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We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign default-banking crisis nexus.
Book Synopsis Banks, Government Bonds, and Default by : Nicola Gennaioli
Download or read book Banks, Government Bonds, and Default written by Nicola Gennaioli and published by International Monetary Fund. This book was released on 2014-07-08 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign default-banking crisis nexus.
From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent “middlemen” (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.
Book Synopsis Investment Banking by : Giuliano Iannotta
Download or read book Investment Banking written by Giuliano Iannotta and published by Springer Science & Business Media. This book was released on 2010-01-12 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent “middlemen” (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.
Download or read book Bankers and Bonds written by and published by . This book was released on 1984 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Investor and the Investment Banking Business by : Investment Bankers Association of America. Educational Department
Download or read book The Investor and the Investment Banking Business written by Investment Bankers Association of America. Educational Department and published by . This book was released on 1926 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bankers and Bonds written by and published by . This book was released on 1989 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bankers and Bonds written by and published by . This book was released on 1987 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Considerations for Bankers, and Holders of United States Bonds by : Lysander Spooner
Download or read book Considerations for Bankers, and Holders of United States Bonds written by Lysander Spooner and published by . This book was released on 1864 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Institution Bonds by : Duncan L. Clore
Download or read book Financial Institution Bonds written by Duncan L. Clore and published by American Bar Association. This book was released on 2008 with total page 1088 pages. Available in PDF, EPUB and Kindle. Book excerpt:
This book illustrates the importance of bonds as a funding tool available to banks. After providing the reader with an overview of the funding strategies adopted during the last ten years by European banks, the book offers a deep focus on the Italian banking industry. Notably, the authors illustrate how bonds have been a primary funding choice for Italian banks, as well as a preponderant asset in Italian households’ portfolios. Furthermore, they highlight the consequences of the adoption of the Bank Recovery and Resolution Directive (BRRD) on the yields offered by bonds of Italian banks. Finally, they conclude the volume with the illustration of very recent case studies about the application of the BRRD to some problematic banks in Italy and the related side effects generated to bank bondholders. All the analyses presented in the book are supported by the use of quantitative data.
Book Synopsis Bank Funding Strategies by : Fabrizio Crespi
Download or read book Bank Funding Strategies written by Fabrizio Crespi and published by Springer. This book was released on 2017-11-30 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book illustrates the importance of bonds as a funding tool available to banks. After providing the reader with an overview of the funding strategies adopted during the last ten years by European banks, the book offers a deep focus on the Italian banking industry. Notably, the authors illustrate how bonds have been a primary funding choice for Italian banks, as well as a preponderant asset in Italian households’ portfolios. Furthermore, they highlight the consequences of the adoption of the Bank Recovery and Resolution Directive (BRRD) on the yields offered by bonds of Italian banks. Finally, they conclude the volume with the illustration of very recent case studies about the application of the BRRD to some problematic banks in Italy and the related side effects generated to bank bondholders. All the analyses presented in the book are supported by the use of quantitative data.
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1864 edition. Excerpt: ... chapter vii. exchanges under the author'S system. It will be very easy, under the author's system, to give the currency a uniform value in all parts of the country; as follows: In the first place, where the capital shall consist of mortgages, it will be very easy for all the banks, in any State, to make their solvency known to each other. There would be so many banks, that some system would naturally be adopted for this purpose. Perhaps this system would be, that a standing committee, appointed by the banks, would be established, in each State, to whom each bank in the State would be required to produce satisfactory evidence of its solvency, before its bills should be received by the other banks of the State. When the banks, or any considerable number of the banks, of any particular State--Missouri for example--shall have made themselves so far acquainted with each other's solvency, as to be ready to receive each other's bills, they will be ready to make a still further arrangement for their mutual benefit, viz.: to unite in establishing one general agency in St. Louis, another in New Orleans, another in Chicago, another in Cincinnati, another in New York, another in Philadelphia, another in Baltimore, and another in Boston, where the bills of all these Missouri banks shall be redeemed. And thus the bills of all Missouri banks, that belonged to the Association, would be placed at par at all the great commercial points. Each bank, belonging to the Association, might print, on the back of its bills, "Redeemable at the Missouri Agencies, in St. Louis, Chicago, Cincinnati," &c. In this way all the banks of each State might unite to establish agencies in all the large cities for the redemption of their bills. The" banks might safely make...
Book Synopsis Considerations for Bankers, and Holders of United States Bonds by : Lysander Spooner
Download or read book Considerations for Bankers, and Holders of United States Bonds written by Lysander Spooner and published by Theclassics.Us. This book was released on 2013-09 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1864 edition. Excerpt: ... chapter vii. exchanges under the author'S system. It will be very easy, under the author's system, to give the currency a uniform value in all parts of the country; as follows: In the first place, where the capital shall consist of mortgages, it will be very easy for all the banks, in any State, to make their solvency known to each other. There would be so many banks, that some system would naturally be adopted for this purpose. Perhaps this system would be, that a standing committee, appointed by the banks, would be established, in each State, to whom each bank in the State would be required to produce satisfactory evidence of its solvency, before its bills should be received by the other banks of the State. When the banks, or any considerable number of the banks, of any particular State--Missouri for example--shall have made themselves so far acquainted with each other's solvency, as to be ready to receive each other's bills, they will be ready to make a still further arrangement for their mutual benefit, viz.: to unite in establishing one general agency in St. Louis, another in New Orleans, another in Chicago, another in Cincinnati, another in New York, another in Philadelphia, another in Baltimore, and another in Boston, where the bills of all these Missouri banks shall be redeemed. And thus the bills of all Missouri banks, that belonged to the Association, would be placed at par at all the great commercial points. Each bank, belonging to the Association, might print, on the back of its bills, "Redeemable at the Missouri Agencies, in St. Louis, Chicago, Cincinnati," &c. In this way all the banks of each State might unite to establish agencies in all the large cities for the redemption of their bills. The" banks might safely make...
