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SUMMARY:Financial Sector Health Since 2007: A Comparative Analysis of the 
 United States\, Europe and Asia - Acharya\, V (New York University)
DTSTART:20141218T140000Z
DTEND:20141218T144500Z
UID:TALK56696@talks.cam.ac.uk
CONTACT:Mustapha Amrani
DESCRIPTION:This essay uses recent methodology for estimating capital shor
 tfalls of financial institutions during aggregate stress to assess the evo
 lution of financial sector health since 2007 in the United States\, Europe
  and Asia. Financial sector capital shortfalls reach a peak in the end of 
 2008 and early 2009 for United States and Europe\; however\, they decline 
 thereafter steadily only for the United States\, with Europe reaching a si
 milar peak in the Fall of 2011 during the southern periphery sovereign cri
 ses. In contrast\, the financial sector in Asia had little capital shortfa
 ll in 2008-09 but the shortfall has increased steadily since then\, notabl
 y for China and Japan. These relative patterns can be explained based on a
 dequate regulatory responses in the United States\, the lack thereof in Eu
 rope\, economic stagnation in Japan\, and the bank-leverage based fiscal s
 timulus in China.\n
LOCATION:Seminar Room 1\, Newton Institute
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