scholarly journals Choosing the Narrative: the Shadow Banking Crisis in Light of Covid

2021 ◽  
Vol 32 (2) ◽  
pp. 291-310
Author(s):  
Marcus Miller
Keyword(s):  
Financial Crisis ◽  
Banking Crisis ◽  
The Other ◽  
Shadow Banking ◽  
Banking Services ◽  
Us Congress ◽  
The Us ◽  
Key Features ◽  
Us Financial Crisis ◽  
Do So

AbstractCould experiencing a health pandemic aid in understanding the nature of financial crisis? It might, for example, help to discriminate between different narratives that claim to do so. In this spirit, two influential accounts of the near-collapse of shadow banking in the US financial crisis of 2008 are analysed: one developed by Mark Gertler and Nobuhiro Kiyotaki and the other presented by the Financial Crisis Inquiry Commission of the US Congress. Using a common two-sector framework, key features of these contrasting accounts of the market for banking services are presented, along with their corresponding diagnoses of what precipitated financial crisis. To see what the experience of Covid might imply about their relative credibility, four aspects of the current pandemic are considered: how it began from a small biological shock; how it gets spread by contagion; the significance of externalities; and how it may end with a vaccine. But the reader is left to form his or her own judgement.

GLOBAL FINANCIAL CRISIS: THE BUBBLE EFFECT IN INDONESIA

2018 ◽  
pp. 27-33
Author(s):  
Mohammad Benny Alexandri ◽  
Raeny Dwisanti
Keyword(s):  
Financial Crisis ◽  
Stock Price ◽  
Price Index ◽  
Global Financial Crisis ◽  
Price Ratio ◽  
Sharp Decline ◽  
Book Value ◽  
The Us ◽  
Investment Opportunities ◽  
Us Financial Crisis

US and Indonesia stock markets are entering record heights without being offset by economic growthand profitability growth of their traded companies. There are several indicators for the stock marketbubble: (1) Price Ratio (Ear Ratio); (2) Price Ratio / Book (PB Ratio), the latter comparing thenominal price of one share at a market with the book value (the value of company's assets). Thecurrent PB ratio of the composite stock price index being 3.3 means that for each shares the assetvalue of which is 1 IDR, the stock would be worth 3.3 IDR. This is one of the most expensive price in the world today. Based on the above, for Indonesian stock market sharp decline is just a matter of time and waiting. This decline will be much sharper if triggered by the US financial crisis. We can also also see a bubble emerging from increasingly irrational investment attitudes. Currently, in addition to high prices for stocks and bonds, investors have started looking at investment opportunities in digital currencies. This research tries to know the potential of financial crisis and itseffect for the financial market in Indonesia. 

Tackling the US Financial Crisis

2012 ◽  
pp. 105-133
Author(s):  
Carlo Tognato
Keyword(s):  
Financial Crisis ◽  
The Us ◽  
Us Financial Crisis

Financial Reform Efforts since the Global Financial Crisis—An Overview

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Banking Regulation ◽  
Shadow Banking ◽  
Reform Agenda ◽  
Current State ◽  
The Us ◽  
The Global Financial Crisis ◽  
Institutional Architecture ◽  
Market Infrastructure

The chapter provides an overview of the current state of the reform efforts in the jurisdictions under consideration with a focus on the institutional architecture, banking regulation, shadow banking, and financial market infrastructure. It briefly reviews the generally accepted causes of the global financial crisis and the eurozone crisis, as well as the reform agenda at global/international level. It summarizes the reform efforts in the EU and the US that are of particular relevance for the recovery and resolution of credit institutions and investment firms. These reform efforts form the context in which the new recovery and resolution regime must be viewed.

