rationalize the lack of reform, exposing them as invalid. Admati and Hellwig argue we can have a safer and healthier banking … situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective … enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better …

Risk governance is arguably the most vital arena for post-crisis bank reform because it addresses the fundamental … risk governance reform are not crisis countries and usually not those that host the largest global financial centres. Thus …, reform tends to occur in the jurisdictions where it is least needed. We propose the ‘relative power hypothesis' as the best …

unsustainable investment, fails to recognise that debt is back by credit. A corollary of this is that the rate of interest is not a …

We examine the importance of what we term ‘Fisher dynamics’- the mechanical e?ects of changes in interest rates, growth … household debt, independent of any changes in household behavior. Speci?cally, if average rates of growth, in?ation and interest … in interest rates relative to growth rates, large-scale debt forgiveness of some form may be unavoidable. …

contingent on the new atmosphere of “scarcity” and oil crisis, which was in turn dependent on the progressive militarization of …

sheet approach. The creation and valuation of money and the determination of interest are embedded within the central …

This paper develops a macroeconomic model of the response of interest rates to inflation expectations, with particular … real cost of capital to firms to rise, discouraging investment, and the after-tax real interest rate to savers to fall …