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  • 2010-2014  (20)
  • Singh, Manmohan  (20)
  • Bajaj, Yashpal S.
  • 1
    AV-Medium
    AV-Medium
    Lamhe : [DVD-Video] (2010)
    Mumbai : Yash Raj Films
    Details
    UID:
    kobvindex_ZLB15366191
    Format: 1 DVD-Video (ca. 185 Min.) , Tonformat: DD/5.1 ; NTSC , Bildformat: 16:9
    Note: Ländercode: 0 , Orig.: Indien, 1991 , Hindi mit engl. Untertiteln
    Language: Hindi
    Library Location Call Number Volume/Issue/Year Availability
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  • 2
    Online Resource
    Online Resource
    Money and Collateral (2012)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845833596
    Format: Online-Ressource (21 p)
    Edition: Online-Ausg.
    ISBN: 1475502850 , 9781475502855
    Series Statement: IMF Working Papers Working Paper No. 12/95
    Content: Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of securitized assets to collateralize borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity shortage. When trying to address this, policy makers will need to consider concepts of liquidity besides the traditional metric of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains highly liquid
    Language: English
    DOI: 10.5089/9781475502855.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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  • 3
    Online Resource
    Online Resource
    Velocity of Pledged Collateral : Analysis and Implications (2011)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845844059
    Format: Online-Ressource (24 p)
    Edition: Online-Ausg.
    ISBN: 1463923953 , 9781463923952
    Series Statement: IMF Working Papers Working Paper No. 11/256
    Content: Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management complex, with the primary providers being hedge funds, pension funds, insurers, official sector accounts, money markets and others. Post-Lehman, there has been a significant decline in the source collateral for the large dealers that specialize in intermediating pledgeable collateral. Since collateral can be reused, the overall effect (i.e., reduced ?source'' of collateral times the velocity of collateral) may have been a $4-5 trillion reduction in collateral. This decline in financial lubrication likely has impact on the conduct of global monetary policy. And recent regulations aimed at financial stability, focusing on building equity and reducing leverage at large banks/dealers, may also reduce financial lubrication in the nonbank/bank nexus
    Language: English
    DOI: 10.5089/9781463923952.001
    URL: kostenfrei
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  • 4
    Online Resource
    Online Resource
    Puts in the Shadow (2012)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845824171
    Format: Online-Ressource (21 p)
    Edition: Online-Ausg.
    ISBN: 147551056X , 9781475510560
    Series Statement: IMF Working Papers Working Paper No. 12/229
    Content: In the aftermath of the Lehman crisis, payouts (i.e., taxpayer bailouts) in various forms were provided by governments to a variety of financial institutions and markets that were outside the regulatory perimeter - the ?""shadow"" banking system. Although recent regulatory proposals attempt to reduce these ?""puts"", we provide examples from non-banking activities within a bank, money market funds, Triparty repo, OTC derivatives market, collateral with central banks, and issuance of floating rate notes etc., that these risks remain. We suggest that a regulatory environment where puts are not ambiguous will likely lower the cost of bail-outs after a crisis
    Language: English
    DOI: 10.5089/9781475510560.001
    URL: kostenfrei
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  • 5
    Online Resource
    Online Resource
    CDS Spreads in European Periphery : Some Technical Issues to Consider (2012)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845836161
    Format: Online-Ressource (18 p)
    Edition: Online-Ausg.
    ISBN: 147550229X , 9781475502299
    Series Statement: IMF Working Papers Working Paper No. 12/77
    Content: This paper looks at some technical issues when using CDS data, and if these are incorporated, the analysis or regression results are likely to benefit. The paper endorses the use of stochastic recovery in CDS models when estimating probability of default (PD) and suggests that stochastic recovery may be a better harbinger of distress signals than fixed recovery. Similarly, PDs derived from CDS data are risk-neutral and may need to be adjusted when extrapolating to real world balance sheet and empirical data (e.g. estimating banks losses, etc). Another technical issue pertains to regressions trying to explain CDS spreads of sovereigns in peripheral Europe - the model specification should be cognizant of the under-collateralization aspects in the overall OTC derivatives market. One of the biggest drivers of CDS spreads in the region has been the CVA teams of the large banks that hedge their exposure stemming from derivative receivables due to non-posting of collateral by many sovereigns (and related entities)
    Language: English
    DOI: 10.5089/9781475502299.001
    URL: kostenfrei
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  • 6
    Online Resource
    Online Resource
    The (Other) Deleveraging (2012)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845823795
    Format: Online-Ressource (22 p)
    Edition: Online-Ausg.
