 | Global Liquidity and Drivers of Cross-Border Bank Flows Author/Editor: Eugenio Cerutti, Stijn Claessens, Lev Ratnovski. Release Date:April, 2014 This paper provides a definition of global liquidity consistent with its meaning as the “ease of financing” in international financial markets. Using a longer time series and broader sample of more...
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| What is Shadow Banking? Author/Editor: Stijn Claessens, Lev Ratnovski. Release Date:February, 2014 There is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others with non-bank lending. Regardless, most think of more...
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| Bailouts and Systemic Insurance Author/Editor: Giovanni Dell'Ariccia, Lev Ratnovski. Release Date:November, 2013 We revisit the link between bailouts and bank risk taking. The expectation of government support to failing banks creates moral hazard—increases bank risk taking. However, when a bank’s success more...
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| Competition Policy for Modern Banks Author/Editor: Lev Ratnovski. Release Date:May, 2013 Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this more...
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 | Liquidity and Transparency in Bank Risk Management Author/Editor: Lev Ratnovski. Release Date:January, 2013 Banks may be unable to refinance short-term liabilities in case of solvency concerns. To manage this risk, banks can accumulate a buffer of liquid assets, or strengthen transparency to communicate more...
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 | Shadow Banking : Economics and Policy Author/Editor: Stijn Claessens, Lev Ratnovski, Manmohan Singh. Release Date:December, 2012 This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches. more...
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| Banking and Trading Author/Editor: Arnoud W A Boot, Lev Ratnovski. Release Date:October, 2012 We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, more...
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 | Externalities and Macroprudential Policy Author/Editor: Gianni De Nicolo, Giovanni Favara, Lev Ratnovski. Release Date:June, 2012 This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by more...
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| Commodity Prices and Inflation Expectations in the United States Author/Editor: Oya Celasun, Roxana Mihet, Lev Ratnovski. Release Date:March, 2012 U.S. monetary policy can remain extraordinarily accommodative only if longer-term inflation expectations stay well-anchored, including in response to commodity price shocks. We find that oil price more...
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| Capital Regulation and Tail Risk Author/Editor: Enrico Camillo Perotti, Lev Ratnovski, Razvan Vlahu. Release Date:August, 2011 The paper studies risk mitigation associated with capital regulation, in a context where banks may choose tail risk asserts. We show that this undermines the traditional result that high capital more...
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