Financial fragility

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  • The Financial Valuation Workbook (FVW) contains both educational exercises that guide the reader through a complete business valuation and valuation tools that professionals can use in preparing business valuations. It is structured to be used on a stand-alone basis. It is also a companion text to Financial Valuation: Applications and Models (FV) (John Wiley & Sons), where the subject matter contained in the workbook is expanded upon.

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  • This paper considers the main elements of the standard pattern of fi nancial liberalization that has become widely prevalent in developing countries. The theoretical arguments in favour of such liberalization are considered and critiqued, and the political economy of such measures is discussed. The problems for developing countries, with respect to fi nancial fragility and the greater propensity to crisis, as well as the negative defl ationary and developmental effects, are discussed.

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  • This essay reflects upon the relationship between the current theory of financial intermediation and real-world practice. Our critical analysis of this theory leads to several building blocks of a new theory of financial intermediation. Current financial intermediation theory builds on the notion that intermediaries serve to reduce transaction costs and informational asymmetries. As developments in information technology, deregulation, deepening of financial markets, etc.

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  • Chapter 14 - Regulating the financial system. The purpose of this chapter is: To look at the sources and consequences of financial fragility focusing on the banking sector, to look at the institutional safeguards the government has built into the system in an attempt to avert financial crises, to study the regulatory and supervisory environment of the banking industry, to examine emerging approaches to regulation that focus on the safety of the financial system rather than on individual institutions.

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  • This paper considers the main elements of the standard pattern of nancial liberalization that has fi become widely prevalent in developing countries. The theoretical arguments in favour of such liberalization are considered and critiqued, and the political economy of such measures is discussed. The problems for developing countries, with respect to financial fragility and the greater propensity to crisis, as well as the negative deflationary and developmental effects, are discussed.

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  • This paper considers the main elements of the standard pattern of fi nancial liberalization that has become widely prevalent in developing countries. The theoretical arguments in favour of such liberalization are considered and critiqued, and the political economy of such measures is discussed. The problems for developing countries, with respect to fi nancial fragility and the greater propensity to crisis, as well as the negative defl ationary and developmental effects, are discussed.

    pdf31p thuytinh_den 11-07-2010 68 6   Download

  • New numbers from the College Board show that federal student loan disbursements—the total amount borrowed by students and received by schools—in the 2009–2010 academic years grew about 14% over the previous year to $96.8 billion. At the student level, class of 2009 college seniors carried an average of $25,000 in students loans (College Board 2010). The amount of money students borrow has long been on the rise. With recent economic downfalls, this is even more of a problem than in the past.

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  • Standardised, regularly available indicators to explain market developments for microfinance in Europe do not yet exist, or refer to Eastern Europe. Thus, we will focus in this section on the framework conditions for microfinance which are covered by the regularly updated Eurostat indicators for poverty and social inclusion, and by data on micro-enterprises. Specific aspects of the current crisis will be discussed later in this paper.

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  • In Spain, the savings banks’ model enables them to devote a substantial part of their profits to what is known as the Obra Social, whose allocation, distribution, policy and administra- tion are decided independently by the savings bank. French savings banks have launched the Local and Social Economy Projects (Projets d’Economie Locale et Sociale, PELS), a programme through which they finance local projects that will foster business or economic value and support people in fragile social situations.

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  • In addition, it could make the liquidity position of the ETF fragile, by challenging the ability of ETF providers to meet unexpected liquidity demands from investors, particularly if outflows from ETFs become significant under severe stress. A prevalence of securities lending could create a risk of a market squeeze in the underlying securities if ETF providers recalled on-loan securities on a large scale in order to meet redemptions.

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  • The principal themes pursued in this book emerge from the great transformation that the Latin American and the Caribbean economies experienced in the aftermath both of the foreign debt crisis of 1982 and of the macroeconomic stabilisation policies that vividly and painfully produced the so- called ‘lost decade’ of the 1980s.

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  • Our results suggest that nancial systems may exhibit a robust-yet-fragile tendency: while the probability of contagion may be low, the effects can be extremely widespread when problems occur. The model also highlights how seemingly indistinguishable shocks can have very different consequences for the nancial system depending on whether or not the shock hits at a particular pressure point in the network structure. This helps explain why the evidence of the resilience of the system to fairly large shocks prior to 2007 was not a reliable guide to its future robustness....

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  • Clearly, the Babylonians understood that the builder will always know more about the risks than the client, and can hide fragilities and improve his profitability by cutting corners—in, say, the foundation. The builder can also fool the inspector (or the regulator). The person hiding risk has a large informational advantage over the one looking for it. The potency of the classical rule lies in the idea that people do not consciously wish to harm themselves. We feel much safer on a plane be- cause the pilot, and not a drone, is at the controls.

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  • Unemployment is still over 8 percent as small-business hiring remains stagnant and housing foreclosures remain at historically high levels. Consumer confidence continues to lag pre-recession levels and businesses are still reluctant to hire or invest even as sales start to im- prove. And with the added pressure of high gas prices, similar to price increases last seen in 2008, the likelihood of rapid economic improve- ments is remote. While the economy is over two years into its recov- ery, progress is painfully slow as economic headwinds and uncertainty remain.

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  • We nd that nancial systems exhibit a robust-yet-fragile tendency: while the probability of contagion may be low, the effects can be extremely widespread when problems occur. The model also highlights how a priori indistinguishable shocks can have very different consequences for the nancial system, depending on the particular point in the network structure that the shock hits. This cautions against assuming that past resilience to a particular shock will continue to apply to future shocks of a similar magnitude.

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  • In what follows, we construct a simple nancial system involving entities with interlocking balance sheets and use these techniques to model the spread and probability of contagious default following an unexpected shock, analytically and numerically. Unlike the generic, undirected graph model of Watts (2002), our model provides an explicit characterisation of balance sheets, making clear the direction of claims and obligations linking nancial institutions. It also includes asset price interactions with balance sheets, allowing the effects of asset-side contagion to be clearly delineated.

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  • Fragility in the Fourth Quadrant can be re-expressed as “concavity to errors,” where losses from uncertain events vastly exceed possible profits from it over short horizons. One class of investment strate- gies that typically have this property are so-called “short volatility” trading strategies or positions (e.g. such as naked put-writing), which are often manifest in “carry trades.

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  • This report explores both the short- and medium-term impacts of the financial crisis on developing countries. It presents evidence that the financial boom played a critical role in the growth boom experienced by developing countries between 2003 and 2007, but that tighter conditions in the future are expected to result in weaker growth over the next 5 to 15 years. Although global growth has resumed, the recovery is fragile, and unless

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  • A recovery is on the horizon, but it will be a long and stony road before the EU economy reaches sustained growth. Following the escalation of the sovereign-debt crisis in the second half of 2011, the EU economy has entered a shallow recession in the fourth quarter. Since then, we have seen tentative signs of stabilisation. Yet, as the outlook for the EU economy is slowly improving, the situation remains extraordinarily fragile, and the risk of a renewed aggravation of the crisis is still present. The ebbing of the greatest financial market stress creates the...

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  • These health problems are more or less same in the majority of Asian countries. The lack of financial and human resources has become a major constraint for many poor countries in the Afro-Asian region, posing a serious obstacle to the promotion of public health, particularly in the context of achieving health-related Millennium Development Goals by 2015. Countries in South Asia and Sub-Saharan Africa have failed to scale up interventions to address the significant burden of diseases.

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