    ISBN: 1475505272 , 9781475505276
    Series Statement: IMF Working Papers Working Paper No. 12/179
    Content: Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness in the pledged collateral market between banks and nonbanks. We find that both the collateral and its associated velocity are not rebounding as of end-2011 and still about $4-5 trillion lower than the peak of $10 trillion as of end-2007. This paper updates Singh (2011) and we use this data to compare with the monetary aggregates (largely due to QE efforts in US, Euro area and UK), and discuss the overall financial lubrication that likely impacts the conduct of global monetary policy
    Language: English
    DOI: 10.5089/9781475505276.001
    URL: kostenfrei
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  • 7
    Online Resource
    Online Resource
    The Nonbank-Bank Nexus and the Shadow Banking System (2011)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845838431
    Format: Online-Ressource (19 p)
    Edition: Online-Ausg.
    ISBN: 1463927231 , 9781463927233
    Series Statement: IMF Working Papers Working Paper No. 11/289
    Content: The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ?mines'' for the shadow banking system. Banks receive funding through the re-use of pledged collateral ?mined'' from asset managers. Accounting for this, the size of the shadow banking system in the U.S. may be up to $25 trillion at year-end 2007 and $18 trillion at year-end 2010, higher than earlier estimates. In terms of policy, regulators will need to consider the re-use of pledged collateral when defining bank leverage ratios. Also, given asset managers'' demand for non-M2 types of money, monitoring the shadow banking system will warrant closer attention well beyond the regulatory perimeter
    Language: English
    DOI: 10.5089/9781463927233.001
    URL: kostenfrei
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  • 8
    Online Resource
    Online Resource
    Making OTC Derivatives Safe : A Fresh Look (2011)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845880063
    Format: Online-Ressource (22 p)
    Edition: Online-Ausg.
    ISBN: 1455228044 , 9781455228041
    Series Statement: IMF Working Papers Working Paper No. 11/66
    Content: Recent regulatory efforts, especially in the U.S. and Europe, are aimed at reducing moral hazard so that the next financial crisis is not bailed out by tax payers. This paper looks at the possibility that central counterparties (CCPs) may be too-big-to-fail entities in the making. The present regulatory and reform efforts may not remove the systemic risk from OTC derivatives but rather shift them from banks to CCPs. Under the present regulatory overhaul, the OTC derivative market could become more fragmented. Furthermore, another taxpayer bailout cannot be ruled out. A reexamination of the two key issues of (i) the interoperability of CCPs, and (ii) the cost of moving to CCPs with access to central bank funding, indicates that the proposed changes may not provide the best solution. The paper suggests that a tax on derivative liabilities could make the OTC derivatives market safer, particularly in the transition to a stable clearing infrastructure. It also suggests reconsideration of a ""public utility"" model for the OTC market infrastructure
    Language: English
    DOI: 10.5089/9781455228041.001
    URL: kostenfrei
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  • 9
    Online Resource
    Online Resource
    Price of Risk : Recent Evidence From Large Financials (2010)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845900447
    Format: Online-Ressource (12 p)
    Edition: Online-Ausg.
    ISBN: 145520224X , 9781455202249
    Series Statement: IMF Working Papers Working Paper No. 10/190
    Content: Probability of default (PD) measures have been widely used in estimating potential losses of, and contagion among, large financial institutions. In a period of financial stress however, the existing methods to compute PDs and generate loss estimates that may vary significantly. This paper discusses three issues that should be taken into account in using PD-based methodologies for loss or contagion analyses: (i) the use of - risk-neutral probabilities - vs. -real-world probabilities; - (ii) the divergence between movements in credit and equity markets during periods of financial stress; and (iii) the assumption of stochastic vs. fixed recovery for financial institutions’ assets. All three elements have nontrivial implications for providing an accurate estimate of default probabilities and associated losses as inputs for setting policies related to large banks in distress
    Language: English
    DOI: 10.5089/9781455202249.001
    URL: kostenfrei
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  • 10
    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
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