scholarly journals Estimation of Correlation between Capital Markets. Analysing the case of Central and Eastern European markets in the context of the COVID-19 pandemic

2021 ◽  
Vol 13 (1) ◽  
pp. 61-78
Author(s):  
Alina Zaharia ◽  
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Global Financial Crisis ◽  
Rank Correlation ◽  
Eastern European ◽  
The Subject ◽  
New Perspective ◽  
The Global Financial Crisis ◽  
European Markets

This paper analyses the behaviour of the existing correlations between Central and Eastern Europeís markets, namely Romania, Czechia, Hungary, Poland, Slovenia,Slovakia and Bulgaria and the developed ones in Germany, France and United Kingdom.The study brings a new perspective on the subject by capturing two major stress periods the Global Financial Crisis and the Örst wave of the COVID-19 pandemic. By estimating a BEKK model, as well as Spearmanís rank correlation coe¢ cient and the Diebold and Yilmaz Spillover Index, the study Önds strong similarities between the analysed markets, with a general decreasing trend of the correlationsí level, indicating increasing beneÖts of diversiÖcation.

scholarly journals The global financial crisis and its aftermath: a perspective from fiction

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Linda Arch
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Small Body ◽  
Academic Research ◽  
Content Type ◽  
Academic Scholarship ◽  
The Subject ◽  
Fear Index ◽  
New Perspective ◽  
The Global Financial Crisis

Purpose Since the global financial crisis of 2007-2009 academic research has paid considerable attention to understanding the nature of the crisis, its causes and consequences. This is not surprising given the scale and scope of the crisis. Much of this research has been undertaken within social science disciplines. At the same time, the crisis has also been the subject of fiction – novels, poetry and drama, and there is also a small body of academic scholarship on fiction relating to the crisis (and on finance in fiction more generally). The purpose of this paper is to suggest that fiction can offer a new perspective on the global financial crisis and thereby enhance our understanding of it. Design/methodology/approach This exploration draws upon three works of post-crisis fiction: the 2009 play by David Hare, The Power of Yes: A Dramatist Seeks to Understand the Financial Crisis (hereafter The Power of Yes); Other People’s Money, a novel by Justin Cartwright (2011); and Robert Harris’s novel The Fear Index also published in 2011. Its approach is based on close readings of the three texts in question. Findings Finance fiction stimulates a reconceptualization of the global financial crisis as a crisis of innovation and technological change. Originality/value This paper is a viewpoint article. The originality lies in the author’s interpretation of reading the global financial crisis through fiction.

Part IV Market Institutions And International Capital Markets, 12 Intermediaries—From Handmaiden to New Market

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Western Europe ◽  
Global Financial Crisis ◽  
Conflicts Of Interest ◽  
Multiple Roles ◽  
Market Institutions ◽  
International Capital Markets ◽  
Rapid Changes ◽  
The Global Financial Crisis

This chapter studies the roles of intermediaries. As exchanges developed in Western Europe and the colonies, they spun out a widening web of intermediaries participating in the process of trading financial products. In the lead up to the global financial crisis, the roles assumed by intermediaries, and their sources of revenue, had mutated over time. Intermediaries became issuers and capital raisers in their own right. Originally handmaidens to the exchanges, intermediaries created a new, free floating, trading world. In this new trading world, the potential conflicts of interest inherent in agency relationships have been exacerbated by the multiple roles intermediaries have assumed. Further intensifying the stresses on market relationships have been the rapid changes in trading practices now permitted by technology and the internationalization of the capital markets. Lastly, over ten years after the global financial crisis, regulatory responses continue to play out, as markets and intermediaries jockey and adjust to the new rules.

15 Litigation and Enforcement involving Private Funds after the Global Financial Crisis

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Crisis ◽  
Hedge Funds ◽  
Global Financial Crisis ◽  
Private Investment ◽  
The United States ◽  
Regulatory Regime ◽  
Investment Funds ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk

This chapter focuses on the increase in the amount of litigation and enforcement actions against private investment funds in the United States, the UK, and across the globe as a result of the global financial crisis. As more disputes arose during the course of the global financial crisis, the legal and regulatory regime impacting private investment funds has been the subject of closer scrutiny than has been seen in previous decades. The chapter first considers the Securities and Exchange Commission’s (SEC) enforcement actions against hedge funds as well as U.S. civil litigation prior to the financial crisis before discussing Dodd-Frank and its effect on enforcement. It then examines the SEC’s enforcement actions regarding broker-dealer registration, along with some of its key enforcement actions after Dodd-Frank. It also analyses the Financial Conduct Authority’s enforcement priorities after the global financial crisis and key litigation in the UK involving private investment funds.

The Global Financial Crisis: what have we learned so far?

