Review A New Index of Currency Mismatch and Systemic Risk

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A New Index of Currency Mismatch and Systemic Risk High quality books

A New Index of Currency Mismatch and Systemic Risk
By:Romain Ranciere,Aaron Tornell,Mr. Athanasios Vamvakidis
Published on 2010-11-01 by International Monetary Fund

This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the event of a sharp depreciation. Such systemic risk taking is not captured by indicators that are based only on banks’ balance sheet data. The new measure is constructed for 10 emerging European economies and for a broader sample that includes 19 additional emerging economies, for the period 1998 - 2008. Comparisons with previous currency mismatch measures that do not adjust for unhedged foreign currency borrowing illustrate the advantages of the new approach. In particular, the new measure flagged the indirect currency mismatch vulnerabilities that were building up in a number of emerging economies before the recent global crisis. Measuring currency mismatch more accurately can help country authorities in their efforts to address vulnerabilities at the right time, avoiding hurting growth prospects.

This Book was ranked at 18 by Google Books for keyword Currency.

Book ID of A New Index of Currency Mismatch and Systemic Risk's Books is we7LXzFEr8oC, Book which was written byRomain Ranciere,Aaron Tornell,Mr. Athanasios Vamvakidishave ETAG "RGoxaWvfgLo"

Book which was published by International Monetary Fund since 2010-11-01 have ISBNs, ISBN 13 Code is 9781455210961 and ISBN 10 Code is 145521096X

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Book which have "25 Pages" is Printed at BOOK under CategoryBusiness and Economics

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