Credit reporting systems are an important ingredient for financial markets. These systems are based upon the unique identification of borrowers, which is enabled if a compulsory identification system exists in a country. We present evidence derived from difference-in-difference analyses on the impact of the interplay of credit reporting and identification systems on financial access and interme...

Sovereign default, while by no means ubiquitous, is still all too common. Moreover, as illustrated in Figure 1, sovereign debt crises, in which multiple debtor countries get into payments difficulties at roughly the same time, occur with surprising regularity. When this is combined with the fact that defaults appear to be very costly, to both the creditors who lose money on their investments an...

The seniority of debt, which determines the order in which a bankrupt institution repays its debts, is an important and sometimes contentious feature of financial crises, yet its impact on systemwide stability is not well understood. We capture seniority of debt in a multiplex network, a graph of nodes connected by multiple types of edges. Here an edge between banks denotes a debt contract of a...

This paper studies the process that led to the Argentine crisis. The crisis is understood as a major disappointment of previous expectations, indicated by widespread insolvencies and abrupt declines in consumption. The analysis concentrates on the sequence of public and private decisions, and the varying perceptions and policy incentives that motivated them. In the nineties Argentina searched f...

Article history: Received 12 July 2010 Received in revised form 5 May 2011 Accepted 12 May 2011 Available online 18 May 2011 Traditional credit risk models adopt the linear correlation as a measure of dependence and assume that credit losses are normally-distributed. However some studies have shown that credit losses are seldom normal and the linear correlation does not give accurate assessment...

Using credit default swap data, we propose a novel empirical framework to identify the structure of credit risk networks across international major financial institutions around the recent global credit crisis. The findings shed light on the credit risk transmission process and helps identify key financial institutions. Specifically, we identify three groups of players including prime senders, ...

in this study it has been initiated to find out the credit strength and financial performance of cement industries in bangladesh through investigating the financial report for the period from 2007 to 2011. financial ratios are employed to measure the liquidity (working capital to total assets), profitability (retained earnings to total assets), efficiency (earnings before interest and taxes to ...

In the 1860s and 1870s Native Lands Acts facilitated colonial appropriation of huge amounts Māori land. The acts, as is commonly known, were explicitly implemented to destroy ‘communism’ identified foundational society, sought achieve this by ‘individualising’ land title. However, in addition movement individualisation, acts fundamentally enacted relied upon financialisation lands, their transf...

The firm’s credit rating is an important communication tool and previous research has shown that many companies consider it important in capital structure decisions. This study examines the determinants of capital structure in MENA banks. In addition, it investigates the determinants of credit rating. Further, the impact of credit rating and capital structure on banks’ performance is examined. ...