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Determinants of Financial Stability

Authors:
Laura Mariana Cismaș at West University of Timişoara
Laura Mariana Cismaș
Liliana Donath at West University of Timişoara
Liliana Donath
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Abstract

The subject raises a huge interest in international circles, be it research groups, financial institutions or public decision makers due to market globalization and integration which trigger the risks that are spread from one market to the other through intensive financial flows. The definition of financial stability is controversial. Therefore we endeavor to select the most prominent views concerning this subject given its importance in modern economies. Further the most important macroeconomic determinants of financial stability are described as well as the requirements to fulfill this objective.
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Seediscussions,stats,andauthorprofilesforthispublicationat:http://www.researchgate.net/publication/23691839
DeterminantsofFinancialStability
ARTICLEinROMANIANJOURNALOFECONOMICFORECASTING·JANUARY2008
ImpactFactor:0.25·Source:RePEc
CITATION
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2AUTHORS:
LauraMarianaCismas
WestUniversityofTimisoara
31PUBLICATIONS4CITATIONS
SEEPROFILE
LilianaDonath
WestUniversityofTimisoara
15PUBLICATIONS6CITATIONS
SEEPROFILE
Availablefrom:LauraMarianaCismas
Retrievedon:15December2015
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
27
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""*&&""$!!#
 !# *  "$  3  #  (
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$   ! #   # '& 0
"# !!#'*" "
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The Romanian Economic Journal
Year XI, no. 29 (3) 2008
28
 $#'$*"#
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"'#!##!"/ $/(
"$"#&0
" $/*"!* !*
!&0!"#" "(
#* # '  #  "     
$""#
! "     "   "'& 0  $
" "   # "     # 
#'# !3#$&)*(
#  $ # ! $ '   ! 
* "  !     ##*
"!&."""
 # #"  "   "  !  
&>"" $/(
#$/"#&."
"  #& ."   " " /  " 
#"$" "!!&."#"
"$"" $
"# ###""#
##'&
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
29
0 "!*"$' 
      0   0 #$ 0  
 0 -$ , #   ## $- 4   0 
#3$#0 - ,$/0!
"!"3+"$"!' 
#Q."""$*(
 "' "!G#&
4!##
& ."  # " ##   
   $!   ""#
"$#""""#&."(
"#"#*# "(
 #'* *   # " " "" 
&:B!"
# # $!  '   !* "$
! "  #& ;$"*  !  #
"'"!##
 "# #  (
&4!"$ "3(
  " !D " #  !  
 "#!"
#"!&
 !  #    " # " ? 
#'?*#! 
#'#&,!#
'#!#!"$"!!&
4*  ! #  0'#  "     (
       "   #
# ##( (
 " " # "   &)* "
#    "  " #'    
#!/"(
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
30
#!& "*!# $#
"  "      #B  "'* 
# /"'*"*/#*
"!'"$"
"$ !#B!$"/(
""!!&
." ""#"3
 !     "   # " !
# D (
 "$!0! D(
$  "  -#    $  (
$#'$#&
---      " $* *
# *""$*"
"3"'(
"'&4"!"*$
" *!"'*"
D" *'$!
""$!"#"&:'#
!!/3*'"#!!
"# "
&
%$#  0 $(
*$#'*
$  $ $ "& ,!   
## " # #(
#!$""(
"*!'"#"#(
""#""$ !*!(
$"/$ "&
.$$#*$
"-#-0
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
31
&."!!"(
!!##(
!D"##3D""
#'$"
 "  $ #  $   $
#*$'&0*!
#     "     " ! 
&
5"'3## (
!&."3#! (!B$"
#$!"'$#*
""""!##
""  #&."(
! " " # "(
 "'# !#""(
 0430    $ -&
. ""!#"
&;  !
!#&,!"(
$  "#$ !  " D " #$(
#3###"
"!!&
&." #!
" #'"#$#$$D""
!"#*  $(
 #*  #"    # 
!&
3+">$
    $4    4 -  #
  ,  0 $ -& 4 ! 
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
32
" """#"(
 !B$&."$#"!(
!##!## $
 $         (
&)"!*" "#*
" ' /$ ?#'? "   !(
#&<!3"$!!
#!"$ "
!"#&."!(
B$     $  "   (
$#*$#*
#&""#"#
"  "  !& :#   (
 #  $4 !!00
$0&,"!!#(
#3D
# # "' 
#!##&
+)>
." ##3#"#(
!
&:#"'! ""
"#@*$? ? "(
'$$$&
&"$ # !3#
 $     (#   ##
"!$!(
$#&
&ҏ) !    !   ! $
"!!#&<! !*""
/*#!3$#*#(
" "&6$##"
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
33
!  ## $$   ###   ! (
3""#@#"
###&
&."#!3$$ *$!(
*  # $# " !(
 ! &
&ҏ:###!3
""/"  ##"!
