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Although nation-based systems of financial regulation constitute a second-best approach to global welfare maximization, treacherous accountability problems must be acknowledged and resolved before regulatory cooperation can deal fairly and efficiently with cross-border issues. To track and...
Persistent link: https://www.econbiz.de/10012466806
Persistent link: https://www.econbiz.de/10000771268
The global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis.In this paper we propose a structural model of global banking that can be used proactively to perform...
Persistent link: https://www.econbiz.de/10012480855
We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account...
Persistent link: https://www.econbiz.de/10012464115
Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises which were associated with massive recessions and extreme movements of exchange rates. Similar crises have threatened Turkey and Argentina (2000 and 2001) and...
Persistent link: https://www.econbiz.de/10012469410
bonds, greater risk-bearing capacity in the U.S. than the rest of the world, and nominal rigidities. A flight to safety …
Persistent link: https://www.econbiz.de/10012629458
As financial institutions and markets transact more and more cross-border business, gaps and flaws in national safety nets become more consequential. Because citizens of host (home) countries may be made to pay for mistakes made in the home (host) country, Basel's lead-regulator paradigm...
Persistent link: https://www.econbiz.de/10012466813
In the early 1990s, after decades of high inflation and financial repression, Argentina embarked on a course of macroeconomic and bank regulatory reform. Bank regulatory policy promoted privatization, financial liberalization, and free entry, limited safety net support, and established a novel...
Persistent link: https://www.econbiz.de/10012471046
Most central banks in Asia have actively used sterilised foreign exchange intervention as a policy tool to smooth … Asia is decreasing …
Persistent link: https://www.econbiz.de/10012458414
Limited liability and asymmetric information between an investment bank and its lenders provide an incentive for a bank to undercapitalise and finance overly risky business projects. To counter this market failure, national governments have imposed solvency constraints on banks. However, these...
Persistent link: https://www.econbiz.de/10012470046