Soumettre les dirigeant·es d’entreprises à un harcèlement continu, se mettre dans la peau d’un spéculateur pour libérer des endetté·es du fardeau de leurs créances, ériger le défaut de paiement en ...pouvoir politique. Les initiatives de la société civile pour contrer le système prédateur de la finance en utilisant ses propres armes se multiplient. Un nouveau contre-pouvoir qui amène parfois de grandes victoires.
The current economic situation in the world financial markets has a significant impact on the banking system in Iraq while reducing its financial stability. Therefore, the article is devoted to the ...main ways to improve the financial system of Iraq. The subject of the study is the banking system of Iraq. The purpose of the study is to develop ways to improve the financial stability of the Iraqi banking system. When writing the article, the following methods were used: the biographical method. The article provides recommendations on the financial stability of the banking system in Iraq. The results can be applied to enhance the sustainability of Iraq’s banking system. The measures developed can be applied in practice and can enhance the stability of the Iraqi banking system.
This paper examines the aftermath of postwar financial crises in advanced countries. We construct a new semiannual series on financial distress in 24 OECD countries for the period 1967-2012. The ...series is based on assessments of the health of countries' financial systems from a consistent, real-time narrative source, and classifies financial distress on a relatively fine scale. We find that the average decline in output following a financial crisis is statistically significant and persistent, but only moderate in size. More important, we find that the average decline is sensitive to the specification and sample, and that the aftermath of crises is highly variable across major episodes. A simple forecasting exercise suggests that one important driver of the variation is the severity and persistence of financial distress itself. At the same time, we find little evidence of nonlinearities in the relationship between financial distress and the aftermaths of crises.
Recently, financial performance has been the foremost requirement for the financial institution to survive in the market and this aspect demands the researchers' emphasis. Thus, the present study ...investigates the impact of joint auditing and governance on the financial performance of Iraqi banks. The study also examines the mediating role of a strong financial system among joint auditing, governance and financial performance of the Iraqi banks. The researchers collected the data using survey questionnaires from the audit department of the Iraqi banks. The researchers also checked the association among variables using SPSS-AMOS. The outcomes indicated that joint auditing and governance have a positive association with the financial performance of Iraqi banks. The outcomes also exposed that a strong financial system significantly mediates among joint auditing, governance and financial performance of the Iraqi banks. The study guides the policymakers in developing new policies related to improve the financial performance of the banks using effective joint auditing and governance systems.
This article contributes to the embryonic literature on the relations between Bitcoin and conventional investments by studying return and volatility spillovers between this largest cryptocurrency and ...four asset classes (equities, stocks, commodities, currencies and bonds) in bear and bull market conditions. We conducted empirical analyses based on a smooth transition VAR GARCH-in-mean model covering daily data from 19 July 2010 to 31 October 2017. We found significant evidence that Bitcoin returns are related quite closely to those of most of the other assets studies, particularly commodities, and therefore, the Bitcoin market is not isolated completely. The significance and sign of the spillovers exhibited some differences in the two market conditions and in the direction of the spillovers, with greater evidence that Bitcoin receives more volatility than it transmits. Our findings have implications for investors and fund managers who are considering Bitcoin as part of their investment strategies and for policymakers concerned about the vulnerability that Bitcoin represents to the stability of the global financial system.
This study examines the role of information sharing in modulating the effect of financial access on income inequality in 48 African countries for the period 2004-2014. Information sharing is proxied ...with private credit bureaus and public credit registries. All dynamics of financial development are taken into account, namely: depth (money supply and liquid liabilities), efficiency (at banking and financial system levels), activity (from banking and financial system perspective) and size. The empirical exercise is based on interactive Generalised Method of Moments. It can be established from the findings that: first, a threshold of 18.072 percentage coverage of public credit registries is needed to counteract the unconditional positive effect of banking system efficiency. Secondly, on the role of private credit bureaus in financial depth, both the unconditional and the conditional effects are negative, implying a negative synergy. Overall, the findings show that, contingent on the type of financial development dynamic, credit registries broadly play their theoretical role of decreasing financing constraints in order to ultimately reduce inequality.
In this article, we provide evidence of the dynamic effects of financial development on a group of key macroeconomic variables, namely, output, consumption, investment, inflation, money, the interest ...rate and the exchange rate. As the measure of financial development we use a new broad measure of financial development instead of the narrow measures usually employed in the related literature. Another novelty is that we estimate the dynamic effects of financial development on economic activity in the context of a panel vector autoregressive model, comprising 36 countries observed in the period 1983-2019. Our results suggest that financial development has a positive impact on output, investment, and consumption. The results reported in this article also support the proposition that the benefits from financial development are larger in economies where the financial system is market-based. These results survive a battery of robustness checks.
We examined the financial system development of Ukraine from 2010 to 2016 using integral indicator. In addition, we explored the effect of the financial system development on the financing of firms ...in Ukraine. The results of the study displayed a negative tendency in the development of the Ukrainian financial system from 2010 to 2016. The regression model revealed that the integral indicator of the financial system's development is substantially interconnected with the average rate of hryvnia to the US dollar. The results of the paper showed that the financial structure of Ukrainian firms changed significantly during the analyzed period. The share of external financing rose extremely not due to an increase in bank loans but due to informal sources. Despite the general negative changes in the financial system development and financing patterns, the study did not find arguments to support the hypothesis of the existence of a strong statistical relationship between them. Instead, we identified additional significant sources of financing for firms that are not related to the development of the financial system and those that do not meet traditional notions of financing patterns.
This paper examines why some financial stress episodes lead to economic downturns. The paper identifies episodes of financial turmoil in advanced economies using a financial stress index (FSI), and ...proposes an analytical framework to assess the impact of financial stress – in particular banking distress – on the real economy. It concludes that financial turmoil characterized by banking distress is more likely to be associated with deeper and longer downturns than stress mainly in securities or foreign exchange markets. Economies with more arm's-length financial systems seem to be more exposed to contractions in activity following financial stress, due to the greater procyclicality of leverage in their banking systems.
• We change the definition of financial distress in CoVaR. • We consider more severe distress events, backtest CoVaR, and improve its consistency. • Our CoVaR and VaR have a weak relation in the ...cross-section and in the time-series. • Depository institutions contribute the most to systemic risk. • Leverage, size, and equity beta are important in explaining systemic risk.
We modify Adrian and Brunnermeier’s (2011) CoVaR, the VaR of the financial system conditional on an institution being in financial distress. We change the definition of financial distress from an institution being exactly at its VaR to being at most at its VaR. This change allows us to consider more severe distress events, to backtest CoVaR, and to improve its consistency (monotonicity) with respect to the dependence parameter. We define the systemic risk contribution of an institution as the change from its CoVaR in its benchmark state (defined as a one-standard deviation event) to its CoVaR under financial distress. We estimate the systemic risk contributions of four financial industry groups consisting of a large number of institutions for the sample period June 2000 to February 2008 and the 12months prior to the beginning of the crisis. We also investigate the link between institutions’ contributions to systemic risk and their characteristics.
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