Yizhi Xu's Books

Strains in Offshore US Dollar Funding during the COVID-19 Crisis

Some Observations

By: Mr.Adolfo Barajas,Andrea Deghi,Mr.Salih Fendoglu,Yizhi Xu

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Strains in Offshore US Dollar Funding during the COVID-19 Crisis

Some Observations

By: Mr.Adolfo Barajas,Andrea Deghi,Mr.Salih Fendoglu,Yizhi Xu

This note analyzes recent trends in offshore US dollar funding markets and explores the drivers of dollar funding costs during the COVID-19 pandemic crisis. Preliminary evidence suggests that only part of the sharp increase in observed dollar funding costs can be attributed to the standard supply- and demand-side factors analyzed in the October 2019 Global Financial Stability Report (GFSR), including the dollar funding fragility of non-US global banks. Changes in market structure since the global financial crisis, as well as heightened uncertainty and tensions in the commercial paper market, may provide further explanations for the movements in dollar funding costs in late March 2020. The US Federal Reserve’s swap line arrangements have helped lessen strains in dollar funding markets, but funding pressure remains significant for some emerging market economies, notably those with-out access to the swap lines. Furthermore, tighter dollar funding conditions appear to have accompanied increases in financial stress in the home economies of affected non-US global banks and to have generated adverse spill-over effects in the form of cutbacks in cross-border lending.

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International Monetary Fund

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ISBN 10

1513550330

ISBN 13

9781513550336

The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

By: Andrea Deghi,Mr. Salih Fendoglu,Tara Iyer,Mr. Hamid R Tabarraei,Yizhi Xu,Mustafa Yenice

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The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

By: Andrea Deghi,Mr. Salih Fendoglu,Tara Iyer,Mr. Hamid R Tabarraei,Yizhi Xu,Mustafa Yenice

The COVID-19 pandemic has brought the relationship between sovereigns and banks—the so-called sovereign-bank nexus—in emerging market economies to the fore as bank holdings of domestic sovereign debt have surged. This paper examines the empirical relevance of this nexus to assess how it could amplify macro-financial stability risks. The findings show that an increase in sovereign credit risk can adversely affect banks’ balance sheets and credit supply, especially in countries with less-well-capitalized banking systems. Sovereign distress can also impact banks indirectly through the nonfinancial corporate sector by constraining their funding and reducing their capital expenditure. Notably, the effects on banks and corporates are strongly nonlinear in the size of the sovereign distress.

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International Monetary Fund

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ISBN 13

9798400222382

The Riskiness of Credit Origins and Downside Risks to Economic Activity

By: Claudio Raddatz,Dulani Seneviratne,Mr. Jerome Vandenbussche,Peichu Xie,Yizhi Xu

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The Riskiness of Credit Origins and Downside Risks to Economic Activity

By: Claudio Raddatz,Dulani Seneviratne,Mr. Jerome Vandenbussche,Peichu Xie,Yizhi Xu

We construct a country-level indicator capturing the extent to which aggregate bank credit growth originates from banks with a relatively riskier profile, which we label the Riskiness of Credit Origins (RCO). Using bank-level data from 42 countries over more than two decades, we document that RCO variations over time are a feature of the credit cycle. RCO also robustly predicts downside risks to GDP growth even after controlling for aggregate bank credit growth and financial conditions, among other determinants. RCO’s explanatory power comes from its relationship with asset quality, investor and banking sector sentiment, as well as future banking sector resilience. Our findings underscore the importance of bank heterogeneity for theories of the credit cycle and financial stability policy.

