Índice de Calidad Financiera (iCF)

Damià Rey Miró and Pedro V. Piffaut
Additional contact information
Damià Rey Miró: Barcelona Stock Exchange Studies (BME). Department of Economics, Universidad de Barcelona, Barcelona, España
Pedro V. Piffaut: Columbia University in the City of New York, New York, USA

Cuadernos de Economía - Spanish Journal of Economics and Finance, 2019, vol. 42, issue 119, 189-206

Abstract: Once the financial crisis started in the middle of 2007, the financial authorities, as well as the main governments of developed economies, began to emphasize the importance of anticipating and estimating the systemic financial risks over the risk of a given sector. Beyond macroeconomic strength, if they have higher quality equity markets, countries should be bet-ter prepared to cope with potential volatility of capital flows. Consequently, the new European directive MIFID II (Markets in Financial Instruments Directive), which will come into force in January 2018, is based on the premises of the market’s security, efficiency and transparency towards investors. The current work intends to develop an indicator that reinforces and meas-ures the quality of the market, in particular the Spanish equity market, with the development of a new indicator called ICF (Financial Quality Index) that shows, in an objective way, the degree of maturity and market stability.

Keywords: Stress index; Composite indicator; Real economy; Systemic risk; Financial quality index (search for similar items in EconPapers)
JEL-codes: C01 C51 C53 G14 G15 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://reveyf.es/index.php/REyF/article/view/170/70

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cud:journl:v:42:y:2019:i:119:p:189-206

Access Statistics for this article

More articles in Cuadernos de Economía - Spanish Journal of Economics and Finance from Asociación Cuadernos de Economía
Bibliographic data for series maintained by Erick Tinsson ().