2015 ◽  
Vol 11 (2) ◽  
pp. 134-161 ◽  
Author(s):  
Karyn L. Neuhauser
Keyword(s):  
Financial Crisis ◽  
Large Scale ◽  
Global Financial Crisis ◽  
Financial System ◽  
Future Research ◽  
Financial Assets ◽  
Content Type ◽  
The Subject ◽  
The Global Financial Crisis ◽  
Number Of Citations

Purpose – The purpose of this paper is to provide a cohesive review of the major findings in the literature concerning the Global Financial Crisis. Design/methodology/approach – Papers published in top-rated finance and economics journal since the crisis up to the present were reviewed. A large number of these were selected for inclusion, primarily based on the number of citations they had received adjusted for the amount of time elapsed since their publication, but also partly based on how well they fit in with the narrative. Findings – Much has been done to investigate the causes of the Global Financial Crisis, its effects on various aspects of the financial system, and the effectiveness of regulatory measures undertaken to restore the financial system. While more remains to be done, the existing body of research paints an interesting picture of what happened and why it happened, describes the interrelationships between the mortgage markets and financial markets created by the large scale securitization of financial assets, identifies the problems created by these inter-linkages and offers possible solutions, and assesses the effectiveness of the regulatory response to the crisis. Originality/value – This study summarizes a vast amount of literature using a framework that allows the reader to quickly absorb a large amount of information as well as identify specific works that they may wish to examine more closely. By providing a picture of what has been done, it may also assist the reader in identifying areas that should be the subject of future research.

scholarly journals GLOBALIZATION EFFECTS ON CONTAGION RISKS IN FINANCIAL MARKETS

2020 ◽  
Vol 15 (1) ◽  
pp. 38-54
Author(s):  
Mariya Paskaleva ◽  
Ani Stoykova
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
Member States ◽  
Eu Member States ◽  
Contagion Effects ◽  
The Global Financial Crisis ◽  
The U.S

Financial globalization has opened international capital markets to investors and companies worldwide. However, the global financial crisis also caused massive stock price volatility due in part to global availability of market information. We explore ten EU member states (France, Germany, the United Kingdom, Belgium, Bulgaria, Romania, Greece, Portugal, Ireland, and Spain), and the USA. The explored period is March 3, 2003 to June 30, 2016, and includes the effects of the global financial crisis of 2008. The purpose of the article is to determine whether there is a contagion effect between the Bulgarian stock market and the other examined stock markets during the crisis period and whether these markets are efficient. We apply an augmented Dickey-Fuller test, DCC-GARCH model, autoregressive (AR) models, TGARCH model, and descriptive statistics. Our results show that a contagion between the Bulgarian capital market and the eight capital markets examined did exist during the global financial crisis of 2008. We register the strongest contagion effects from the U.S. and German capital markets on the Bulgarian capital market. The Bulgarian capital market is relatively integrated with the stock markets of Germany and the United State, which serves as an explanation of why the Bulgarian capital market was exposed to financial contagion effects from the U.S. capital market and the capital markets of EU member states during the crisis. We register statistically significant AR (1) for UK, Greece, Ireland, Portugal, Romania, and Bulgaria, and we can define these global capital markets as inefficient.

Part I International Capital Markets in Context, 3 International Organizations and the Capital Markets

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Focal Point ◽  
International Capital ◽  
International Capital Markets ◽  
The World Bank ◽  
The Global Financial Crisis ◽  
The International Monetary Fund

This chapter examines the International Organization of Securities Commissions (IOSCO). Over the nearly four decades of its existence, as its composition and roles evolved, and in the absence of any other body, IOSCO became a focal point for oversight of international capital markets. Crises, first the regional Asian financial crisis of 1997–98 and then the global financial crisis, have dramatically changed IOSCO. Crises have also thrust capital markets into the international limelight, and led to the appearance of new international institutions, including the Financial Stability Forum (FSF) and the Financial Stability Board (FSB). Unlike IOSCO, both the FSF and the FSB were political initiatives. As such, they also drew into their orbit formal treaty organizations such as the International Monetary Fund (IMF) and The World Bank, among others. The chapter then looks at international financial institutions and the Financial Sector Assessment Program (FSAP).

scholarly journals Managing Systemic Banking Crises

2020 ◽  
Vol 20 (05) ◽  
Author(s):  
Marina Moretti ◽  
Marc Dobler ◽  
Alvaro Piris Chavarri
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Technical Assistance ◽  
Global Financial Crisis ◽  
Banking Crises ◽  
Executive Board ◽  
The Global Financial Crisis ◽  
The Imf

This paper updates the IMF’s work on general principles, strategies, and tech-niques from an operational perspective in preparing for and managing sys-temic banking crises in light of the experiences and challenges faced during and since the global financial crisis. It summarizes IMF advice concerning these areas from staff of the IMF Monetary and Capital Markets Department (MCM), drawing on Executive Board Papers, IMF staff publications, and country documents (including program documents and technical assistance reports). Unless stated otherwise, the guidance is generally applicable across the IMF membership.

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