garcia-Singh, Chantal
    Erschienen: [2021]
    Verlag:  Central Bank of Trinidad & Tobago, [Port-of-Spain]

    Zugang:
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Keine Rechte
    Fernleihe:
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    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper series / Central Bank of Trinidad and Tobago ; WP 2022, 01 (February 2022)
    Schlagworte: Small business financing; financial intermediation; banking regulation; GMM
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen