X
feed icon rss

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
  • 1
    Online Resource
    Online Resource
    The (Sizable) Role of Rehypothecation in the Shadow Banking System (2010)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845900498
    Format: Online-Ressource (15 p)
    Edition: Online-Ausg.
    ISBN: 1455201839 , 9781455201839
    Series Statement: IMF Working Papers Working Paper No. 10/172
    Content: This paper examines the sizable role of rehypothecation in the shadow banking system. Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to its prime broker to be used again as collateral by that prime broker for its own funding. In the United Kingdom, such use of a customer’s assets by a prime broker can be for an unlimited amount of the customer’s assets while in the United States rehypothecation is capped. Incorporating estimates for rehypothecation (and the associated re-use of collateral) in the recent crisis indicates that the collapse in non-bank funding to banks was sizable. We show that the shadow banking system was at least 50 percent bigger than documented so far. We also provide estimates from the hedge fund industry for the - churning - factor or re-use of collateral. From a policy angle, supervisors of large banks that report on a global consolidated basis may need to enhance their understanding of the off-balance sheet funding that these banks receive via rehypothecation from other jurisdictions
    Language: English
    DOI: 10.5089/9781455201839.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
  • 2
    Online Resource
    Online Resource
    Transforming Electricity Governance in India (2015)
    Washington, DC : World Bank
    Details
    UID:
    gbv_1017869405
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 7275
    Content: Consumers’ participation in regulatory decision-making in infrastructure sectors can be critical to ensure effective regulatory governance. Providing avenues for enabling consumers’ voice in the regulatory process expands the information base available to regulators in their decision-making, and is critical for ensuring sustainability of policy and regulatory decisions. However, in the reform process of many developing countries’ power sectors, the primary focus has been on the sector’s technical aspects, with inadequate effort to improve the experience of consumers, whether through better quality of service or by ensuring their participation in the regulatory process. This shortfall has often undermined the public’s understanding of and demand for reforms, often reflected in political reversal of key policy decisions. This paper examines the level and quality of consumer participation and protection in five states in India through a review of documents, surveys of consumers, and detailed interviews with key stakeholders. As mandated by law, all states have established standards of performance regulations and set up grievance redressal mechanisms; however, these bodies have not reached the desired level of effectiveness. Similarly, although provisions for consumer participation in regulatory proceedings exist, their adoption is often symbolic and without substantive and deliberative participation. Drawing on analysis of the Indian experience and international best practices, the paper recommends a paradigm shift in pursuing enhanced consumer satisfaction and voice in regulatory decision-making as a central objective of power reforms.
    Language: English
    URL: Volltext  (kostenfrei)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    Stabi Berlin
  • 3
    Online Resource
    Online Resource
    Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties (2009)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845899864
    Format: Online-Ressource (15 p)
    Edition: Online-Ausg.
    ISBN: 1451873204 , 9781451873207
    Series Statement: IMF Working Papers Working Paper No. 09/173
    Content: Counterparty risk in the United States stemming from exposures to OTC derivatives payables (after netting) is now concentrated in five banks?Goldman Sachs, JPMorgan, Bank of America, Morgan Stanley and Citi. This note analyzes how such risks have shifted over the past year. We estimate that the adverse impact of counterparty risk on high-grade collateral flows and global liquidity due to decrease in rehypothecation, reduced securities lending, and hoarding of cash by major banks is at least $5 trillion. In order to mitigate counterparty risk, there have been regulatory initiatives to establish central counterparties (CCPs). From a policy perspective, counterparty risk remains large at present and recent experience has shown that OTC derivative positions are not supported by sufficient capital, constituting a major risk for participants in this market
    Language: English
    DOI: 10.5089/9781451873207.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
  • 4
    Online Resource
    Online Resource
    Deleveraging After Lehman : Evidence From Reduced Rehypothecation (2009)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845911112
    Format: Online-Ressource (13 p)
    Edition: Online-Ausg.
    ISBN: 1451871902 , 9781451871906
    Series Statement: IMF Working Papers Working Paper No. 09/42
    Content: Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to their prime broker to be used again as collateral by that prime broker for its own funding. In the United Kingdom, such use of a customer’s assets by a prime broker can be for an unlimited amount of the customer’s assets. And moreover, there are no customer protection rules (such as in the United States under the Securities Act of 1933). The paper shows evidence that, following Lehman’s bankruptcy, the extent of rehypothecation has declined substantially, in part because investment firms fear losing collateral if their prime broker becomes insolvent. While less rehypothecation reduces counterparty risk in the system, it also reduces market liquidity
    Language: English
    DOI: 10.5089/9781451871906.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
Nothing or not found what you are looking for? Please check your search query or use the Interlibrary Loan Search.
Close ⊗
This website uses cookies and the analysis tool Matomo. Further information can be found on the KOBV privacy pages