The global financial crisis caused widespread harm not just to the financial system, but also to millions of households and businesses and to the global economy. The crisis revealed substantive, fundamental weaknesses in global financial regulation and raised serious questions about whether national regulators and the international financial regulatory system could ever be up to the task of ove...

We study the behavior of credit and output across a financial crisis cycle using information from credit spreads. We show the transition into a crisis occurs with a large increase in credit spreads, indicating that crises involve a dramatic shift in expectations and are a surprise. The severity of the subsequent crisis can be forecast by the size of credit losses (change in spreads) coupled wit...

We study the sensitivity of banks’ credit supply to small and medium size enterprises (SMEs) in the UK to banks’ financial condition before and during the financial crisis. Employing unique data on the geographical location of all bank branches in the UK, we connect firms’ access to bank credit to the financial condition (i.e., bank health and the use of core deposits) of all bank branches in t...

We study the sensitivity of banks’ credit supply to small and medium size enterprises (SMEs) in the UK to banks’ financial condition before and during the financial crisis. Employing unique data on the geographical location of all bank branches in the UK, we connect firms’ access to bank credit to the financial condition (i.e., bank health and the use of core deposits) of all bank branches in t...

As the current crisis has painfully proved, the financial system plays a crucial role in economic development. Although the current crisis is being of an exceptional magnitude, financial crises are recurrent phenomena in modern financial systems. The literature offers several definitions of financial instability, but for our purposes we identity financial crisis with banking crisis as the most ...

We now have a fairly good understanding of the economic causes of the 1977 Asian financial crisis. There is as yet, however, little understanding of the politics behind the crisis. Not only did various political systems in Asia play a significant role in fomenting the crisis, they have also demonstrated remarkable capacities in dealing with its aftermath. Nowhere is this more evident than in th...

SUMMARY Diagnostic residual and partial residual plots are proposed to identify nonlinearity in covariates for generalized linear models. It is shown that these plots are complement each other in the detection of nonlinearity. In addition, a transformed additive model which allows the resulting residual and partial residual plots to be obtained through the standard least squares approach is pro...

During the financial crisis that had its peak a few years ago, one of the interesting questions was raised. Does there exist a possibility that the aforementioned crisis will repeat. As real estate management took one of the key roles in the post-crisis period, it was expected that the lessons that crisis brought with itself, were learnt. Despite lagging effect that the aforementioned turbulenc...