!"$ !B$D"(
#"$"!!/
3$&
6$ "   $$ ### /  
"*0#$-$--00
0-#-0#$&" "(
!"##$#'
  #'  # ' " "   "   !
!   " #  "& %!    $
#   # $  !  ( "" (
"##""&
*#'$!##"(
*! "*
"###!"(
&
+>
7-3    -  ,
0""$$D
"#"!(
 &) (
#"#"B#3"  (
#*'"$!#
!"$""$!## (
" (###&
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
34
0# 
&./"##$D/$
"    #  !  " !
$D/ #"!!!&
&*#$/!#'((
$  " * !  " !  ( "
  $& )   " 
*"*!
!&
+&*
."$!#*
"!$"##(
"3#(
!   !  !' "  $ #'
 &.""50,3 $ (
#'*"$ "
##*-$ $/*
"0003&
."!"G50,3 "(
#
&ҏ!"" "*!!"
D
&ҏ!""#'# (
$3#D
&ҏ$# ! #&
0 #""#* "  #'  (
 3 * * !'  $ 
&!3# ((
"   "   "  !  
 $$""*" "
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
35
    $!  #& #  "   $(
 3  " $  !   # 
#*"3 (#*3(
#!$""!(
*   & ,!  !  (
  * '"  #    
!*"""!"
&!* $ $ $(
!?(!?&4/#*
$ "/ $*"*
 " '    *   ! !B$  "
"  !   !  &   $ "
!#/!""/(
#$"# ("(
  "" !"##(
#'" &
)$"$$""$(
#* ##(
*'""(
$#'!#&>"$"'
 $   #   "" ! 
!*"(  !
  &
>  #  $   $ 
 $  "   #  " " !'(
"$ /&5( !'(
! / $ 
"!! "$*(
$   ?!"  ?  #' $   
" *"
"$  /!'($&0
$#""$#'"@!*
  " #  "  ###*   #  
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
36
# #!"#"+
$  & % " ! " " !' 
!$(
#  " #  " ! # !  
#   & . ! "  $* !'(
" "$3 #$(
"# #*  *
$**##! &
."$" #'
" 3 #  $& #  "
$(#"!/(
B"!""(
 ## "&0
#"#!!#(#"$
"$$/#*
!        " $  (
#*   '  3' " $  $* "
$$$##& 
 #    ! !B$  "  " (
#!!"!!B(
$&." "! $*
# *""!$ 
 " $* ! #  "   $ (
 *  #   "  #  
"&
."#$#"-$
00$ 0 5  #D(
 "00'3-0&2(
##  #'! !#
(# 7!*$ $
#$ "! " !
!8!#"(
 $  #B  & 0#$(
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
37
#""#$ #  #(
'#@/#'  
"'" $$#&
#"'-
0,3&.# 
" $  !#'$#*
$"" /$$$##(
&0"*#'!#
"$$3 (!#!
"##
"#$$&
 $    " $  " #
!"*!**# ""
    '     #' ! (
#"$"@(
&- "(3 #
"$
$  #' & $  # #(
!!3&
4* " # $  #   D
*-"$#
  "    !  D "* " (
#-$ #$
@"!(
 D  "* " #   ! 
$$-!"#&
# " #"$
   "     & :"  
$    '    " ' $ "
3 #* "  " " "
        # &
N""*"""
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
38
 #'*""3(
$#(#*$(
!#" "#$"
"#&>"""*#' #'!
#'$ $#!"
#$*!"#'$
$! $(&
#  !' 
" $ 
&% 3* $(
  !D
& .#    $   3
"#D
&  ##      * (
 #/$ $(
#D
&ҏ ,$#!"  
"$D
&$#$''" (
 $ D
A&ҏ %      $  
"""D
ҏ3  !("(!*"
! &
."$" (
3"!#
#$'"&
 "   #  $   #
#"3&H"(
/$###(
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
39
!$"&0 (
 !!!#! !"!#(
 "  &/"
!!!3
$# "!B$ 
     "  #"$(
#/&."!(
B$  !* /    !   (
!  " #     " /#& ."
"!#"$ "!!(
 /* "!(
3!#&
-$*# #!"#!(
 "$"
#/"!3&
." -        $ *
##!#'
#$  " !   #  #   #'
#*  $ "  "   
#"$!' &0$#"
 !" "3! (
&-#$ 
""#!$#(
 "   $   #  "  (
J$3#&
+$44-$0
#00. $ 0

."   @    "& ." 
"$!"#"!# #(
3 " @    #' "  (
$#"D"##'
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
40
"!  $ !#!
