Global Credit Review

This annual publication provides an overview of the most important developments in global credit markets and the regulatory landscape. It covers theoretical and empirical research on credit ratings and credit risk, and reports on recent findings and evolutions of the Risk Management Institute's Credit Research Initiative. The ultimate objective of this publication is to advance the state of research and development in the critical area of credit risk and rating systems. With a distinctive focus on topics related to credit markets and credit risk, this publication will be useful to finance professionals, policy makers and academics with an interest in credit markets.

Global Credit Review is an annual publication that provides an overview of the most important developments in global credit markets and the regulatory landscape. The third volume provides some critical analysis, reviews the introduction of new regulations and also offers new insights to address the challenges ahead. The carefully selected chapters touch on current topics such as: the measurement of systemic risk, reserve requirements and its role in monetary policy, the application of the Basel II default definition by credit risk assessment systems, and changes in credit portfolio management, amongst others. Recent evolutions of the Risk Management Institute's Credit Research Initiative are also reported, including a comprehensive overview of the technical details on the implementation of the current RMI-CRI corporate default prediction model. With its distinctive focus on topics related to credit markets and credit risk, this is an invaluable publication for finance professionals, policy makers and academics with an interest in credit markets. Contents:Systemic Risk in Europe (Eric Jondeau and Michael Rockinger)Changes in the Ratings Game — An Update on Various Developments (RMI staff)Reserve Requirements as Window Guidance in China (Violaine Cousin)The Implementation of the Basel II Default Definition by Credit Risk Assessment Systems: An Analysis of Possible Aggregation Procedures (Markus Bingmer and Laura Auria)Can Credit-Scoring Models Effectively Predict Microloans Default? Statistical Evidence from the Tunisian Microfinance Bank (Ibtissem Baklouti and Abdelfettah Bouri)Stepping Up to the Liquidity Challenge: The Changing Role of Credit Portfolio Management (IACPM and KPMG)NUS-RMI Credit Research Initiative Technical Report (Version: 2013, Update 2b) (RMI staff) Readership: Finance professionals, policy makers and academics with an interest in credit markets. Keywords:Systemic Risk;Marginal Expected Shortfall;Multi-Factor Model;Volatility;Correlation;Regulations;Credit-Rating Alternatives;Recommendations;Lawsuits;Sovereign Ratings;Non-Performing Loans;Reserve Requirements;Monetary Policy;China;Banks;Asset Quality;Central Bank;Bank Regulation;Window Guidance;Basel II Default Definition;Materiality;Probability of Default;Aggregation of Default Information;Credit Scoring;Micro-Credit Default Risk;Logistic Regression;Tunisian Microfinance Bank;Credit Portfolio Management;Funding Liquidity Management;Asset and Liability Management;Capital;Liquidity;Liquidity Coverage RatioKey Features:A distinctive focus on credit risk related topics that are relevant for academics, policymakers and practitioners, linking rigorous theoretical and empirical research with clear practical implicationsAn annual update on global credit market dynamics and financial regulationsTouches on current topics such as the measurement of systemic risk, the role of reserve requirements in monetary policy, and changes in credit portfolio management

Global Credit Review is an annual publication that provides an overview of the most important developments in global credit markets and the regulatory landscape. The fourth volume covers theoretical and empirical research on credit ratings and credit risk, and reports on recent findings and evolutions of the RMI Credit Research Initiative. The ultimate objective of this publication is to advance the state of research and development in the critical area of credit risk and rating systems. With a distinctive focus on topics related to credit markets and credit risk, this publication will be of interest to finance professionals, policy makers and academics with an interest in credit markets. Contents:Message from the EditorAn Assessment of Systemic Risk in the Japanese Banking Sector (Masayasu Kanno)Evolving Global Capital Regulations and its Impact Particularly on Asia (Dexter Tan & Thomas Cho)Actuarial Par Spread and Empirical Pricing of CDS by Decomposition (Jin-Chuan Duan)Fast Approximation of Loan Portfolio Loss (Jenny Bai, Heikki Seppälä and Ser-Huang Poon)Rejection and Partial Rejection of Consumer Credit Applications (Steven E Plaut)IACPM/Oliver Wyman Survey: Perspectives on the Evolving Role of Enterprise-Wide Stress Testing (Andy McGee & Ilya Khaykin)NUS-RMI Credit Research Initiative Technical Report Version: 2014 Update 1 (RMI staff article) Readership: Finance professionals, policy makers and academics with an interest in credit markets. Keywords:Credit Ratings;Credit Risk;Credit Markets;Financial Regulation;Financial Markets

