LEADER 06391oam 22011534 450 001 9910788227103321 005 20230721045659.0 010 $a1-4623-7090-X 010 $a1-282-84406-7 010 $a1-4527-7730-6 010 $a1-4518-7345-X 010 $a9786612844065 035 $a(CKB)3170000000055347 035 $a(EBL)1608825 035 $a(SSID)ssj0000939928 035 $a(PQKBManifestationID)11553611 035 $a(PQKBTitleCode)TC0000939928 035 $a(PQKBWorkID)10956163 035 $a(PQKB)11096988 035 $a(OCoLC)649749839 035 $a(MiAaPQ)EBC1608825 035 $a(IMF)WPIEE2009198 035 $a(EXLCZ)993170000000055347 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Real Effects of Financial Sector Risk /$fAndrea Maechler, Alexander Tieman 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (49 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1768-6 320 $aIncludes bibliographical references. 327 $aCover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Data; 1. Average Distance-to-Default in the Sample; 2. Average One-Year Expected Default Frequency; 1. The Distance-to-Default Measure; 3. Real Private Sector Credit Growth; III. Methodology; IV. Regresion Results and Discussion; 1. Macroeconomic Regressions-Distance-to-Default Indicators and Implied Effect on Credit Growth for Major European Banks; 2. Bank-Specific Regressions-Distance-to-Default Indicators and Implied Effect on Credit Growth for Major European Banks; V. Conclusion and Policy Implications 327 $aI. Data and Tables1. Data Summary; 2. Vector Error Correction Model Regression Results; 3. Macroeconomic Panel Regression Results for Private Sector Credit Using EDF1; 4. Macroeconomic Panel Regression Results for Private Sector Credit Using EDF5; 5. Macroeconomic Panel Regression Results for Private Sector Credit Using DD; 6. Macroeconomic Panel Regression Results for Private Sector Credit Using System DD; 7. Macroeconomic Panel Regression Results for Private Sector Credit Using DD Index; 8. Macroeconomic Panel Regression Results for Private Sector Credit Using Average Weighted DD 327 $a9. Macroeconomic Panel Regression Results for Private Sector Credit Using Average Weighted EDF110. Macroeconomic Panel Regression Results for Private Sector Credit Using Average Weighted EDF5; 11. Macroeconomic Panel Regression Results for GDP Using DD; 12. Bank-Specific Panel Regression Results Using EDF1; 13. Bank-Specific Panel Regression Results Using EDF5; 14. Bank-Specific Panel Regression Using DD; 15. Bank Specific Panel Regression Results Using EDF1 and Competition Controls; 16. Bank-Specific Panel Regression Results Using EDF5 and Competition Controls 327 $a17. Bank-Specific Panel Regression Results Using DD and Competition Controls18. Bank-Specific Panel Regression Results for GDP Using DD; References; Footnotes 330 3 $aThis paper estimates the magnitude of key effects on the real economy from financial sector stress. We focus on the short-run feedback effect from market-based indicators of financial sector risk to the real economy through the credit channel, and estimate this effect on an economy-wide (macro) level, as well as on the level of individual large banks. Both estimates yield significant feedback effects of substantial magnitude. The estimates are consistent with other work in this area. Our results suggest that prudential supervision could be enhanced by taking into account the feedback effects of financial instability in the real economy. We also propose a way to integrate feedback effects into stress tests in order to improve realism and accuracy or macroeconomic stress scenarios, as well as a metric to interpret stress testing results. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/198 606 $aFinancial risk 606 $aEconomic development 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aIndustries: Financial Services$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary economics$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aCredit$2imf 606 $aFinancial sector$2imf 606 $aFinancial sector risk$2imf 606 $aBank credit$2imf 606 $aFinancial services industry$2imf 606 $aFinancial risk management$2imf 606 $aBanks and banking$2imf 607 $aSwitzerland$2imf 615 0$aFinancial risk. 615 0$aEconomic development. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aMoney and Monetary Policy 615 7$aIndustries: Financial Services 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinancial Institutions and Services: General 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary economics 615 7$aFinance 615 7$aBanking 615 7$aCredit 615 7$aFinancial sector 615 7$aFinancial sector risk 615 7$aBank credit 615 7$aFinancial services industry 615 7$aFinancial risk management 615 7$aBanks and banking 676 $a658.15 676 $a658.155 700 $aMaechler$b Andrea$01493447 701 $aTieman$b Alexander$01485174 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788227103321 996 $aThe Real Effects of Financial Sector Risk$93741575 997 $aUNINA