 | 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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 | Financial Crises Explanations, Types, and Implications Author/Editor: Stijn Claessens, M Ayhan Kose. Release Date:January, 2013 This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial 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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 | Paths to Eurobonds Author/Editor: Stijn Claessens, Ashoka Mody, Shahin Vallée. Release Date:July, 2012 This paper discusses proposals for common euro area sovereign securities. Such instruments can
potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the more...
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 | Foreign Banks: Trends, Impact and Financial Stability Author/Editor: Stijn Claessens, Neeltje van Horen. Release Date:January, 2012 This paper introduces a comprehensive database on bank ownership for 137 countries over 1995-2009, and reviews foreign bank behavior and impact. It documents substantial increases in foreign bank more...
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 | Systemic Risks in Global Banking : What Available Data Can Tell Us and What More Data Are Needed? Author/Editor: Eugenio Cerutti, Patrick M. McGuire, Stijn Claessens. Release Date:September, 2011 The recent financial crisis has shown how interconnected the financial world has become. Shocks in one location or asset class can have a sizable impact on the stability of institutions and markets more...
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 | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? Author/Editor: Stijn Claessens, Hui Tong, Igor Zuccardi. Release Date:September, 2011 This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to more...
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 | Financial Cycles : What? How? When? Author/Editor: Marco Terrones, Ayhan Kose, Stijn Claessens. Release Date:April, 2011 This paper provides a comprehensive analysis of financial cycles using a large database covering 21 advanced countries over the period 1960:1-2007:4. Specifically, we analyze cycles in credit, house more...
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 | How Do Business and Financial Cycles Interact? Author/Editor: Marco Terrones, Ayhan Kose, Stijn Claessens. Release Date:April, 2011 This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our more...
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 | Crisis Management and Resolution : Early Lessons from the Financial Crisis Author/Editor: Ceyla Pazarbasioglu, Luc Laeven, Oana M Croitoru, Stijn Claessens, Fabian Valencia, Marc C Dobler, Katharine Seal. Release Date:March, 2011 Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are more...
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