scholarly journals Exploring Systemic Risk of Chinese SIFIs using a Simplified SRISK Model

2018 ◽  
Vol 15 (3) ◽  
pp. 469
Author(s):  
Muhammad Jamal Haider ◽  
Adrian Hemmes ◽  
Gao Changchun ◽  
Tayyaba Akram
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Systemic Risk ◽  
Risk Index ◽  
Historical Context ◽  
Risk Exposure ◽  
2008 Financial Crisis ◽  
Increasing Trend ◽  
Economic Slowdown ◽  
The 2008 Financial Crisis

The exposure of banks to systemic risk has been rising in an ever more financialized and interconnected economy. In China, economic slowdown and more non-performing loans mean that the financial system has operate in an increasingly stressed environment, strengthening the vulnerability of future systemic shortfall. In this study, systemic risk in Chinese systematically important financial institutions (SIFIs) is analyzed using a simplified SRISK model. The results are set into historical context, its characteristics are illustrated, and compared to an existing risk index. With that the study contributes to the existing literature by exploring application the SRISK model from a regulatory framework and illustrating some of its implications on Chinese SIFIs. The key findings include (1) an increasing trend of systemic risk exposure and (2) evidence for a divergence between volatility and systemic risk since the 2008 financial crisis.

Old Utopias, New Tax Havens

2019 ◽  
pp. 85-98
Author(s):  
Stefan Eich
Keyword(s):  
Financial Crisis ◽  
Historical Context ◽  
Global Politics ◽  
The Political ◽  
2008 Financial Crisis ◽  
Tax Havens ◽  
Bretton Woods ◽  
The Past ◽  
New Form ◽  
The 2008 Financial Crisis

Cryptocurrencies are frequently framed as future-oriented, technological innovations that decentralize money, thereby liberating it from centralized governance and the political tentacles of the state. This is misleading on several counts. First, electronic currencies cannot leave the politics of money behind even where they aim to disavow it. Instead, we can understand their impact as a political attempt to depoliticize money. Second, the dramatic price swings of cryptocurrencies challenge their self-fashioning as a new form of money and reveal them instead as speculative assets and securities in need of regulation. While the preferential tax and regulatory treatment of cryptocurrencies hinges on their nominal currency status, it is ironically precisely their success as speculative assets that has undermined these claims. Finally, far from heralding a radical break with the past, electronic currencies serve as a reminder of the unresolved global politics of money since the 1970s. To support these three interrelated theses this chapter places the rise of cryptocurrencies in the historical context of the international politics of money between the end of the Bretton Woods system and the response to the 2008 Financial Crisis.

“Trump”—What Does the Name Signify? or, Protofascism and the Alt-Right

2018 ◽  
Vol 14 (1) ◽  
pp. 1-19 ◽  
Author(s):  
Matthew Flisfeder
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Historical Context ◽  
The United States ◽  
Right Wing ◽  
2008 Financial Crisis ◽  
Contemporary Politics ◽  
Politics And Culture ◽  
The Media ◽  
The 2008 Financial Crisis

This article examines the rise of the alt-right and Donald Trump’s successful campaign for president of the United States in the context of three overlapping contradictions: that of subversion in postmodern culture and politics, that between the democratic and commercial logics of the media, and that of the failure of the Left in the wake of the 2008 financial crisis. The article looks at the rise of “Trumpism” and the new brand of white nationalist and misogynistic culture of the so-called alt-right in its historical context to show how it is consistent with but also distinguished from previous right-wing ideologies. More generally, the three contradictions presented here are proposed as explanations for understanding the mainstreaming of the alt-right in contemporary politics and culture.

