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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

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

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

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

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

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

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

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

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

Regulating Internalities

Allcott, Hunt - 2015

This paper offers a framework for regulating internalities. Using a simple economic model, we provide four principles for designing and evaluating behaviorally-motivated policy. We then outline rules for determining which contexts reliably reflect true preferences and discuss empirical...

Persistent link: https://www.econbiz.de/10012457480

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