" !# & 5"       
* "    $ ! $ #'*
"" #'"  3 $D "#'
!$*!'""!(
#"$&
."!#!#-0-#
$ # *  #  "*    
 *   "  #  $#
&'"!*/## "
$"!" $#*"!#
# "!'""*
    $   *  $
# " #      " 
#B!&
8+ $
>$ ""## (
*   " #  #    (
 $ !"$"  $
$&4 $
      !& ." " ' 
"#' *""*!
!"  ! ?  " #?    " "  !(
$& $  !  J$  
#&)$ '!"
 J$""' ""
#  /$" &
 #     "      (
J$ #"""'
" #'  * " "   #'& 5"
#$*'!B$(
" "!#$ "3
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
41
$#'&.""/
  " " #"     $ "
"#'!#/#"
# *$#$
!!"$"*'"
# #&
 # "  !  !B$  !*
 J$"$"(
 !!B$
& 2  "    !B    
$ "   " " B  "  J$
 "&
&<#"!*$ "#'(
*##&
&4#"#&
."#'! $(
"!$#*(
 "   " '  !  & .(
* "  ! $  J$  * " (
" !  !'   # " (
!"#B(
#'&
H' """ "$ (
"$"#B! (
"/$!/ (
D    $  "  D  #
!# " *'
  & .    # $* "  
#"$!"
#"#*
##"#*3"#"&
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
42
."   !    /"    (
# #  !' *  #'  "  (
J$"*"!"#(
"&
0,30- #4#5- -
 0000- & *
 " *"$ (
   # " " " ! /$ $(
# $$#  "  #  "  (
          ##
&"##*$ 
   "   "  "   "
#"!""#'" !&
0   $     / "
!""*$-0-
&0"!"*$
'!""+*#$!
//#&."#!
!B$*  *   ( !
""#"D"#!(
"$"  #*  "#
/  ?? * "  / "* "
#!*'"&, (
 #   # ! $   " (
$ """"&-$
$#$#0.  $-#$--
*#'* 
 '"*"! *
"! #'"@$
""D*"#$ (#(
# #D"*$
"       # !   
!? ?##B"$/ (
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
43
 D"* #' $"/
/"$###(
 "&;#"(
$ # /  " 0&  $ "
"$#"$**!#
#"$""$*
 ""# &)$""$
"!!#
 #&2 "(
$*!D"#$# #
     !'  D   
" @ # $*  * /# * (
&
." #      " ##
 #  3 "  J$ "
 . 0   & 4  7 
""1)$ 8"$!$
 ! $  "    "
!!# #""   "
&
)$" $'
!""$"' '
!'!#'$#*"
"$##/ &)(
$"$"#*$(
$#!'!(
&

H*-&*-,&$H*37-
*7#$ +% ! 1- %% 1 *<
 " 4>;22( R4 )!  #  
The Romanian Economic Journal
Year XI, no. 29 (3) 2008
44
#)4H'4"S*2
;" H'* (  ==*
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... Financial stability depends on two fundamental groups of factors (Donath and Cismas 2008). The first group includes macroeconomic and structural conditions in the real economy that influence financial decisions and constitute the environment in which the financial system functions. ...
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A series of financial crises in the last thirty years, among other things, serves as a reminder of the importance of financial stability. Therefore, preserving the financial system's stability, especially its most important segment - the banking sector, is the principal goal and the most significant challenge faced by the macro-prudential and economic leaders. The benefits of financial stability are manifold, starting from creating favourable circumstances for business and providing security for participants in the financial market to increased efficiency of financial intermediaries and better allocation of limited resources. Also, the greater resilience of the financial system and its ability to absorb financial and economic disruptions facilitates the achievement of other economic policy objectives. Starting from the position that financial stability is one of the fundamental preconditions for sustainable economic growth, this paper aims to analyse and assess the impacts of the global 2008 recession and the COVID-19 pandemic on the stability of the Serbian financial system.
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... According to Donath and Cismas (2008), for financial institutions, financial stability means that they have sufficient capital and liquidity to, respectively, absorb losses, specially, the abnormal ones and to manage the volatility. ...
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This study explores the impact of climate risk on the financial fragility in Arab countries, which is partitioned into four categories pursuant to the level of income from 2007 to 2019. This has been performed using an aggregate banking stability index, as a measure of financial fragility in 18 countries, including (i.e. Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Tunisia, UAE, Yemen). The outcomes reveal that climate risk has significant positive effects on financial fragility. The findings show that importance of climate-related risk and some factors in explaining financial fragility, where broad money, domestic credit to private sector by banks, GDP growth, and income seem to have significant effects on financial fragility. Robustness test using alternative measures of financial fragility and changing estimation method to assure the reliance of study results. Both approaches confirm the previous findings. The study contributes to the literature by providing empirical evidence on the effect of climate-related risk on banking stability in Arab countries over 13 years and emphasizing that climate risk is source of risk for the financial system. The research insights of this contribution can inform policymakers and central banks to assess climate-related financial risks, highlighting the need for a better understanding of the impact of climate shocks on world financial system across countries.
