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The paper finds that, given New Zealand’s conservative approach in implementing the Basel II framework, New Zealand banks’ headline capital ratios underestimate their capital strength. A comparison with Canadian, UK and Australian banks highlights the impact of New Zealand’s more conservative approach. Stress tests in the paper show that four large New Zealand banks could withstand sizable stand-alone shocks to their exposure to either residential mortgages (calibrated on the Irish crisis experience) or corporate lending. However, combined shocks to both residential mortgages and corporate lending would put more pressure on the banks’ capital. Given high bank concentration and large offshore wholesale funding needs, the merits of higher minimum capital requirements for systemically important domestic banks could be considered, together with other measures to be implemented.
Banks and banking --- Bank capital --- Capital --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- E-books --- Banks and Banking --- Finance: General --- Industries: Financial Services --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: Government Policy and Regulation --- Financial services law & regulation --- Capital adequacy requirements --- Residential mortgages --- Basel II --- Loans --- Financial regulation and supervision --- Nonperforming loans --- Asset requirements --- State supervision --- New Zealand
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This paper focuses on how the exposure to the corporate sector may impact the health of the Australian banking system. It also compares Australian banks with their international peers. Finally, it investigates banks' exposure to credit risk using the new Basel II Pillar 3 disclosure data. The analysis shows that Australian banks have remained very sound by international standards, despite the global financial turmoil. While the international downturn points to several vulnerabilities, the risks from the corporate and household sectors appear to be manageable.
Banks and Banking --- Corporate Finance --- Industries: Financial Services --- Contingent Pricing --- Futures Pricing --- option pricing --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Firm Performance: Size, Diversification, and Scope --- Financial Institutions and Services: Government Policy and Regulation --- Corporate Finance and Governance: General --- Banking --- Finance --- Financial services law & regulation --- Ownership & organization of enterprises --- Capital adequacy requirements --- Corporate sector --- Residential mortgages --- Financial regulation and supervision --- Financial institutions --- Loans --- Economic sectors --- Banks and banking --- Asset requirements --- Business enterprises --- Australia
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This paper evaluates Financial Sector Assessment Program (FSAP) intensity and effectiveness of Federal Bank supervision in Canada. The IMF report highlights that a key element of effective supervision is a willingness to increase supervisory pressure promptly when a supervisor identifies weaknesses in an institution. The IMF funding for Canadian banks is primarily through deposits and lending focuses on traditional bank products in Canada in the personal and commercial sectors. It also highlights that one of the key characteristics of Canada is a government housing policy that has contributed to a very safe and liquid residential mortgage finance system.
Banks and banking --- Financial institutions --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Money --- State supervision --- Evaluation. --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Finance: General --- Industries: Financial Services --- Financial Risk Management --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- Economic & financial crises & disasters --- Residential mortgages --- Credit bureaus --- Financial markets --- Financial crises --- Credit ratings --- Canada
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This paper examines the determinants of stock markets' vulnerability to the 2007-2008 crisis. Given that the United States (US) was the crisis epicenter, the authors analyze the factors driving the co-movement between US returns and stock returns in 83 countries. The analysis distinguishes between the period before and after the collapse of Lehman Brothers. The findings indicate that the main channel of transmission was financial. There is also evidence of a "wake-up call" or "demonstration effect" in the first stage of the crisis, because countries with vulnerable banking and corporate sectors exhibited higher co-movement with the US market. However, despite a collapse in trade across countries, the analysis does not find support for this channel of transmission.
Asset values --- Banking assets --- Capital flows --- Debt Markets --- Developing countries --- Economic Theory & Research --- Emerging Markets --- Emerging markets --- Equity holdings --- Finance and Financial Sector Development --- Financial crisis --- Financial institutions --- Financial markets --- Housing finance --- International bank --- Macroeconomics and Economic Growth --- Market data --- Market returns --- Markets and Market Access --- Mutual Funds --- Private Sector Development --- Residential mortgages --- Returns --- Stock market --- Stock market index --- Stock markets --- Stock returns --- Total debt
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Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on government-guaranteed deposit insurance, and a prepayment penalty limit on residential mortgage loans in the Interest Act. That said, the availability and cost of residential loans for prime borrowers are comparable to those in the United States.
Finance --- Business & Economics --- Banking --- Mortgage loans --- Housing --- Mortgage guarantee insurance --- Finance. --- Insurance, Mortgage guaranty --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- Home loans --- Mortgage lending --- Real estate loans --- Social aspects --- Insurance --- City planning --- Dwellings --- Human settlements --- Loans --- Secondary mortgage market --- Banks and Banking --- Investments: Bonds --- Industries: Financial Services --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Insurance Companies --- Actuarial Studies --- Investment & securities --- Insurance & actuarial studies --- Residential mortgages --- Covered bonds --- Financial institutions --- Bonds --- Banks and banking --- United States
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The paper finds that, given Australia's conservative approach in implementing the Basel II framework, Australian banks' headline capital ratios underestimate their capital strengths. Given their high capital quality and the progress in their funding profiles since the global financial crisis, the Australian banks are making good progress toward meeting the Basel III requirements, including the new liquidity standards. Stress tests calibrated on the Irish crisis experience show that the banks could withstand sizable shocks to their exposure to residential mortgages. However, combining residential mortgage shocks with corporate losses expected at the peak of the global financial crisis would put more pressure on Australian banks' capital. Therefore, it would be useful to consider the merits of higher capital requirements for systemically important domestic banks.
Bank capital --- Banks and banking --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Capital --- Econometric models. --- State supervision --- Australia --- Economic conditions. --- Banks and Banking --- Finance: General --- Industries: Financial Services --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Current Account Adjustment --- Short-term Capital Movements --- General Financial Markets: Government Policy and Regulation --- Financial services law & regulation --- Residential mortgages --- Capital adequacy requirements --- Basel II --- Stress testing --- Financial regulation and supervision --- Financial sector policy and analysis --- Loans --- Asset requirements --- Financial risk management
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This Selected Issues paper for the United States discusses the microeconomics of the country—household wealth and savings. Households’ consumption-saving decisions have an important bearing on the U.S. economic outlook. This paper demonstrates how households with consistently lower income, which have shown growth in the years prior to the crisis, experienced larger declines in their saving rates and a larger rise in their indebtedness before the crisis, contributing significantly to the dynamics of the mean saving rate.
Financial crises --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Saving and investment --- Housing --- Taxation --- Tax expenditures --- Foreclosure --- Finance --- E-books --- Labor --- Macroeconomics --- Corporate Taxation --- Industries: Financial Services --- Business Taxes and Subsidies --- Aggregate Factor Income Distribution --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Infrastructure --- Corporate & business tax --- Labour --- income economics --- Public finance & taxation --- Corporate income tax --- Income --- Residential mortgages --- Taxes --- National accounts --- Financial institutions --- Corporations --- Labor market --- United States
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The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
Banks and Banking --- Infrastructure --- Real Estate --- Industries: Financial Services --- Urban, Rural, and Regional Economics: Housing Demand --- Housing Supply and Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Corporate Finance and Governance: Government Policy and Regulation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Nonagricultural and Nonresidential Real Estate Markets --- Finance --- Property & real estate --- Macroeconomics --- Banking --- Housing prices --- Residential mortgages --- Financial institutions --- Prices --- National accounts --- Land prices --- Saving and investment --- Banks and banking --- China, People's Republic of
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