The present study focuses on the development of one key institutions market economy – namely, securities in terms its role promoting competitive conditions financial services sector. Due to a variety objective and subjective factors, banks have become most dominant all CIS countries of, both, accumulating redistributing resources. Particularly, research outlines background capital formation thr...

The article considers the development trends of main banking markets active operations for eight months 2021. analysis market has showed that despite significant efforts Government to intensify lending under programs "Affordable Loans 5-7-9%" and "Mortgage Lending", dynamics growth banks' loan portfolios can notmeet expectations. regulator adopted new legal regulatory requirements significantly...

We propose the development of a prediction market for forecasting prices for “toxic assets” to be transferred from Irish banks to the National Asset Management Agency (NAMA). Such a market allows market participants to assume a stake in a security whose value is tied to a future event. We propose that securities are created whose value hinges on the transfer amount paid for loans from NAMA to a...

We analyze how two dimensions of technological progress affect competition in financial services. While better technology may result in improved information processing, it might also lead to low-cost or even free access to information through, for example, informational spillovers. In the context of credit screening, we show that better access to information decreases interest rates and the ret...

Abstract: This study provides new evidence of the risks and returns associated with bank involvement in securities activities. This empirical evidence is drawn from an extensive analysis of the performance of the foreign securities subsidiaries of U.S. banking companies over the relatively lengthy 1987-1996 time period. Both industryand firm-level estimates of securities risks and returns from ...

This paper compares the effectiveness of different forms emergency liquidity injections, including secured lending (repo), unsecured and securities purchases. The model features an endogenous banking crisis, funding market interactions, fire sale externalities. Injection policies are compared by their effects on ex ante incentives post outcomes. demonstrates that to banks via repo can curb sell...

We investigate the real effects of mandatory climate-related disclosure by financial institutions on funding carbon-intensive industries. Our impact metric is amount invested into securities, bonds and stocks, issued fossil fuel companies. A French law, which came force in January 2016 aftermath Paris Agreement climate change, provides us with a quasi-natural experiment. The new regulation, uni...

This paper analyzes the relationship between structured finance par coupon spreads at issuance and the securities' credit performance. Using structured finance securities including asset-backed and mortgage-backed securities and collateralized debt obligations issued in the U.S. during 1998-2004, we find spreads vary substantially by rating, over time, and across asset classes; the spreads on s...

This paper is about the effectiveness of qualitative easing; a government policy that is designed to mitigate risk through central bank purchases of privately held risky assets and their replacement by government debt, with a return that is guaranteed by the taxpayer. Policies of this kind have recently been carried out by national central banks, backed by implicit guarantees from national trea...

In a series of recent studies, several economic historians (most prominently Richard Sylla) argue that successful economies experience ‘‘financial revolutions’’ before undergoing rapid growth. In the U.S., they suggest Hamilton masterminded the financial revolution by putting the public finance in order and facilitating private banks.MightMatsukata, they continue, have done the same in Japan? J...