Chinese Exclusion and the Open Door with China: Structural Contradictions and the 'Chaos' of Law, 1882-1910

2001 ◽  
Vol 10 (2) ◽  
pp. 203-226 ◽  
Author(s):  
Kitty Calavita
Keyword(s):  
Business Community ◽  
Annual Reports ◽  
Open Door ◽  
Economic Interests ◽  
Chinese Exclusion ◽  
Us Congress ◽  
Congressional Record ◽  
The Us ◽  
Exclusion Laws ◽  
Do So

This article examines the structural contradictions underlying the difficulties of implementing the Chinese exclusion laws first enacted by the US Congress in 1882. I argue that these contradictions were grounded in the material and ideological conditions of the period, were reproduced in the unwieldy logic of the exclusion laws, and emerged as unresolvable enforcement dilemmas. Most important, the anti-Chinese racism on which the exclusion laws were based clashed with economic interests driven by the promise of lucrative trade with China. Using unpublished archival materials, the Congressional Record and Congressional reports, as well as annual reports of the enforcement bureaucracy, I show that exceptions to the exclusions for Chinese merchants were an attempt to reconcile this contradiction, and in turn generated formidable enforcement problems. Further, I argue that the impossibility of making sharp binary distinctions between merchants and 'coolies', and the humiliating procedures involved in the futile effort to do so, subjected the Immigration Bureau to criticism from exclusionists for their failure to detect fraud, and from the Chinese and their advocates in the business community for their harsh practices. The implications for sociolegal studies more generally are examined in the conclusion.

The US Financial Crisis and Corporate Dividend Reactions: For Better or for Worse?

2018 ◽  
Author(s):  
Jitka Hilliard ◽  
John S. Jahera ◽  
Haoran Zhang
Keyword(s):  
Financial Crisis ◽  
The Us ◽  
Us Financial Crisis

US Financial Crisis Critique and the Statistical Predictability of a NYSE Portfolio

2012 ◽  
Vol 1 (3) ◽  
pp. 25-44
Author(s):  
Gerry Wymar
Keyword(s):  
New York ◽  
Financial Crisis ◽  
Stock Exchange ◽  
Complex Polynomial ◽  
Portfolio Performance ◽  
The Us ◽  
Market Indexes ◽  
Stock Portfolio ◽  
Us Financial Crisis

This study’s purpose is to review investment practitioner accounts describing the causes and effects of the global financial crises, with a focus of the US financial crisis. A critical gap in the literature was found: the lack of an independent indicator that could do forecast a market upturn or downturn at least a week in advance to provide sufficient lead time for hedging a stock portfolio before a crash. A sample of 95 high performing companies listed on the New York Stock Exchange (NYSE) was used as a multiyear case study. Publicly available market indexes such as Mood’s, Standards and Poor’s (S&P, and others, were tested as independent factors to explain the behavior of the case study stock portfolio performance. Correlation, regression (simple, multiple, stepwise, surface response) and ANOVA (with T-tests) were used to analyze 817 days of returns during the 2008-2011 period of the US financial crisis. A complex polynomial nonlinear equation was developed which could predict the behavior of the case study portfolio five days in advance.

scholarly journals The Other Month Effect: A Re-Examination of the "Other January" Anomaly

2013 ◽  
Vol 16 (02) ◽  
pp. 1350011 ◽  
Author(s):  
Ali F. Darrat ◽  
Bin Li ◽  
Richard Chung
Keyword(s):  
Stock Market ◽  
Extended Period ◽  
The Other ◽  
January Effect ◽  
Sample Period ◽  
Holding Period ◽  
The Us ◽  
Abnormal Profits ◽  
Do So ◽  
Other January Effect

Cooper et al. (2006) find support for the "other January" effect in the US market over the period from January 1940 to December 2003 whereby the 11-month holding period returns following positive January returns are on average higher than those 11 months following negative January returns. Under this scenario, January returns can predict the subsequent 11-month holding period returns implying the potential for abnormal profits. We revisit this "anomaly" in the US stock market using the extended period from July 1926 to January 2012. Over the shorter period of 1940–2003 used by CMO, the results are supportive of the "other January" effect and they do so for several alternative holding periods. However, this alleged "other January" effect disappears once we expand the period. Moreover, we find similar and perhaps stronger anomalies for non-January months, particularly February and September. The evidence we uncover in this paper suggests that this alleged "other January" effect is likely sample-period sensitive and further, it is not specific to the month of January.

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