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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
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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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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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The March 2023 Bank Interventions in Long-Run Context – Silicon Valley Bank and beyond
Metrick, Andrew; Schmelzing, Paul - National Bureau of Economic Research - 2023
U.S. and European banking institutions were hit by a wave of distress in March 2023. Policymakers on both sides of the Atlantic reacted with an array of interventions, some targeting individual institutions, others designed to shore up the banking sector as a whole. This paper contextualizes...
Persistent link: https://www.econbiz.de/10014247972
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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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Predatory Short Selling
Brunnermeier, Markus K. - 2013
Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial...
Persistent link: https://www.econbiz.de/10012459149
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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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Understanding Financial Crises : A Developing Country Perspective
Mishkin, Frederic S. - 1996
inforamtion framework shows why the banking sector is so important to the economy, and provides a rationale for bank regulation …
Persistent link: https://www.econbiz.de/10012473248
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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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How Did Pre-Fed Banking Panics End?
Gorton, Gary - 2016
How did pre-Fed banking crises end? How did depositors' beliefs change? During the National Banking Era, 1863-1914, banks responded to the severe panics by suspending convertibility, that is, they refused to exchange cash for their liabilities (checking accounts). At the start of the suspension...
Persistent link: https://www.econbiz.de/10012456638