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Articles 1 - 14 of 14
Full-Text Articles in Finance and Financial Management
Making Over-The-Counter Derivatives Safer: The Role Of Central Counterparties, John Kiff, Randall Dodd, Alessandro Gullo, Elias Kazarian, Isaac Lustgarten, Christine Sampic, Manmohan Singh
Making Over-The-Counter Derivatives Safer: The Role Of Central Counterparties, John Kiff, Randall Dodd, Alessandro Gullo, Elias Kazarian, Isaac Lustgarten, Christine Sampic, Manmohan Singh
John Kiff
In an effort to improve market infrastructure following the crisis, central counterparties (CCPs) are being put forth as the way to make over-the-counter (OTC) derivatives markets safer and sounder, and to help mitigate systemic risk. This chapter provides a primer on this topic and discusses key policy issues. It shows that soundly run and properly regulated CCPs reduce counterparty risk— the risk in a bilateral transaction that one party defaults on its obligations to the other—among OTC derivatives market participants. Importantly, systemic risk—the risk of knock-on failures from one counterparty to another—is also reduced due in part to the ability …
Restarting Securitization Markets: Policy Proposals And Pitfalls, John Kiff, Andy Jobst, Jodi Scarlata, Michael Kisser
Restarting Securitization Markets: Policy Proposals And Pitfalls, John Kiff, Andy Jobst, Jodi Scarlata, Michael Kisser
John Kiff
This chapter tracks the rise and fall of securitization markets, and evaluates the various initiatives aimed at restarting them on a sounder footing, focusing on the markets for securities not backed by governments or government-sponsored enterprises. The analysis attempts to discern how securitization can positively contribute to financial stability and sustainable economic growth. While most of the current proposals are unambiguously positive for securitization markets and financial stability, some proposals—such as those designed to improve the alignment of securitizer and investor interests and accounting changes that will result in more securitized assets remaining on balance sheets—may be combined in ways …
Canadian Residential Mortgage Markets: Boring But Effective?, John Kiff
Canadian Residential Mortgage Markets: Boring But Effective?, John Kiff
John Kiff
Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on government-guaranteed deposit insurance, and a prepayment penalty limit on residential mortgage loans in the Interest Act. That said, the availability and cost of residential loans for prime borrowers are comparable to those in the United States.
Policies To Mitigate Procyclicality, John Kiff, Jochen Andritzky, Laura Kodres, Jodi Scarlata, Andrea Maechler, Pamela Madrid, Aditya Narain, Noel Sacasa
Policies To Mitigate Procyclicality, John Kiff, Jochen Andritzky, Laura Kodres, Jodi Scarlata, Andrea Maechler, Pamela Madrid, Aditya Narain, Noel Sacasa
John Kiff
The present crisis has focused attention on how procyclicality in the financial system can have outsized effects. This paper examines the reasons for this, specifically focusing on regulations or market practices that can accentuate economic cycles. In this light, the paper thus discusses the role of private sector risk management practices (including liquidity risk management), compensation practices, capital adequacy requirements and provisioning rules, deposit insurance regimes, and monetary policy actions. While recognizing various practical limitations, new policy responses are identified that could help to mitigate procyclicality.
Foreclosure Mitigation Efforts In The United States: Approaches And Challenges, John Kiff, Vladimir Klyuev
Foreclosure Mitigation Efforts In The United States: Approaches And Challenges, John Kiff, Vladimir Klyuev
John Kiff
No abstract provided.
Money For Nothing And Checks For Free: Recent Developments In Us Subprime Mortgage Markets, John Kiff, Paul Mills
Money For Nothing And Checks For Free: Recent Developments In Us Subprime Mortgage Markets, John Kiff, Paul Mills
John Kiff
No abstract provided.
The Limits Of Market-Based Risk Transfer And Implications For Managing Systemic Risks, John Kiff, Nicolas Blancher, Todd Groome, Francois Haas, William Lee, Paul Mills, Shinobu Nakagawa, Parmeshwar Ramlogan
The Limits Of Market-Based Risk Transfer And Implications For Managing Systemic Risks, John Kiff, Nicolas Blancher, Todd Groome, Francois Haas, William Lee, Paul Mills, Shinobu Nakagawa, Parmeshwar Ramlogan
John Kiff
No abstract provided.
Understanding The Benefits And Risks Of Synthetic Collateralized Debt Obligations, John Kiff, Jim Armstrong
Understanding The Benefits And Risks Of Synthetic Collateralized Debt Obligations, John Kiff, Jim Armstrong
John Kiff
No abstract provided.
Cdo Rating Methodology: Some Thoughts On Model Risk And Its Implications, John Kiff, Ingo Fender
Cdo Rating Methodology: Some Thoughts On Model Risk And Its Implications, John Kiff, Ingo Fender
John Kiff
No abstract provided.
Recent Developments In Markets For Credit Risk Transfer, John Kiff
Recent Developments In Markets For Credit Risk Transfer, John Kiff
John Kiff
No abstract provided.
An Analytical Review Of Credit Risk Transfer Instruments, John Kiff, Francois-Louis Michaud, Janet Mitchell
An Analytical Review Of Credit Risk Transfer Instruments, John Kiff, Francois-Louis Michaud, Janet Mitchell
John Kiff
No abstract provided.
Developments And Issues In The Canadian Market For Asset-Backed Commercial Paper, John Kiff, Paula Toovy
Developments And Issues In The Canadian Market For Asset-Backed Commercial Paper, John Kiff, Paula Toovy
John Kiff
No abstract provided.
The Federal Government's Use Of Interest Rate Swaps And Currency Swaps, John Kiff, Uri Ron, Safiq Ebrahim
The Federal Government's Use Of Interest Rate Swaps And Currency Swaps, John Kiff, Uri Ron, Safiq Ebrahim
John Kiff
No abstract provided.
Credit Derivatives, John Kiff, Ron Morrow