Search results for "bailo"

Quantifying Structural Subsidy Values for Systemically Important Financial Institutions

2013

Abstract Claimants to Systemically Important Financial Institutions (SIFIs) would receive transfers when governments are forced into bailouts. Ex ante, this bailout expectation lowers SIFIs’ daily funding costs. The funding cost advantage reflects both the structural level of the government support and the time-varying market valuation for such a support. Based on a large worldwide sample of banks, we estimate the value of the structural subsidy, by exploiting expectations of state support embedded in credit ratings and by applying the long-run average value of the rating bonus. The value of the structural subsidy was already sizable, 60 basis points (bp), as of the end-2007, before the cri…

‘Too interconnected to fail’ financial network of US CDS market: Topological fragility and systemic risk

2012

A small segment of credit default swaps (CDS) on residential mortgage backed securities (RMBS) stand implicated in the 2007 financial crisis. The dominance of a few big players in the chains of insurance and reinsurance for CDS credit risk mitigation for banks' assets has led to the idea of too interconnected to fail (TITF) resulting, as in the case of AIG, of a tax payer bailout. We provide an empirical reconstruction of the US CDS network based on the FDIC Call Reports for off balance sheet bank data for the 4th quarter in 2007 and 2008. The propagation of financial contagion in networks with dense clustering which reflects high concentration or localization of exposures between few parti…

Political Interference in Financial Reporting in the Financial Industry: Evidence from Spain

2018

This paper provides a theoretical background, based on legal and political fields, which we adapt to explain political interference in accounting in the “public interest”, at a critical moment —the last financial crisis. This framework goes beyond the positive accounting theory, and in particular the political cost hypothesis, to explain politicians’ influence on financial reporting. We examine the behavior of the newly elected Spanish government, which issued accounting impairment rules for banks in spite of IFRS being in place. The paper considers a highly politically connected financial entity —Bankia— as a case under study, where the political interference might have impacted the accoun…

Why banks are not too big to fail - evidence from the CDS market

2013

This paper argues that bank size is not a satisfactory measure of systemic risk because it neglects aspects such as interconnectedness, correlation, and the economic context. In order to differentiate the effect of bank size from that of systemic importance, we control for systemic risk using the CoVaR measure introduced by Adrian and Brunnermeier (2011). We show that a bank's contribution to systemic risk has a significant negative effect on banks’ credit default swap (CDS) spreads, supporting the too‐systemic‐to‐fail hypothesis. Once we control for systemic risk, bank size (relative to gross domestic product (GDP)) has either no or a positive effect on banks’ CDS spreads. The effect of ba…

Microsurgical Management of Intracranial Aneurysms After Flow Diversion Failure

2019

Subarachnoid hemorrhage (SAH) occurring after an intracranial aneurysm rupture has an incidence of 10.5 per 100,000 person-years and accounts for about 5% of strokes. The resulting outcome depends on several factors including the severity of the initial hemorrhage, rebleeding, perioperative medical management, and the timing and technical success for aneurysm treatment. The overall mortality rates from 32%−67% with 10%–20% of patients with long-term dependence due to brain damage. It is well known that 12% of patients die before achieving medical treatment and 25% die within the first 24 hours. Again, 40%–60% mortality rate occurs within 30 days. Among the surviving patients, about one thir…

Beatificationis Beati Paschalis Baylon ex Discalceatis Ordinis Minorum Regularis Observantiae Provinciae S. Ioannis Baptistae Regni Valentiae / Paulu…

1618

Chronica del B. Fray Pasqual Baylon... / por Fray Iuan Ximenez...

1601

Sign.: œ8, A-Z8, Aa-Tt8, Vu12 Esc. xil. de Felip IIi,a qui es dedica l'obra a la port. Errates tip. a la pàg.

Extensio solemnizationis Festi Beati Paschalis Baylon Discalceatorum Provinciae S. Ioannis Ordinis Minorum Regularis Obseruantiae pro vniuersis Relig…

1620

Amb grav.

Gozos al glorioso San Pasqual Baylon

1750

El full orlat Grav. xil. enmarcat del sant, flanquejat per gerros amb flors Text del goig a tres col. separades per filets

Economic, Social and Welfare Issues

2015

In late 2008 the three Baltic states were thrust into the heart of an intensely polarising international public debate on strategies to tackle the growing global economic crisis. The previous four years, following accession to the European Union (EU) in 2004, had witnessed rapid economic growth across the region, indeed the three recorded the highest GDP growth in the EU. Banks eased lending restrictions, foreign direct investment (FDI) inflows surged and Baltic businesses and consumers binged on cheap, readily available credit. Hubristic politicians increasingly talked of the inevitability of economic convergence with Western Europe. However, a gradual slowdown from late 2007 declined into…