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date: 18 August 2018

(p. xxiii) List of Figures

(p. xxiii) List of Figures

  1. 2.1. An overview of the financial system 38

  2. 2.2. Size of the financial markets by country/region 39

  3. 2.3. Portfolio allocation (average 1995–2002) 40

  4. 5.1. Bank liquidity production to GDP 123

  5. 5.2. Share of securitized loans in the US economy 131

  6. 5.3. Business loan originations collapse 132

  7. 5.4. Asset-backed commercial paper dries up 134

  8. 5.5. Yield on three-month CDs vs. treasuries 135

  9. 5.6. Liquidity demand by US banks: hoarding cash 137

  10. 5.7. Liquidity demand by US banks: commercial paper moves back on balance sheet 137

  11. 5.8. Liquidity supply to US banks comes from Fed loans, transactions deposits, and foreign deposits 138

  12. 6.1. Risk and return when the opportunity set expands 156

  13. 12.1. Five stages of a regulation-induced banking crisis 327

  14. 12.2. Dialectics of a regulation-induced crisis 332

  15. 15.1. Aspects of market discipline 380

  16. 15.2. The average annual premium (in basis points) of a five-year credit default swap for three strong commercial banks (BAC, JPM, WFC) 395

  17. 15.3. Return to a ‘financial index’ and to the S&P 500, each deflated by its April 1988 index value 396

  18. 15.4. Credit default swap premiums (five-day moving average) for three troubled institutions and the mean of three banks considered relatively sound (at the time) 397

  19. 15.5. Credit default swap premiums (five-day moving average) for five large commercial banks 398

  20. 20.1. Bank mergers (by year) 1985–2006 510

  21. 23.1. US house price and mortgage debt growth 574

  22. (p. xxiv) 23.2. Example interest rates on hypothetical adjustable and fixed rate mortgages 575

  23. 23.3. Present discounted value of interest and refinancing expenses for hypothetical fixed and adjustable rate mortgages 576

  24. 23.4. Mortgage rates in the US 576

  25. 23.5. Refinancing volume and percent taking cash out 579

  26. 23.6. Refinancing incentive and refinancing volume 581

  27. 23.7. Price response of mortgage-backed securities and corporate bonds to interest rates 582

  28. 23.8. Issuance of US mortgage-backed securities 584

  29. 23.9. Holders of US residential mortgage debt 585

  30. 23.10. US subprime mortgage delinquency rates 586

  31. 24.1. The securitization process 602

  32. 24.2. Capital structure and prioritization 604

  33. 24.3. Prices of AAA of ABX index by year vintage 612

  34. 24.4. European and US securitization activity (in billions of US dollars) 615

  35. 24.5. Credit default swaps globally (notional amounts in trillions of US dollars) 616

  36. 24.6. Outstanding values of securitization by geographical area (as a percentage of GDP in 2008: QIII) 617

  37. 24.7. Securitization issuance in the US (in billions of euros) 618

  38. 31.1. Number of commercial banks and commercial bank branch offices in the US between 1970 and 2007 780

  39. 31.2. Average advertising expenditures for fifty-one commercial banking companies in the US in 2006, expressed as a percentage of companies' total spending on advertising 790

  40. 31.3. Changes in the number of commercial bank charters in the US from 1970 to 2005 due to mergers, failures, and new entry 791

  41. 31.4. The changing distribution of US commercial banks by size (measured in 2006 dollars) between 1980 and 2006 793

  42. 31.5. Aggregate non-interest income as a percentage of aggregate operating income of US commercial banks, 1970–2007 799

  43. 31.6. Aggregate return-on-equity and equity-to-assets ratios for the US commercial banking industry, 1935–2007 801

  44. 34.1. Banking spread (percentage per annum) 881

  45. 35.1. Composition of financial assets in Japan (by holder) 908

  46. (p. xxv) 35.2. Private bank assets 912

  47. 35.3. Loans outstanding of private banks 912

  48. 35.4. Mortgage loans outstanding in Japan (by lender type) 931

  49. 35.5. Securitized products issued in Japan (categorized by underlying asset) 932

  50. 36.1. Changes in bank ownership structure in East and South Asia 946

  51. 36.2. Bank ownership structure across regions 948

  52. 36.3. Banking sector concentration in East and South Asia 949