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Durable Financial Regulation : Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
Nakamura, Leonard - 2011
This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It …
Persistent link: https://www.econbiz.de/10012461652
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Ethical Foundations of Financial Regulation
Kane, Edward J. - 1997
Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … arise in multi- party relationships and that regulation introduces opportunities to impose rules that enhance the welfare of … discretion and choose actions for the common good. Agency-cost theories portray regulation as a way to raise the quality of …
Persistent link: https://www.econbiz.de/10012472798
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Preventing currency crises in emerging markets
Edwards, Sebastian (ed.); Frankel, Jeffrey A. (contributor) - 2002
Persistent link: https://www.econbiz.de/10001664021
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Confronting Divergent Interests in Cross-Country Regulatory Arrangements
Kane, Edward J. - 2005
Although nation-based systems of financial regulation constitute a second-best approach to global welfare maximization …
Persistent link: https://www.econbiz.de/10012466806
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Regulation and Supervision : An Ethical Perspective
Kane, Edward J. - 2008
This essay shows that government credit-allocation schemes generate incentive conflicts that undermine the quality of bank supervision and eventually produce banking crisis. For political reasons, most countries establish a regulatory culture that embraces three economically contradictory...
Persistent link: https://www.econbiz.de/10012464752
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Liquidity Risk, Liquidity Creation and Financial Fragility : A Theory of Banking
Diamond, Douglas W. - 1999
Both investors and borrowers are concerned about liquidity. Investors desire liquidity because they are uncertain about when they will want to eliminate their holding of a financial asset. Borrowers are concerned about liquidity because they are uncertain about their ability to continue to...
Persistent link: https://www.econbiz.de/10012471328
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Preventing Financial Crises : An International Perspective
Mishkin, Frederic S. - 1994
In recent years the possibility of an international financial crisis has increased because of greater liquidity of international financial markets, an increase in corporate indebtedness and the decline of the banking industry. Using an asymmetric information analysis, this paper outlines what...
Persistent link: https://www.econbiz.de/10012474300
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Let the Worst One Fail : A Credible Solution to the Too-Big-To-Fail Conundrum
Philippon, Thomas; Wang, Olivier - National Bureau of Economic Research - 2021
We study time-consistent bank resolution mechanisms. When interventions are ex post efficient, a government cannot commit not to inject capital into the banking system. Contrary to common wisdom, we show that the government may still avoid moral hazard and implement the first best allocation by...
Persistent link: https://www.econbiz.de/10012794588
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The Lessons from the Banking Panics in the United States in the 1930s for the Financial Crisis of 2007-2008
Bordo, Michael D. - 2010
In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating the Great Contraction. The issue hinges over whether the panics were illiquidity shocks and hence in support of Friedman and Schwartz (1963) greatly exacerbated the recession which had begun in...
Persistent link: https://www.econbiz.de/10012462291
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Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession
Carbo-Valverde, Santiago - 2011
This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...
Persistent link: https://www.econbiz.de/10012461870