Xem 1-4 trên 4 kết quả Destabilising market
  • The Future of Banking Edited by Thorsten Beck A VoxEU.org eBook .The Future of Banking A VoxEU.org eBook .Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Fax: +4 (0)20 7183 8820 Email: cepr@cepr.org Web: www.cepr.org © Centre for Economic Policy Research, 2011 ISBN (eBook): 978-1-907142-46-8 .The Future of Banking A VoxEU.org eBook Edited by Thorsten Beck .

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  • The debate is also reflected in the efforts to reform the regulatory environment in response to the current financial crisis. Brunnermeier et al. (2008) also conceptually distinguish between a regulatory and a market based notion of bank capital. When examining the roots of the crisis, Greenlaw et al. (2008) argue that banks’ active management of their capital structures in relation to internal value at risk, rather than regulatory constraints, was a key destabilising factor.

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  • The very strong growth of collateralised structured operations in the context of synthetic ETFs and ETF-based securities lending suggests that there are significant benefits for authorities and ETF market participants alike in improving their understanding of the risks attached, and the ways in which they can be mitigated. The current protracted period of low interest rates provides incentives for re-leveraging in non-standard market segments, which may lead to a build up of financial vulnerabilities, especially as the process of financial repair is not complete.

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  • Monetary policy in advanced economies, implemented through very low interest rates and large-scale asset purchases, has led to concerns in emerging markets about a surge in global liquidity. The main worry is that monetary ease in the major currencies could amplify capital flows into emerging market economies when risk is “on” and capital outflows when risk is “off”. Concerns arise about the risk that capital inflows might ease monetary conditions or that outflows might destabilise the financial system.

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