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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

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

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

Independent Regulators and Financial Stability : Evidence from Gubernatorial Campaigns and a Progressive Era Policy Experiment

Del Angel, Marco; Richardson, Gary - National Bureau of Economic Research - 2022

Regulatory independence forms a foundation for modern financial systems. To illuminate the value of this ubiquitous institution, we examine a Progressive Era policy experiment in which hitherto independent regulators came under gubernatorial supervision. After this change, failure rates declined...

Persistent link: https://www.econbiz.de/10013191033

Financial Frictions, Investment and Tobin's q

Lorenzoni, Guido - 2007

We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...

Persistent link: https://www.econbiz.de/10012465562

Using Deferred Compensation to Strengthen the Ethicsof Financial Regulation

Kane, Edward J. - 2001

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

Financial Sector Regulation and Reforms in Emerging Markets : An Overview

Prasad, Eswar S. - 2010

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