The global crisis has turned the spotlight on the channels of shock transmission across countries, sectors, and markets. Particular emphasis has been placed on the role of interconnectedness and systemic vulnerabilities in the crisis propagation. The crisis has also rekindled efforts to re-examine the existing financial stability framework, which in many countries includes financial stability reports published by central banks with the aim to monitor systemic risks. I examine three questions that aim to broaden our understanding of the shock transmission channels during the crisis and the effectiveness of financial stability reports as a risk-monitoring tool: (1) What was driving the shock propagation in international interbank markets? (2) Are nonfinancial firms that operate in countries with banking problems more prone to financial distress? (3) Is there an empirical link between the publication of financial stability reports and financial stability?
|Commitee:||Bradley, Michael D., Claessens, Stijn, Shambaugh, Jay C., Sinclair, Tara|
|School:||The George Washington University|
|School Location:||United States -- District of Columbia|
|Source:||DAI-A 75/05(E), Dissertation Abstracts International|
|Keywords:||Contagion, Counterparty risk, Financial stability, International finance, Liquidity risk|
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