Global Credit Review is an annual publication that provides an overview of the most important developments in global credit markets and the regulatory landscape. The fourth volume covers theoretical and empirical research on credit ratings and credit risk, and reports on recent findings and evolutions of the RMI Credit Research Initiative. The ultimate objective of this publication is to advance the state of research and development in the critical area of credit risk and rating systems. With a distinctive focus on topics related to credit markets and credit risk, this publication will be of interest to finance professionals, policy makers and academics with an interest in credit markets.

In many companies credit management is a passive and reactive discipline. This results in significant receivables assets weighing heavily on balance sheets, dragging down cash flow and inhibiting growth. The power of credit is shackled, muted. Release the power and passion of credit management in your company. Proactively squeeze every morsel of value out of receivables and simultaneously, protect your company from the bad debt danger that lurks in the value chain. Harness the power of credit to effectively manage your company's receivables. Immediately make a positive difference in your company, and use this book as a resource for years to come. Reading Global Credit Management will help you wake the sleeping giant on your balance sheet make receivables earn their keep, just like every other asset. wrest control of credit from bureaucratic processes, grab it by the throat and wring out every drop of value. And last but by no means least, boost the value of your company. "...one of the most intelligent and refreshing exposés of the present and future role of international credit management that I have read in a long time. Global Credit Management represents a very welcome and innovative addition to the small library of quality publications available on international credit and risk management." —Tim Lane, Director of European Operations, Finance, Credit and International Business (FCIB)

This new annual publication from the World Bank Group provides an overview and assessment of financial sector development around the world, with particular attention on medium- and low-income countries.

Successful international integration has underpinned most experiences of rapid growth, shared prosperity, and reduced poverty. Perhaps no sector of the economy better illustrates the potential benefits--but also the perils--of deeper integration than banking. International banking may contribute to faster growth in two important ways: first, by making available much needed capital, expertise, and new technologies; and second, by enabling risk-sharing and diversification. But international banking is not without risks. The global financial crisis vividly demonstrated how international banks can transmit shocks across the globe. The Global Financial Development Report 2017/2018 brings to bear new evidence on the debate on the benefits and costs of international banks, particularly for developing countries. It provides evidence-based policy guidance on a range of issues that developing countries face. Countries that are open to international banking can benefit from global flows of funds, knowledge, and opportunity, but the regulatory challenges are complex and, at times, daunting. Global Financial Development Report 2017/2018 is the fourth in a World Bank series. The report also tracks financial systems in more than 200 economies before and during the global financial crisis on an accompanying website (www.worldbank.org/financialdevelopment). **Note: This World Bank report, Global Financial Development Report 2017/2018: Bankers without Borders, is not associated with the Grameen Foundation’s Bankers without Borders program, which engages volunteer consultants to donate their expertise to serve social enterprises and nonprofits in poor countries. For more information, visit: https://www.bankerswithoutborders.com.

The Global Financial Stability Report (GSFR), published twice a year by the IMF, provides timely analysis of developments in mature and emerging market countries and seeks to identify potential fault lines in the global financial system that could lead to crisis. The GFSR aims to deepen its readers’ understanding of global capital flows, which play a critical role as an engine of world economic growth. Along with the IMF’s semiannual World Economic Outlook, the GFSR is a key vehicle for the IMF’s multilateral surveillance. The Global Financial Stability Report was created to provide a more frequent assessment of global financial markets and to address emerging market financing in a global context. The report focuses on current conditions in global financial markets, highlighting issues of financial imbalances, and of a structural nature, that could pose risks to financial market stability and sustained market access by emerging market borrowers. The GFSR focuses on relevant contemporary issues, not attempting to be a comprehensive survey of all potential risks. It also draws out the financial ramifications of economic imbalances highlighted by the IMF’s World Economic Outlook. It regularly contains, as a special feature, articles on structural or systemic issues relevant to international financial stability.