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This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It …
Persistent link: https://www.econbiz.de/10012461652
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
as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest … objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that …
Persistent link: https://www.econbiz.de/10012462228
Defects in the corporate governance of government-owned enterprises tempt opportunistic officials to breach duties of public stewardship. Corporate-governance theory suggests that incentive-based deferred compensation could intensify the force that common-law duties actually exert on regulatory...
Persistent link: https://www.econbiz.de/10012470321
This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit...
Persistent link: https://www.econbiz.de/10012468447
We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with...
Persistent link: https://www.econbiz.de/10012470548
Persistent link: https://www.econbiz.de/10009689290
New security designs, improvements in computer telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and...
Persistent link: https://www.econbiz.de/10012473791
Persistent link: https://www.econbiz.de/10001664021
In the United States today, the system of financial regulation is complex and fragmented. Responsibility to regulate …
Persistent link: https://www.econbiz.de/10012461215