[PDF] Top 20 Three essays on financial crises

... How financial innovation could exacerbate these issues, as high-lighted by Rajan [2006], was emphasised by Foster and Young [2010] – who showed how financial derivatives could be used by fund-managers of ... See full document

... behind the variations in the comovements. Early works such as Shiller and Beltratti (1992) and Campbell and Ammer (1993) characterize the relationship between the two markets. In Campbell and Ammer (1993), inflation ... See full document

... overestimates the importance of the more liquid market for lower values. This suggests that the three measures are complementary for analyzing price discovery dynamics. The bounds of the Hasbrouck procedure ... See full document

... procedure for Deterministic Volatility Function involves: (a) Given realized option prices, recover the Black-Scholes implied volatilities by inverting the Black-Scholes option pricing s[r] ... See full document

... studying financial frictions in ...that financial market frictions can propagate and amplify various shocks to the whole economy, thus having a so-called ‘financial accelerator’ ...The ... See full document

... previous three-month return on a stock and the previous three-month return on the connected ...past three-month return on the own stock and the past three- month connected portfolio ... See full document

... of financial frictions − including refinancing risk − for firms’ labor force ...such financial frictions contributed to sizeable job losses in large ...from financial frictions, and highlights their ... See full document

... speaking, financial crises are pro- tracted ...severe financial crises share three ...about three and a half years. Second, the aftermath of banking crises is associated ... See full document

... the three years immediately preceding each crisis ...the three year window preceding the crisis, an average of the two was taken in the former case, or a single year was used in the ...preceding ... See full document

... unprecedented financial crisis, most of the central banks in advanced economies, including the United Kingdom, adopted Quantitative Easing (QE), allowing for the purchase of assets by the creation of central bank ... See full document

... companies. Three specific issues are examined through three interconnected essays: characteristics of “princeling” politically connected firms (PCFs) with respect to accounting numbers in ... See full document

... of crises stems from the calculation of trend ...banking crises follow economic ...banking crises are often preceded by a slowdown of economic activity, in which case losses would be ...the ... See full document

... This model analyzes the relationships between a central bank’s decisions regarding liquidity provisions and monitoring policy and private bank behaviors. The model is presented as a three-stage sequential game. ... See full document

... high-frequency financial data has popularized the RV estimator, which uses returns sampled at shorter horizons (such as 5 minutes) to measure volatility at a longer horizon (such as a ... See full document

... banking crises for 50 countries during the 2007-2009 global financial ...banking crises are strongly positively related to ev- idence of idiosyncratic contagion channels from the crisis originating ... See full document

... with financial crises in open ...how financial crises occur in an Emerging Market Economy (EME) and, most importantly, how the nature of their occurrence differs when the exogenous ... See full document

... as financial stability, the continuity of services and the integrity of the payments systems, may take priority” (European Commission, 2009b, ...for financial stability in crises (Honohan and Laeven, ... See full document

... My second contribution is to show the existence of a novel contagion effect, based on the acquisition of private information, that makes bank runs systemic or sovereign debt crises contagious (proposition 3). I ... See full document

... The London School of Economics and Political Science THREE ESSAYS IN FINANCIAL ECONOMICS Sergey Glebkin A thesis submitted to the Department of Finance of the London School of Economics for the degree[.] ... See full document

... of financial risks is also subject to the investor’s disposable ...parts: financial and nonfinancial net worth. Financial net worth is the sum of the current values of financial assets minus ... See full document