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Special Issue "Credit Risk under Moral Hazard"

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A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (1 October 2013)

Special Issue Editor

Guest Editor
Dr. Panayiotis G. Artikis (Website)

Department of Business Administration, University of Piraeus, 80 Karaoli & Dimitriou Street., Piraeus 18534, Greece
Phone: +32104142200
Fax: +302104142181
Interests: asset pricing; financial modeling; corporate finance; portfolio management; risk management

Special Issue Information

Dear Collegues,

Over the years it has become evident that the issue of moral hazard in financial intermediation plays a fundamental role in all modern economies. The analysis of moral hazard influences to a large extent the formation of bank regulation and, more generally, financial regulation. The problems of moral hazard in banks, financial institutions and sovereigns have become even more evident at many stages of the recent financial crisis. The question of whether governments or banks, in the brink of bankruptcy due to reckless borrowing or lending, should be bail-out has regained serious attention in the financial economics literature. Policy makers and scholars in favor of bailouts base their arguments mainly on the risk contagion hypothesis and were those against put forward issues of market discipline. Furthermore, a number of other issues have emerged, such as whether moral hazard in financial intermediation can cause aggregate economic fluctuations, or how policy makers can shape bank and financial regulation to contain the risks of moral hazard, or what is the role of moral hazard in the securitization process of financial intermediaries and how this has affected their credit risk profiles. From this perspective, the purpose of this volume is to further explore and analyze issues related to credit risk taking and moral hazard and what lessons can be learnt from the recent financial crisis.

Dr. Panayiotis G. Artikis
Guest Editor

Keywords

  • moral hazard
  • credit risk
  • financial crisis
  • financial intermediaries
  • risk management

Published Papers (1 paper)

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Research

Open AccessArticle Bank Credit Risk Management and Rating Migration Analysis on the Business Cycle
Int. J. Financial Stud. 2014, 2(1), 122-143; doi:10.3390/ijfs2010122
Received: 6 November 2013 / Revised: 11 February 2014 / Accepted: 15 February 2014 / Published: 3 March 2014
Cited by 2 | PDF Full-text (239 KB) | HTML Full-text | XML Full-text
Abstract
Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in alternative [...] Read more.
Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in alternative business cycle states. An innovative empirical methodology applies to bank internal rating data, under different economic scenarios and investigates the implications of credit risk quality shifts for risk rating transition matrices. The empirical findings are useful and critical for banks to align to Basel guidelines in relation to core capital requirements and risk-weighted assets in the underlying loan portfolio. Full article
(This article belongs to the Special Issue Credit Risk under Moral Hazard)

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