scholarly journals Central bank communication in the financial crisis: Evidence from a survey of financial market participants

2015 ◽  
Vol 59 ◽  
pp. 166-181 ◽  
Author(s):  
Bernd Hayo ◽  
Matthias Neuenkirch
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Financial Market ◽  
Central Bank Communication ◽  
Market Participants

Macro-Finance

2013 ◽  
Author(s):  
Francis X. Diebold ◽  
Glenn D. Rudebusch
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Factor Structure ◽  
Financial Market ◽  
Yield Curve ◽  
Inflation Expectations ◽  
Research Directions ◽  
Market Participants ◽  
Macro Finance

This chapter discusses a variety of arbitrage-free Nelson–Siegel (AFNS) macro-finance yield curve approaches. The AFNS factor structure provides a very useful framework for examining various macro-finance questions given the computational difficulties in extending finance-only affine arbitrage-free models. One application of the AFNS model, in Christensen et al. (2010c), produces estimates of the inflation expectations of financial market participants from prices of nominal and real bonds. A second macro-finance application of the AFNS model, provided in Christensen et al. (2009), investigates the effect of the new central bank liquidity facilities that were instituted during the financial crisis. The chapter concludes with a discussion of evolving research directions.

Part II The Financial Crisis of 2007–2011, 6 Market and Regulatory Failure

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Risk Management ◽  
Financial Crisis ◽  
Credit Risk ◽  
Financial Market ◽  
Credit Rating ◽  
Third Party ◽  
Credit Rating Agencies ◽  
Rating Agencies ◽  
Market Participants ◽  
Regulatory Failure

This chapter first discusses the origins of the financial crisis, highlighting practice of ‘packaging and selling’ credit risk by financial market participants that led up to the crisis. It argues that although, in retrospect, many aspects of that practice look very bad indeed, the idea that banks might originate a credit exposure and then transfer the credit risk attached to it to a third party was, before the financial crisis, considered to be part and parcel of sound risk management. The discussion then turns to credit-rating agencies. Analysis of the financial crisis and ‘what went wrong’ has shown that rating agencies were too generous with their rating of many of the structured products that contributed to the collapse.

Sign in / Sign up

Export Citation Format

Share Document