Download Procyclicality of Financial Systems in Asia by Stefan Gerlach, Paul F. Gruenwald, S. Gerlach, P. Gruenwald PDF

By Stefan Gerlach, Paul F. Gruenwald, S. Gerlach, P. Gruenwald

Procyclicality of the economic climate is a function of any quite often functioning economic system. in spite of the fact that, procyclicality can occasionally develop into 'excessive' resulting in undesired results at the genuine financial system. The problem that this quantity addresses is to outline 'excessive' and to spot coverage activities that can produce improved outcomes.

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Zigrand (2003) “What Happens When You Regulate Risk? Evidence from a Simple Equilibrium Model,” LES Financial Markets Group Discussion Paper No. 393. Eichberger, J. and M. Summer (2004) “Bank Capital, Liquidity and Systemic Risk,” Oesterreichische Nationalbank Working Paper No. 87. , L. Cappiello, F. Dierick, G. Sergio, A. Haralambous, A. Maddaloni, P. Molitor, F. Pires and P. Poloni (2004) “Fair Value Accounting and Financial Stability,” European Central Bank Occasional Papers No. 13. html. Flannery, M.

For example, Jackson et al. 9 percent (with Basel II taking the higher value of this range). This does not appear binding for most developed banks whose solvency standards are generally above this level. 18. However, Jackson (2004) turns this argument on its head in relation to Basel II. Under the new framework, the disclosure of capital requirements should provide additional market information on credit risk. As a consequence, changes in the required capital level may lead to adjustments in these market disciplining forces which in turn impact on the actual capital levels.

For example, Standard and Poor’s claim that “The ideal is to rate ‘through the cycle’. There is no point in assigning high ratings to a company enjoying peak prosperity if that performance level is expected to be only temporary. Similarly, there is no need to lower ratings to reflect poor performance as long as one can reliably anticipate that better times are just around the corner” (as quoted in Amato and Furfine, 2003). 8. 9 percent), V (PD;1/2;q) is the Vasicek distribution and h(PD;M) is the adjusted maturity.

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