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Global Financial Stability Report, September 2004
			: Market Developments and Issues

Global Financial Stability Report, September 2004 : Market Developments and Issues »

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2004

DOI: http://dx.doi.org/10.5089/9781589063785.082

ISBN: 9781589063785

Keywords: Global Financial Stability Report, pension, pension funds, hedge, hedge funds, pension fund

This September 2004 issue of the Global Financial Stability Report highlights that over the past six months, the global financial system, especially the health of financial intermediaries, has been further strength...

Financial Plumbing and Monetary Policy

Financial Plumbing and Monetary Policy »

Source: Financial Plumbing and Monetary Policy

Volume/Issue: 2014/111

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 June 2014

ISBN: 9781498367134

Keywords: quantitative easing, collateral velocity, Federal Reserve, repo rate, hedge, hedge funds, hedge fund, Government Policy and Regulation, International Monetary Arrangements and Institutions, Corporation and Securities Law,

This paper focuses on how changes in financial plumbing of the markets may impact the monetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed regulations, banks...

FX Funding Risks and Exchange Rate Volatility–Korea’s Case

FX Funding Risks and Exchange Rate Volatility–Korea’s Case »

Source: FX Funding Risks and Exchange Rate Volatility-Korea's Case

Volume/Issue: 2012/268

Series: IMF Working Papers

Author(s): Jack Ree , Kyoungsoo Yoon , and Hail Park

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 November 2012

ISBN: 9781475565171

Keywords: Foreign exchange liquidity mismatch, exchange rate volatility, macroprudential measures, dollar funding market, exchange rate, hedging, bonds,

This paper examines how exchange rate volatility and Korean banks' foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from th...

Monetary Implications of Cross-Border Derivatives for Emerging Economies

Monetary Implications of Cross-Border Derivatives for Emerging Economies »

Source: Monetary Implications of Cross-Border Derivatives for Emerging Economies

Volume/Issue: 2001/58

Series: IMF Working Papers

Author(s): Armando Méndez Morales

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

ISBN: 9781451847864

Keywords: Cross-border financial transactions, central bank, derivative, hedging, monetary fund, Financial Markets and the Macroeconomy,

This paper surveys concepts, practices and analytical literature to assess benefits and risks for monetary stability of cross-border currency and interest rate derivative operations in calm and turbulent periods, w...

The (Sizable) Role of Rehypothecation in the Shadow Banking System

The (Sizable) Role of Rehypothecation in the Shadow Banking System »

Source: The (Sizable) Role of Rehypothecation in the Shadow Banking System

Volume/Issue: 2010/172

Series: IMF Working Papers

Author(s): Manmohan Singh , and James Aitken

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201839

Keywords: Rehypothecation, FSA, Velocity or Churning of Collateral, Counterparty Risk, collateral, hedge, hedge funds, hedge fund, Financial Institutions and Services: Government Policy and Regulation, International Monetary Arrangements and Institutions

This paper examines the sizable role of rehypothecation in the shadow banking system. Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to its prime broker to be used again as coll...

Velocity of Pledged Collateral

Velocity of Pledged Collateral »

Source: Velocity of Pledged Collateral : Analysis and Implications

Volume/Issue: 2011/256

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

ISBN: 9781463923952

Keywords: pledged collateral, velocity of collateral, churning, rehypothecation, collateral, hedge, hedge funds, financial system, hedge fund, Financial Institutions and Services: Government Policy and Regulation

Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management c...

Of Runes and Sagas

Of Runes and Sagas »

Source: Of Runes and Sagas : Perspectives on Liquidity Stress Testing Using an Iceland Example

Volume/Issue: 2010/156

Series: IMF Working Papers

Author(s): Martin Cihak , and Li Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201396

Keywords: Funding gap, liquidity risk, liquidity shocks, solvency risk, stress tests, banking, financial institutions, bonds, hedging, banking sector

The global financial crisis revealed weaknesses in the stress testing exercises performed on financial institutions and systems around the world. These failures were most evident in the area of liquidity risk, wher...

Deleveraging After Lehman

Deleveraging After Lehman »

Source: Deleveraging After Lehman : Evidence From Reduced Rehypothecation

Volume/Issue: 2009/42

Series: IMF Working Papers

Author(s): James Aitken , and Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

ISBN: 9781451871906

Keywords: Rehypothecation, Lehman&;amp;#x2019;s bankruptcy, Counterparty risk, collateral, hedge, financial system, hedge fund, Financial Institutions and Services: Government Policy and Regulation, International Monetary Arrangements and Institutions, Corporation and Securities Law

Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to their prime broker to be used again as collateral by that prime broker for its own funding. In the United Kingdom, such use of...

Capital Requirements for Over-the-Counter Derivatives Central Counterparties1

Capital Requirements for Over-the-Counter Derivatives Central Counterparties1 »

Source: Capital Requirements for Over-the-Counter Derivatives Central Counterparties

Volume/Issue: 2013/3

Series: IMF Working Papers

Author(s): Li Lin , and Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2013

ISBN: 9781475535501

Keywords: Central counterparties, initial margin, default fund, G-14 dealers, otc, hedging, interest rate derivatives, financial stability, Forecasting and Other Model Applications, Financial Econometrics

The central counterparties dominating the market for the clearing of over-the-counter interest rate and credit derivatives are globally systemic. Employing methodologies similar to the calculation of banks' capital...

The (Other) Deleveraging

The (Other) Deleveraging »

Source: The (Other) Deleveraging

Volume/Issue: 2012/179

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505276

Keywords: pledged collateral, velocity of collateral, rehypothecation, deleveraging, securities lending, Taylor rule, collateral, hedge, financial system, hedge fund

Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show...