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The aim of the article is to present activities undertaken at the EU level to ensure financial stability, and to assess the degree of stability of the EU financial system on the basis of selected indicators. The first part of the article introduces the concept of financial system stability and describes its importance in the modern economy and the methods of estimating the stability of the financial system. The second part of the article is devoted to the presentation of activities undertaken by the EU to increase the stability of the financial system, and the assessment of financial stability on the basis of two indicators: the Z-score indicator, used to assess the stability of the banking system, and the Stock Price Volatility index, showing the stability of the capital market.
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Yıl: 2, Sayı: 3, Aralık 2018, s
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ZET 2008 krizinin gerek gelişmiş, gerekse de gelişmekte olan ekonomilere maliyeti ağır olmuş ve bu maliyetleri minimize etmek amacıyla hemen hemen tüm merkez bankaları politika değişikliklerine gitmişlerdir. Bu bağlamda gelişmekte olan ülkeler, gelişmiş ekonomilerin aldığı kararlar sonucunda ortaya çıkan bol likiditenin kendi ekonomilerine verebileceği olası zararı minimize edebilmek için faiz koridoru, rezerv opsiyon mekanizması (ROM), zorunlu karşılıklar (ZK), likidite yönetimi vb. uygulamaları kullanmışlardır. Bu yeni bakış açısı çerçevesinde, zaman zaman geçmiş dönemlerde de kullanılan, ancak 2000'li yıllarla birlikte daha popüler hale gelen ve finansal istikrarın yeniden sağlanması amacı taşıyan makro-ihtiyati politika önlemleri yeniden gündeme gelmiştir. TCMB'ye (2014) göre makro-ihtiyati politikaların amacı, olası bir sistemik riskin finansal sistem ve ekonomi üzerindeki negatif yansımalarını minimize etmektir. Çalışmada öncelikle finansal istikrar kavramı ve devamında da makro ihtiyati politika araçlarının yapısı ve fonksiyonlarına dair değerlendirmeler yapılacaktır. Finansal istikrar için geliştirilmesi gereken mekanizmalara ve bu mekanizmalarda para politikasının üstleneceği role ilişkin tartışmalar ve TCMB'nin 2008 Küresel Kriz sonrası dönemde makro ihtiyati politika uygulamaları incelenerek etkileri değerlendirilmektedir. ABSTRACT 2008 Crisis had negative effects both on developing and developed countries, and in order to minimize these effects, almost all of central banks changed their policies. Developing countries utilized from implementations such as interest corridor, ROM, required reserves and so to minimize the possible damages that were caused by excess liquidity, resulting from the decisions of developed countries. With this new point of view, macro-prudential policy measures, which were used time to time back then, but became more popular with 2000s and which aim to re-establishment of the financial stability, came to fore. According to TCMB-what is aimed with macro-prudential policies is to restrict the systemic risk from the financial system and economy. In this study, firstly, the concept of financial stability and then the structures and functions of macro-prudential policy instruments will be discussed. Also, some discussions about what kind of a mechanism can be developed and what role of monetary policy will be in this mechanism will be analyzed. Lastly, macro-prudential policies of TCMB after the 2008 crisis and the effects of the policies will be studied.
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Krisis kewangan global yang melanda dunia secara tidak sedar merupakan rahmat kepada perbankan Islam dan telah meletakkan perbankan Islam sebagai tumpuan dan alternatif penting kepada perbankan konvensional. Kekuatan intrinsik dan daya tahan yang dimiliki yang berjaya ditonjolkan bukan sekadar memberikan impak terhad dan minimum pada perbankan Islam, malah telah mendorong badan-badan kewangan dunia seperti Bank Dunia dan Tabung Kewangan Antarabangsa (International Monetary Fund, IMF) untuk mewujudkan jawatankuasa khas bagi mengkaji kekuatan dan keunikan infrastruktur perbankan Islam. Justeru, kajian ini adalah untuk mengkaji serta mengemukakan ciri-ciri spesifikasi dan daya tahan institusi yang menjadikan perbankan Islam dapat berfungsi dengan baik dalam mengharungi serta meminimumkan kesan krisis kewangan global yang berlaku. Hasil kajian mendapati kestabilan dan kekukuhan yang wujud pada perbankan Islam adalah disebabkan industri ini rata-ratanya berpaksikan pada prinsip tegahan riba, mengadaptasi prinsip perkongsian untung rugi serta konsep jualan dengan tambahan harga (markup price). Bagaimanapun halangan utama yang wujud yang menjadikan perbankan Islam tidak sepenuhnya stabil dan kukuh adalah disebabkan perbankan Islam masih beroperasi dalam kerangka kewangan konvensional yang menjadi kekangan utama dalam mengimplementasikan keseluruhan ciri-ciri spesifikasi yang dimiliki.
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