Paved with good intentions: Misdirected idealism in the lead-up to 2008’s GFC

2018 ◽  
Vol 29 (4) ◽  
pp. 394-409
Author(s):  
Anthony M Gould ◽  
Milène R Lokrou
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Heart Attack ◽  
Policy Integration ◽  
2008 Financial Crisis ◽  
Jel Codes ◽  
Look Back ◽  
The 2008 Financial Crisis ◽  
Disadvantaged People

Irresponsible lending practices on the part of financial institutions and proliferation of tradable derivatives were key causal agents of the 2008 financial crisis. However, it is less clear why, historically, loose credit arrangements were so widespread. Somewhat misleadingly, much conjecture has laid blame at the feet of financial institutions themselves. While it is true that duplicitous and even corrupt lending practices were consequential antecedents of the crisis, a legacy commitment to certain – laudable – elements of New-Dealism created context for these elements to become established. To understand really what went wrong, it is necessary to look back before the 2000s and appreciate the interaction that was occurring between a long-term policy commitment to neoliberalism and piecemeal/fragmented application of approaches that aimed to assist financially disadvantaged people. Using the analogy of heart-attack pathology to guide some of its analysis, this essay argues for better policy-integration. JEL Codes: G01, G2, F66, H12, J52

Restrictions on Capital Flows and International Financial Institutions’ Support

2020 ◽  
Vol 15 (3) ◽  
pp. 55-71
Author(s):  
Chokri Zehri ◽  
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Capital Flows ◽  
Capital Controls ◽  
Impulse Response Functions ◽  
International Financial Institutions ◽  
Macroeconomic Policies ◽  
2008 Financial Crisis ◽  
Vector Autoregressive ◽  
The 2008 Financial Crisis

n the wake of the 2008 financial crisis, international financial institutions have changed their views on the benefits of capital account liberalization and the management of capital flows. The International Monetary Fund (IMF) began to publicly express support for what have traditionally been referred to as “capital controls.” The impacts of restrictions on capital flows have, unfortunately, still not been established, and capital controls create distortions if they remain in place indefinitely. The present study uses quarterly data on capital controls in 25 emerging economies over the period between 2000 and 2016. Through an examination of a panel vector autoregressive (PVAR) with variance decomposition and impulse-response functions analysis, the study provides further evidence of some domestic effects of restrictions on capital flows. The results show that restrictions were more effective following the 2008 financial crisis and allowed for more monetary policy autonomy and exchange rate stability. Unexpectedly, the findings do not show any significant impact on international reserves accumulation. The study highlights the necessity of following the international financial organizations’ guidelines to well manage external capital flows and to better coordinate macroeconomic policies in the hope of finding an optimal policy mix.

Mathematics without Apologies

2017 ◽  
Author(s):  
Michael Harris
Keyword(s):  
Number Theory ◽  
Financial Crisis ◽  
Pop Culture ◽  
First Century ◽  
2008 Financial Crisis ◽  
Dinner Party ◽  
Mathematical Life ◽  
Personal Experiences ◽  
The 2008 Financial Crisis ◽  
Guided Tour

What do pure mathematicians do, and why do they do it? Looking beyond the conventional answers, this book offers an eclectic panorama of the lives and values and hopes and fears of mathematicians in the twenty-first century, assembling material from a startlingly diverse assortment of scholarly, journalistic, and pop culture sources. Drawing on the author's personal experiences as well as the thoughts and opinions of mathematicians from Archimedes and Omar Khayyám to such contemporary giants as Alexander Grothendieck and Robert Langlands, the book reveals the charisma and romance of mathematics as well as its darker side. In this portrait of mathematics as a community united around a set of common intellectual, ethical, and existential challenges, the book touches on a wide variety of questions, such as: Are mathematicians to blame for the 2008 financial crisis? How can we talk about the ideas we were born too soon to understand? And how should you react if you are asked to explain number theory at a dinner party? The book takes readers on an unapologetic guided tour of the mathematical life, from the philosophy and sociology of mathematics to its reflections in film and popular music, with detours through the mathematical and mystical traditions of Russia, India, medieval Islam, the Bronx, and beyond.

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