Quantitative Modeling of Systemic Risk in a Globalized Banking System: Methodological Challenges
In: World Scientific Studies in International Economics; Globalization and Systemic Risk, S. 275-290
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In: World Scientific Studies in International Economics; Globalization and Systemic Risk, S. 275-290
In: Research in economics: Ricerche economiche, Band 56, Heft 3, S. 265-298
ISSN: 1090-9451
In: Discussion paper 01/16
The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These topics are complemented by an analysis of the structure of funding for the private and public sector, of the financial sector's vulnerability and of the legal conditions for external finance as well as for banking supervision. We find that the financial sector and financial intermediation are internationally integrated already to a large extent. This implies, inter alia, a non-negligible exposure of the corporate sector to exchange rate risk. While funding via equity markets remained modest, local currencydenominated debt issues are important for public financing. Our analysis shows that the legal, supervisory and regulatory infrastructure of the financial system is formally well developed, but suffers from enforcement problems.
In: CESifo Working Paper Series No. 4602
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In: International economics and economic policy, Band 3, Heft 1, S. 73-89
ISSN: 1612-4812
In: Bundesbank Series 1 Discussion Paper No. 2001,16
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Working paper
In: Bundesbank Series 2 Discussion Paper No. 2008,14
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In: Journal of economic dynamics & control, Band 53, S. 144-160
ISSN: 0165-1889