The determinants of vulnerability to the global financial crisis 2008 to 2009: Credit growth and other sources of risk

Feldkircher, Martin

doi:10.1016/j.jimonfin.2013.12.003

Cited by 80 publications

(46 citation statements)

References 44 publications

(40 reference statements)

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“…We concentrate here on developments in emerging markets, which means that data limitations will effectively restrict our analysis to the latest boom/bust episode. This closely links our work with the literature on the main factors explaining output fluctuations during the crisis of 2008 (Frankel and Saravelos, 2010;Lane and Milesi-Ferretti, 2011;Cecchetti et al, 2011;Feldkircher, 2014). Our main contribution to these strands of research is that we follow Alberola et al (2013), Borio et al (2013Borio et al ( , 2014 and Bernhofer et al (2014) in employing an empirical model that enables us to decompose output fluctuations into cycle and trend components based on the empirical relationships with various measures of imbalances.…”

Section: Introductionsupporting

confidence: 62%

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Estimating Sustainable Output Growth in Emerging Market Economies

2015

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We present a model that incorporates the information contained in diverse variables when estimating sustainable output growth. For this purpose, we specify a statespace model representing a multivariate HP filter that links cyclical fluctuation in GDP with several indicators of macroeconomic imbalances. We obtain the parameterizetion of the model by estimating it over a cross-section of emerging market economies. We show that the trend output growth rates estimated by using this model are more stable than those obtained with a univariate version of the filter and thus are more consistent with the notion of sustainable output.

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Section: Introductionsupporting

confidence: 62%

“… Unlike Borio et al (2013, 2014, we do not use a dynamic version of the HP filter, which involves the addition of a lagged output gap term on the right-hand side of (2). The unrestricted estimation of this term's coefficient yields a value close to unity, which is economically implausible.…”

mentioning

confidence: 99%

Estimating Sustainable Output Growth in Emerging Market Economies

2015

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“…A vast amount of research points to credit expansion as a major determinant of booms and busts in housing markets (Agnello & Schuknecht, 2011;Mian & Sufi, 2009), an increased probability of a banking crisis (Bordo & Meissner, 2012;Roy & Kemme, 2012), and heightened vulnerability of the economy to global downturns (Feldkircher, 2014). A vast amount of research points to credit expansion as a major determinant of booms and busts in housing markets (Agnello & Schuknecht, 2011;Mian & Sufi, 2009), an increased probability of a banking crisis (Bordo & Meissner, 2012;Roy & Kemme, 2012), and heightened vulnerability of the economy to global downturns (Feldkircher, 2014).…”

Section: Introductionmentioning

confidence: 99%

Economic, institutional, and socio‐cultural determinants of consumer credit in the context of monetary integration

Borowski

Jaworski

Olipra

2018

International Finance

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We investigated the determinants of consumer credit in relation to nominal GDP in 23 EU countries using panel regressions for 1997–2014. Our contribution to existing research is evidence that both higher density of bank units and greater concentration of the banking sector lead to higher consumer lending. Our results show that the consumer credit to GDP ratio decreases when banking supervision becomes a part of a politically independent central bank. This signals that access to consumer credit is more difficult when supervision is independent from government. Finally, we find that joining the Eurozone boosts consumer lending. This result is consistent with the permanent income hypothesis, which states that households’ current consumption is determined not only by their current income but also by the income that they expect to earn. Our results can be used to increase the effectiveness of macroprudential policy in avoiding consumer lending booms and ensuring financial stability.

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“…Due to devastating consequences of the following economic crises, lively debate over the role of banks in the outbreak of the 2008 crisis has emerged (e.g. Jin et al, 2013;Constâncio, 2014;Feldkircher, 2014). Much of the blame has been assigned to institutional complementarities which reinforced financial innovation and risk taking by the financial sector in the absence of sufficient compensatory institutions (Campbell, 2011).…”

Section: Introductionmentioning

confidence: 99%

“…Ongena et al, 2013;Laidroo and Männasoo, 2014). Especially evident was such behaviour in the context of international banks which contributed significantly to the credit boom before the crisis (Feldkircher, 2014;Laidroo, 2014Laidroo, , 2015 and contracted credit rapidly during the crisis (e.g. Adams-Kane et al, 2013;Fungáčová et al, 2013).…”

Section: Introductionmentioning

confidence: 99%

International banks’ CSR disclosures after the 2008 crisis

Laidroo

Sokolova

2015

Baltic Journal of Management

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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this paper is to determine the corporate social responsibility (CSR) disclosure level of 35 international banks across the world at the end of 2013 and analyse the changes in their disclosure patterns compared to 2005 from the institutional perspective. Design/methodology/approach -Content analysis of international banks' web-sites and CSR reports. Findings -As expected, CSR disclosure scores of international banks in 2013 were significantly larger than in 2005. Despite addressing the legitimacy gap after the 2008 crisis, significant room for improvements remained in the context of sustainable products, implementation of environmental management policies and introduction of CSR initiatives (the latter especially for Northern American banks). Although the transnational context had contributed to the gradual convergence of CSR disclosure scores, the existence of differing national and organisational contexts had maintained some of the diversity across banks. Research limitations/implications -Content analysis approach used limits the possibilities to objectively grasp the depth of CSR and the sample remains biased towards larger international banks headquartered in Europe. Practical implications -Stakeholders should remain vary of "window-dressing" attempts and reward only those banks that actually contribute to the society. Social implications -Intergovernmental organisations should continue to develop both new and already existing financial sector CSR initiatives to improve the stability of the global financial sector. Originality/value -Previous studies have not investigated international banks' CSR disclosures on broader global samples during the post-2008-crisis period and have not considered the institutional context of their CSR.

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The determinants of vulnerability to the global financial crisis 2008 to 2009: Credit growth and other sources of risk

Cited by 80 publications

References 44 publications

Estimating Sustainable Output Growth in Emerging Market Economies

Estimating Sustainable Output Growth in Emerging Market Economies

Economic, institutional, and socio‐cultural determinants of consumer credit in the context of monetary integration

International banks’ CSR disclosures after the 2008 crisis

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