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International Monetary Fund

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ISBN 13

9798400270765

Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

By: Mr. Adolfo Barajas,Woon Gyu Choi,Ken Zhi Gan,Pierre Guérin,Samuel Mann,Manchun Wang,Yizhi Xu

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Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

By: Mr. Adolfo Barajas,Woon Gyu Choi,Ken Zhi Gan,Pierre Guérin,Samuel Mann,Manchun Wang,Yizhi Xu

After a steady increase following the global financial crisis, private nonfinancial sector leverage rose further during the COVID-19 on the back of easy financial conditions induced by unprecedented policy support. We investigate the empirical relationships between increased leverage, financial conditions, and macro-financial stability in a sample of major advanced and emerging market economies. We find that loose financial conditions contribute to leverage buildups and generate an intertemporal tradeoff: financial stability risk is lessened in the near term but exacerbated in the medium term. The tradeoff is amplified during credit booms, when debt service burdens are particularly high, or when the share of foreign currency debt is high in emerging markets. Selected macroprudential tools can arrest leverage buildups and mitigate the tradeoff.

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International Monetary Fund

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ISBN 10

1513591487

ISBN 13

9781513591483

Fiscal Crises

By: Mrs.Kerstin Gerling,Mr.Paulo A Medas,Mr.Tigran Poghosyan,Juan Farah-Yacoub,Yizhi Xu

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Fiscal Crises

By: Mrs.Kerstin Gerling,Mr.Paulo A Medas,Mr.Tigran Poghosyan,Juan Farah-Yacoub,Yizhi Xu

A key objective of fiscal policy is to maintain sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises. This paper presents a new database of fiscal crises covering different country groups, including low-income developing countries (LIDCs) that have been mostly ignored in the past. Countries faced on average two crises since 1970, with the highest frequency in LIDCs and lowest in advanced economies. The data sheds some light on policies and economic dynamics around crises. LIDCs, which are usually seen as more vulnerable to shocks, appear to suffer the least in crisis periods. Suprisingly, advanced economies face greater turbulence (growth declines sharply in the first two years of the crisis), with half of them experiencing economic contractions. Fiscal policy is usually procyclical as countries curtail expenditure growth when economic activity weakens. We also find that the decline in economic growth is magnified if accompanied by a financial crisis.

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International Monetary Fund

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ISBN 10

1475592175

ISBN 13

9781475592177

Global Banks’ Dollar Funding: A Source of Financial Vulnerability

By: Mr.Adolfo Barajas,Andrea Deghi,Claudio Raddatz,MissDulani Seneviratne,Peichu Xie,Yizhi Xu

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Global Banks’ Dollar Funding: A Source of Financial Vulnerability

By: Mr.Adolfo Barajas,Andrea Deghi,Claudio Raddatz,MissDulani Seneviratne,Peichu Xie,Yizhi Xu

Leading up to the global financial crisis, US dollar activity by global banks headquartered outside the United States played a crucial role in transmitting shocks originating in funding markets. Although post-crisis regulation has improved banking systems’ resilience, US dollar funding remains a global vulnerability, as evidenced by strains that reemerged in March 2020 in the midst of the COVID-19 crisis. We show that shocks to US dollar funding costs lead to financial stress in the home economies of these global non-US banks, and to spillovers to borrowers, especially emerging economies. US dollar funding vulnerability amplifies these negative effects, while some policy-related factors act as mitigators, such as swap line arrangements between central banks and international reserve holdings. Thus, these vulnerabilities should be monitored and, to the extent possible, controlled.

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International Monetary Fund

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ISBN 10

1513549146

ISBN 13

9781513549149

Modeling and Control of Dynamic Spatially Distributed Systems

Pharmaceutical Processes

By: Yizhi Wang,Zhong Yang

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Modeling and Control of Dynamic Spatially Distributed Systems

Pharmaceutical Processes

By: Yizhi Wang,Zhong Yang

Modeling and Control of Dynamic Spatially Distributed Systems: Pharmaceutical Processes provides a balanced approach to help readers to get started quickly in the field of biochemical pharmaceuticals. From a theoretical perspective, dynamic spatially distributed systems are introduced to address their industrial applications. After identifying problems, the book provides readers with modeling and control system design techniques via a novel fuzzy set (class of objects with a continuum of grades of membership, to describe the grade of the object belonging to this fuzzy set) and intelligent computation methods. From an application perspective, the book provides a thorough understanding of Good Manufacture Practices (GMP) and the importance of identification, modelling, and intelligent control of such systems, reducing the test-and-error cost, and the R&D design time cycle of original drug development. - Provides an updated, supplemental knowledge to the body of distributed parameter systems - Covers control and analysis framework based on a state-space approach for a non-standard model from industrial complex systems - Presents a novel proposed fuzzy set and applies it to case studies to illustrate its feasibility - Includes a control system design solution from perspective of medicine production

