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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
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
This paper explains the connection between ideas developed in my recent books and papers and those of economists who self-identify as Post Keynesians. My own work is both neoclassical and 'old Keynesian'. Much of my published work assumes that people have rational expectations and that 'animal...
Persistent link: https://www.econbiz.de/10012455572
This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also...
Persistent link: https://www.econbiz.de/10012460878
The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....
Persistent link: https://www.econbiz.de/10012463732
Capital market liberalization has become an irreversible trend in Korea since 1992. With the current level of high interest rate in Korea, however, drastic full-scale liberalization would certainly attract a large amount of capital inflows and appreciate the Korean won. This would affect the...
Persistent link: https://www.econbiz.de/10012473004
establishes an evolutionary mechanism for adapting regulatory structures to technological and regulation-induced innovation. Using …
Persistent link: https://www.econbiz.de/10012477763
I characterize the optimal financial regulation policy in an economy where financial intermediaries trade capital … assets on behalf of households, but must retain an equity stake to align incentives. Financial regulation is necessary …
Persistent link: https://www.econbiz.de/10012455096
In the United States today, the system of financial regulation is complex and fragmented. Responsibility to regulate …
Persistent link: https://www.econbiz.de/10012461215