Financial sector pro-cyclicality: lessons from the crisis
| Autor: | Carmelo Salleo, Giovanni Santini, Fabio Panetta, Andrea Pilati, Wanda Cornacchia, Antonio Di Cesare, Ugo Albertazzi, Francesco Columba, Paolo Angelini |
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| Rok vydání: | 2009 |
| Předmět: |
Financial instrument
Financial ratio Financial system Financial accelerator jel:M4 Financial regulation Financial capital jel:G1 jel:G2 jel:G3 Financial analysis Balance sheet Business jel:E5 pro-cyclicality financial accelerator capital requirements leverage accounting standards incentives Capital market |
| Popis: | We analyze the main forces affecting financial system pro-cyclicality (the fact that developments in the financial sector can amplify business cycle fluctuations). We first review some major structural developments in financial markets that may influence pro-cyclicality and that have been overlooked in earlier analyses. We then examine three issues that are center stage in the current debate: capital regulation, accounting standards and managers� incentives. After reviewing the institutional set-up and the key mechanisms at work, we critically examine a series of proposals designed to mitigate pro-cyclicality. |
| Databáze: | OpenAIRE |
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