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383

Publisher

Elsevier

Published Date

ISBN 10

0323953913

ISBN 13

9780323953917

The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

By: Andrea Deghi,Mr. Salih Fendoglu,Tara Iyer,Mr. Hamid R Tabarraei,Yizhi Xu,Mustafa Yenice

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The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

By: Andrea Deghi,Mr. Salih Fendoglu,Tara Iyer,Mr. Hamid R Tabarraei,Yizhi Xu,Mustafa Yenice

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International Monetary Fund

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ISBN 13

9798400222382

Fiscal Crises

By: Mrs.Kerstin Gerling,Mr.Paulo A Medas,Mr.Tigran Poghosyan,Juan Farah-Yacoub,Yizhi Xu

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Fiscal Crises

By: Mrs.Kerstin Gerling,Mr.Paulo A Medas,Mr.Tigran Poghosyan,Juan Farah-Yacoub,Yizhi Xu

A key objective of fiscal policy is to maintain the sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises. This paper presents a new database of fiscal crises covering different country groups, including low-income developing countries (LIDCs) that have been mostly ignored in the past. Countries faced on average two crises since 1970, with the highest frequency in LIDCs and lowest in advanced economies. The data sheds some light on policies and economic dynamics around crises. LIDCs, which are usually seen as more vulnerable to shocks, appear to suffer the least in crisis periods. Surprisingly, advanced economies face greater turbulence (growth declines sharply in the first two years of the crisis), with half of them experiencing economic contractions. Fiscal policy is usually procyclical as countries curtail expenditure growth when economic activity weakens. We also find that the decline in economic growth is magnified if accompanied by a financial crisis.

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International Monetary Fund

Published Date

ISBN 10

1475592159

ISBN 13

9781475592153

The Riskiness of Credit Origins and Downside Risks to Economic Activity

By: Claudio Raddatz,Dulani Seneviratne,Mr. Jerome Vandenbussche,Peichu Xie,Yizhi Xu

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The Riskiness of Credit Origins and Downside Risks to Economic Activity

By: Claudio Raddatz,Dulani Seneviratne,Mr. Jerome Vandenbussche,Peichu Xie,Yizhi Xu

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International Monetary Fund

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ISBN 13

9798400270765

Strains in Offshore US Dollar Funding during the COVID-19 Crisis

Some Observations

By: Mr.Adolfo Barajas,Andrea Deghi,Mr.Salih Fendoglu,Yizhi Xu

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Strains in Offshore US Dollar Funding during the COVID-19 Crisis

Some Observations

By: Mr.Adolfo Barajas,Andrea Deghi,Mr.Salih Fendoglu,Yizhi Xu

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Solve jigsaw puzzle

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Publisher

International Monetary Fund

Published Date

ISBN 10

1513550330

ISBN 13

9781513550336

Book's by Yizhi Xu

Strains in Offshore US Dollar Funding during the COVID-19 Crisis

Strains in Offshore US Dollar Funding during the COVID-19 Crisis

The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

The Riskiness of Credit Origins and Downside Risks to Economic Activity

The Riskiness of Credit Origins and Downside Risks to Economic Activity

Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

Fiscal Crises

Fiscal Crises

Global Banks’ Dollar Funding: A Source of Financial Vulnerability

Global Banks’ Dollar Funding: A Source of Financial Vulnerability

Modeling and Control of Dynamic Spatially Distributed Systems

Modeling and Control of Dynamic Spatially Distributed Systems

The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

Fiscal Crises

Fiscal Crises

The Riskiness of Credit Origins and Downside Risks to Economic Activity

The Riskiness of Credit Origins and Downside Risks to Economic Activity

Strains in Offshore US Dollar Funding during the COVID-19 Crisis

Strains in Offshore US Dollar Funding during the COVID-19 Crisis

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