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714 records from EconBiz based on author Name
1. Addressing banks' vulnerability to deposit runs : revisiting the facts, arguments and policy options
abstractThe recent banking turmoil was a stark reminder of the fragility associated with banks' funding structures, especially when they rely on an insufficiently diverse uninsured deposit base. Concerns about unrealised losses, triggered by the rapid shift in monetary policy, played a clear role in the run on Silicon Valley Bank. The forced merger of Credit Suisse with UBS showed what happens if a large bank's legacy and viability problems are left unresolved for a lengthy period. This may also crystalise in the need for sudden intervention by the authorities when investors' confidence breaks down, deposits are withdrawn on a massive scale and access to market funding is lost. The episodes of bank distress in the United States in March 2023 did not result in losses for uninsured deposits, signalling that these may effectively enjoy the same level of protection as explicitly insured deposits.This report of the Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) reviews an extensive list of existing and potential policy tools that could be considered for addressing banks' vulnerability to runs and the underlying causes of this vulnerability.1 This report should not be misinterpreted as calling into question the benefits of the regulatory reform after the global financial crisis (i.e. Basel III). In the discussion, we pay specific attention to (i) how each option affects the allocation of potential losses across agents, (ii) the implications of each option for risk-taking, (iii) the effectiveness of each option in reducing bank funding fragility, and (iv) the likely impact of each option on the cost of intermediation. We are aware that even the options considered to have the greatest merit would need further careful technical assessment and refinement before being adopted. We order the policy options into two lists of categories. The first includes options that could be further considered without major structural changes to the current regulatory and supervisory framework, and which might be implemented in the form of adjustments within the margins of discretion of Basel III.
Beck, Thorsten; Ioannidou, Vasso; Perotti, Enrico; Sánchez Serrano, Antonio; Suárez, Javier; Vives, Xavier;2024
Type: Graue Literatur; Non-commercial literature;
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Link Link 2. La competencia en los mercados digitales
Vives, Xavier;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link 3. Free entry in a Cournot market with overlapping ownership
Vives, Xavier; Vravosinos, Orestis;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link Link 4. Strategic complementarity in games
Vives, Xavier; Vravosinos, Orestis;2024
Type: Aufsatz in Zeitschrift; Article in journal;
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Link 5. Banking turmoil and regulatory reform
Acharya, Viral V.; Carletti, Elena; Restoy, Fernando; Vives, Xavier;2024
Type: Graue Literatur; Non-commercial literature;
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Link 6. The international economic and financial order after the pandemic and war
Corsetti, Giancarlo; Eichengreen, Barry; Vives, Xavier; Zettelmeyer, Jeromin;2023
Type: Graue Literatur; Non-commercial literature;
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Link 7. Ownership diversification and product market pricing incentives
abstractWe link investor ownership to profit loads on rival firms by the managers of a firm. We propose a theory model in which we distinguish between passive and active investors’ holdings, where passive investors are relatively more diversified. We find that if passive investors become relatively bigger, then common ownership incentives increase. We show that these higher incentives, in turn, are linked to higher firm markups. We empirically confirm these relationships for public US firms in the years 2004-2012, where the financial crisis coincides with passive investors’ rise. The found effects are small but non-negligible.
Banal-Estañol, Albert; Seldeslachts, Jo; Vives, Xavier;2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link Link Link Link 8. Ownership diversification and product market pricing incentives
Banal-Estañol, Albert; Seldeslachts, Jo; Vives, Xavier;2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link 9. Ownership diversification and product market pricing incentives
Banal-Estañol, Albert; Seldeslachts, Jo; Vives, Xavier;2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link 10. Technology and finance
Duffie, Darrell; Foucault, Thierry; Veldkamp, Laura; Vives, Xavier;2022
Type: Graue Literatur; Non-commercial literature;
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