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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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Recovery from Financial Crises : Evidence from 100 Episodes
Reinhart, Carmen M. - 2014
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ½ years. Five to six years after...
Persistent link: https://www.econbiz.de/10012458841
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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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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
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Answering the Queen : Machine Learning and Financial Crises
Fouliard, Jeremy - 2020
Financial crises cause economic, social and political havoc. Macroprudential policies are gaining traction but are …
Persistent link: https://www.econbiz.de/10012482520
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Systemic Risk and the Great Depression
Das, Sanjiv R. - 2018
We employ a unique hand-collected dataset and a novel methodology to examine systemic risk before and after the largest U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank as well as a bank's position in the network. We construct...
Persistent link: https://www.econbiz.de/10012481052
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Getting up to Speed on the Financial Crisis : A One-Weekend-Reader's Guide
Gorton, Gary B. - 2012
All economists should be conversant with "what happened?" during the financial crisis of 2007-2009. We select and summarize 16 documents, including academic papers and reports from regulatory and international agencies. This reading list covers the key facts and mechanisms in the build-up of...
Persistent link: https://www.econbiz.de/10012460883
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Credit Booms, Financial Crises and Macroprudential Policy
Gertler, Mark - 2020
" booms as well as "bad" booms in the language of Gorton and Ordonez (2019). We then consider how the optimal macroprudential … policy weighs the benefits of preventing a crisis against the costs of stopping a good boom. We show that countercyclical …
Persistent link: https://www.econbiz.de/10012481336
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The Flight from Maturity
Gorton, Gary B. - 2014
Why did the failure of Lehman Brothers make the financial crisis dramatically worse? The financial crisis was a process of a build-up of risk during the crisis prior to the Lehman failure. Market participants tried to preserve an option or exit by shortening maturities - the "flight from...
Persistent link: https://www.econbiz.de/10012458637
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Necessity as the Mother of Invention : Monetary Policy after the Crisis
Blinder, Alan S. - 2016
having implemented macro-prudential measures. Overall, we expect central banks in the future to have broader mandates, use … macro-prudential tools more widely, and communicate more actively than before the crisis. While there is no consensus yet …
Persistent link: https://www.econbiz.de/10012455945