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X-WR-CALDESC:Events for Economics Research
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DTSTART;TZID=Europe/London:20201126T130000
DTEND;TZID=Europe/London:20201126T134500
DTSTAMP:20260612T131745
CREATED:20201113T192053Z
LAST-MODIFIED:20201113T192140Z
UID:2080-1606395600-1606398300@research.reading.ac.uk
SUMMARY:Ana Sina - "Leveraged Loans\, Systemic Risk and Network Interconnectedness" - PhD Seminar
DESCRIPTION:Abstract \nEspecially among those who lived the global financial crisis of 2007-2008\, it is likely that few regulators will instinctively be careless about the above pre-crisis level achieved by the global syndicated leveraged loans. We introduce global syndicated leveraged loans to study the relationship between systemic risk\, syndicated leveraged loans\, and network interconnectedness. We gather our daily deal-level loans from SDC Platinum Database and analyze the U.S. and European syndicated loans\, that together account for almost 80% of the global syndicated database during the period from 1988 to 2019. By distinguishing between leveraged and other syndicated loans\, we develop a novel measure of systemic risk as the ratio between leveraged and total loans that each lead arranger holds. We make the following contributions. First\, we show that leveraged loans have already exceeded the pre-financial crisis level\, which may pose financial stability concerns. Second\, we relate our novel measure with the systemic risk of each financial institution and find a significant correlation\, which may suggest that this new measure is employable as an early-warning. Finally\, since the syndicated loan market can be represented as a network where the linkages and nodes are based on real collaborations among lead arrangers\, we show that the financial institutions that have a larger proportion of leveraged loans in their portfolio are the most central in the network and this may cause possible implications for the future financial stability.
URL:https://research.reading.ac.uk/economics/event/ana-sina-leveraged-loans-systemic-risk-and-network-interconnectedness-phd-seminar/
LOCATION:Microsoft Teams
CATEGORIES:PhD Seminars
ORGANIZER;CN="Carl%20Singleton":MAILTO:c.a.singleton@reading.ac.uk
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DTSTART;TZID=Europe/London:20201126T134500
DTEND;TZID=Europe/London:20201126T143000
DTSTAMP:20260612T131745
CREATED:20201115T140048Z
LAST-MODIFIED:20201115T140048Z
UID:2082-1606398300-1606401000@research.reading.ac.uk
SUMMARY:Wei-Fong Pan - "The Labour Market Effect of Fiscal Policy Uncertainty" (PhD Seminar)
DESCRIPTION:Abstract \nThis study examines the effect of fiscal policy uncertainty (FPU) on job searches and labour demand in the United States. We first develop search-based job search indices and find that increased FPU leads to lower job search levels. At the same time\, when FPU rises\, labour demand is also reduced. The effect of FPU varies across different regions and is also affected by the prevailing monetary policy stance and the level of government debt. Labour market institutions can help explain these differences. Lastly\, FPU reduces matching efficiency in labour markets. These results are robust to alternative specifications\, the consideration of the effect of uncertainty from risk\, and the endogeneity problem.
URL:https://research.reading.ac.uk/economics/event/wei-fong-pan-the-labour-market-effect-of-fiscal-policy-uncertainty-phd-seminar/
LOCATION:Microsoft Teams
CATEGORIES:PhD Seminars
ORGANIZER;CN="Carl%20Singleton":MAILTO:c.a.singleton@reading.ac.uk
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