Connectedness And Contagion

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Connectedness And Contagion

Author : Hal S. Scott
ISBN : 9780262034371
Genre : Business & Economics
File Size : 41.90 MB
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An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively.
Category: Business & Economics

Financial And Macroeconomic Connectedness

Author : Francis X. Diebold
ISBN : 9780199338306
Genre : Business & Economics
File Size : 44.35 MB
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A simple framework is proposed based on variance decompositions from approximating vector autoregressions to define, measure and monitor network connectedness, and these methods are applied in financial and macroeconomic contexts. In financial markets, for example, the interest is in connections among different assets, asset classes, or portfolios, as well as the stocks of individual institutions, and the objects connected are typically returns or return volatilities. Similarly, in macroeconomics the interest is in cross-country real output connections (that is, the global business cycle)
Category: Business & Economics

Does Financial Connectedness Predict Crises

Author : Camelia Minoiu
ISBN : 9781484331316
Genre : Business & Economics
File Size : 63.52 MB
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The global financial crisis has reignited interest in models of crisis prediction. It has also raised the question whether financial connectedness - a possible source of systemic risk - can serve as an early warning indicator of crises. In this paper we examine the ability of connectedness in the global network of financial linkages to predict systemic banking crises. Our results indicate that increases in a country's financial interconnectedness and decreases in its neighbors' connectedness are associated with a higher probability of banking crises after controlling for macroeconomic fundamentals.
Category: Business & Economics

Contagious Metaphor

Author : Peta Mitchell
ISBN : 9781441104212
Genre : Literary Criticism
File Size : 61.86 MB
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The metaphor of contagion pervades critical discourse across the humanities, the medical sciences, and the social sciences. It appears in such terms as 'social contagion' in psychology, 'financial contagion' in economics, 'viral marketing' in business, and even 'cultural contagion' in anthropology. In the twenty-first century, contagion, or 'thought contagion' has become a byword for creativity and a fundamental process by which knowledge and ideas are communicated and taken up, and resonates with André Siegfried's observation that 'there is a striking parallel between the spreading of germs and the spreading of ideas'. In Contagious Metaphor, Peta Mitchell offers an innovative, interdisciplinary study of the metaphor of contagion and its relationship to the workings of language. Examining both metaphors of contagion and metaphor as contagion, Contagious Metaphor suggests a framework through which the emergence and often epidemic-like reproduction of metaphor can be better understood.
Category: Literary Criticism

Agent Based Methods In Economics And Finance

Author : Francesco Luna
ISBN : 0792374193
Genre : Business & Economics
File Size : 29.30 MB
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This volume on financial and economic simulations in Swarmmarks the continued progress by a group of researchers to incorporateagent-based computer models as an important tool within theirdiscipline.Swarm promotes agent-based computer models as a tool for the study ofcomplex systems. A common "language" is leading to the growth ofuser communities in specific areas of application. Furthermore, byproviding an organizing framework to guide the development of moreproblem-specific structures, and by dealing with a whole range ofissues that affect their fundamental correctness and their ability tobe developed and reused, Swarm has sought to make the use ofagent-based models a legitimate tool of scientific investigation thatalso meets the practical needs of investigators within acommunity.Swarm's principal foundation is an object-oriented representation ofactive agents interacting among themselves and with their environment.To this base layer it adds its own structures to drive, record andportrait the events that occur across this world. The specificcontents of any world, however, are up to the experimenter to provide, either by building them from scratch or by tapping previouscontributions.This book is notable in assembling a rich array of such contributions, which are significant in their own right, but which can also be minedto extract the reusable elements in their respective areas of financeand economics. It also presents three interesting software additionswith tutorials in the form of simple financial and economicapplications. A Swarm meta-language closer to a natural language', the use of internet-augmented Swarm for experimental economics, and aSwarm visual builder will meet thechallenges launched by otheragent-based modelling competitors.The Swarm community at large can benefit greatly from the lead thatthe growing field of computational economics is taking to address itsown needs, as represented by th
Category: Business & Economics

Democracy And Diversity In Financial Market Regulation

Author : Nicholas Dorn
ISBN : 9781134659708
Genre : Business & Economics
File Size : 30.22 MB
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Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics, through legal and regulatory studies, to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', contagion within the market would be reduced and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets. This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies – taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies – would encourage differing policies to emerge in different countries. Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns. No doubt the democratisation of financial market policy would be opposed by big firms – their interests being served by regulatory convergence – and considered macabre by some financial regulators and central bankers, who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.
Category: Business & Economics

Understanding Financial Crises

Author : Franklin Allen
ISBN : STANFORD:36105123289154
Genre : Business & Economics
File Size : 83.40 MB
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What causes a financial crisis? Can crises be anticipated or even avoided? Should governments and international institutions intervene? Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises and use the latest economic theories to begin to understand the causes and consequences of financial crises. - ;What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the recent Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion. -
Category: Business & Economics

Contagion

Author :
ISBN : STANFORD:36105133267851
Genre : Religion and civilization
File Size : 41.31 MB
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Category: Religion and civilization

Connectedness And The Double Narrative In Charles Dickens S Bleak House An Apparent Contradiction

