Elizabeth P Davis

Learn More
Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper are those of the author and do not necessarily reflect those of the European Central Bank. Abstract In order to assess the effect of EMU on market conditions for banks(More)
BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. Abstract Motivated by the frequently observed link between(More)
Using data from the US, UK, Japan and Canada, this paper provides evidence on the benefits to an economy from " multiple intermediation buffers ". The overall conclusion is that the existence of active securities markets alongside banks is indeed beneficial to the stability of corporate financing, both during cyclical downturns and during banking and(More)
Proportions of equity held by institutional investors – pension funds, insurance companies and mutual funds-are rising across all OECD countries, Meanwhile institutions are becoming more influential in corporate governance, even in bank-dominated countries, inter alia due to international investment, pension reform and EMU. We provide two forms of evidence(More)
This paper examines the potential and actual role played by international investment in pension fund management. The paper draws largely on experience of a range of OECD countries and selected emerging market economies with established funded pension systems, although we also provide estimates for Trinidad and Tobago, and for Jamaica. It is shown that(More)
Liquidity risks are endemic to banks, given the maturity transformation they undertake. This gives rise to risk of bank runs, the fi rst line of defence against which should be appropriate liquidity policy of banks. Nonetheless, solvent banks can face liquidity diffi culties at times of stress, necessitating liquidity support. The traditional role of the(More)
Although the precise details are subject to major uncertainty, it seems likely that the process of population ageing will involve major shifts in financing, which may give rise to financial turbulence and systemic risk. The locus and scale of these effects will also depend on the predominant approach to retirement income provision. It is argued that the(More)