Author : Anne Thoma
ISBN : 9783638254687
Genre : Literary Criticism
File Size : 52.11 MB
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Seminar paper from the year 2004 in the subject English Language and Literature Studies - Literature, grade: English grade: 65 / USA letter, University of Warwick (-), course: The English 19th Century Novel, 9 entries in the bibliography, language: English, abstract: [...] The aim of the present paper is to show that the dual narrative does not undercut the idea of connectedness despite its divisive appearance. Some subtasks will pave the way for this conclusion. I will first give some examples of how major elements of the no vel are interlinked. Chancery will prove as the emblem of the corruption that has spread far beyond the doors of the law courts and touches upon all the social classes. Tom-all-Alone’s and the aristocracy, poor and rich, have secrete links, some created vo luntarily, some created less voluntarily. Second, I will characterise the two narrators separately, with Esther being analysed both in her narrating function and in her role as a character of Bleak House. The analysis of the effect of combining the two tellers will lead to a result different from that of a mere glance at the of surface of the structure. I will show how the narrators’ accounts are juxtaposed and thereby reinforce each other, and how their unification yields what Graham Storey calls a “third dimension”, an overlapping of two different view points causing a deeper perception of the Bleak House world (20). However, I will also show a negative interpretation of the relationship between the two narrators by following Patricia Ingham’s essay on deixis in Bleak House. Finally, all the relationships will hint at a system within which the holders of the ties are kept: “Dickens wanted [...] the reader to perceive the world of Bleak House in terms of surface disconnection and isolation, and underlying unity [...] Bleak House stands or falls as a portrayal as a system” (Hawthorn 63). My thesis is that Bleak House teaches the reader how to combine apparently loose and disconnected elements and look at them as a system. This task posed and carried out by the plot of the novel is simultaneously mirrored in its form. The double narration sends the reader on a quest to find Esther and the 3rd person narrator as two sides of one coin, independent in terms of their nature, but relating to a common situation.
Category: Literary Criticism

Essays On Stability And Regulation Of The Banking System

Author : Shasta Shakya
ISBN : OCLC:1050765553
Genre :
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This dissertation consists of three chapters each of which explores different topics in the area of banking. In the first chapter, I ask how a banks connectedness affects its financial stability and what mechanisms amplify or mitigate this effect. I consider connectedness arising due to linkages that are formed between banks when they are exposed to common housing markets, and investigate whether such connectedness explains stability around the 2007 housing crash. I show that linkages facilitate contagion of risk, and that high leverage and securitization activity of other banks amplify contagion while high liquidity ratio of other banks minimizes contagion. Finally, I provide policy implications by suggesting minimum levels of capital and liquidity ratios that could contain contagion.In the second chapter, I study the impact of a newly introduced liquidity requirement in the banking sector the Liquidity Coverage Ratio (LCR) rule on loan contract terms. This chapter employs a differences-in-differences testing method, and exploits the setting of multiple events arising from the timing of the implementation of the rule to identify the effect of LCR. I do not find evidence of high costs to lenders due to this rule, because loan pricing terms do not change in an average loan post LCR. However, banks limit their risk exposure by increasing collateral requirements. For banks that are ex-ante expected to find the rule less costly, I find evidence of cost savings because they offer lower spreads. Further results suggest that while banks provided extra benefits to relationship borrowers in the form of lower spreads pre LCR, this is no longer true post LCR, and they reduce risk exposure to borrowers with weaker relationship strength by increasing collateral requirements.In the third chapter, I study the relationship between liquidity created by a bank and its overall financial stability. I contrast results during the period of 2007 financial crisis with those during normal times. While I find that overall liquidity creation is a risky activity during both times, breaking it into different components (on- vs. off-balance sheet, asset side vs. liability side) reveals nuances on the driving forces behind this relationship. While asset side liquidity creation decreases stability during both times, results show that the effects of other components depend on overall market conditions. During the crisis period, off-balance sheet liquidity creation hurts stability, while it has no apparent benefit during normal times. Liability side liquidity creation improves stability during crisis, however there is evidence of costs of such activity during normal times. Further results show that liquid holdings and core deposits can mitigate the costs of liquidity creation during crisis without significantly hurting benefits during normal times.
Category:

Financial Development Integration And Stability

Author : Klaus Liebscher
ISBN : STANFORD:36105122855021
Genre : Business & Economics
File Size : 79.60 MB
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The financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.
Category: Business & Economics

Medical Choice In A Mexican Village

Author : James Clay Young
ISBN : 0881337854
Genre : Medical
File Size : 30.6 MB
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In this study, the authors examine why residents of a Tarascan Indian village, in the highlands of Central Mexico, use Western medicine as well as native curing processes.
Category: Medical

In Great Company How To Spark Peak Performance By Creating An Emotionally Connected Workplace

Author : Louis Carter
ISBN : 9781260143171
Genre : Business & Economics
File Size : 89.59 MB
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Drive long-term profits and growth by making the company a place your employees love. In Great Company presents a practical approach to ensure that your employees perform at their highest possible levels. It’s not about increasing salaries, offering huge bonuses, or investing in the latest employee engagement tools. The real answer is simpler, deeper, and longer-lasting: getting your people to love where they work. Founder and CEO of one of today’s top leadership development firms, Best Practices Institute, Louis Carter takes you step by step through the process of building a lasting emotional connection between your staff and your company. Carter’s proven strategy is founded on five key principles: collaboration, optimism, values, respect, and performance. Fuse them together, and your company will be the envy of your industry. This groundbreaking guide provides everything you need to create an environment where people have a strong sense of belonging—a place where people finally feel like they’re part of something big, where employees want to work collaboratively and creatively, where your staff and your company grow together. Bridge the engagement gap by ensuring that every member of your team spends their entire work day in great company.
Category: Business & Economics

Dr Judith Orloff S Guide To Intuitive Healing

Author : Judith Orloff
ISBN : 0812930983
Genre : Health & Fitness
File Size : 56.52 MB
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The psychiatrist-author reveals how she has used intuition to help her heal a variety of problems and offers a program for readers to use their own intuitive intelligence to accomplish self-healing.
Category: Health & Fitness