Showing 1 - 10 of 23
This paper summarizes the key proposals of the report by the Liikanen Commission. It starts with an explanation of a crisis narrative underlying the Report and its proposals. The proposals aim for a revitalization of market discipline in financial markets. The two main structural proposals of...
Persistent link: https://www.econbiz.de/10010225323
Ausgehend von einer Erläuterung der Kriseninterpretation (crisis narrative), wie sie in dem Bericht der Liikanen-Kommission zugrunde liegt, werden die nach Ansicht des Verfassers zentralen Vorschläge des Kommissionsberichts ausgewählt, vorgestellt und in den größeren Rahmen einer erneuerten...
Persistent link: https://www.econbiz.de/10010225324
Der TARGET-Saldo der Bundesbank beläuft sich gegenwärtig auf knapp 1 Billion Euro. Kritikern zufolge birgt dieser Umstand hohe Lasten und Risiken für den deutschen Steuerzahler und zeigt, dass Deutschland zu einem "Selbstbedienungsladen" im Eurosystem geworden sei. Vor diesem Hintergrund...
Persistent link: https://www.econbiz.de/10011894278
The European Commission has published a Green Paper outlining possible measures to create a single market for capital in Europe. Our comments on the Commission's capital markets union project use the functional finance approach as a starting point. Policy decisions, according to the functional...
Persistent link: https://www.econbiz.de/10010526513
This note proposes a new set-up for the fund backing the Single Resolution Mechanism (SRM). The proposed fund is a Multi-Tier Resolution Fund (MTRF), restricting the joint and several supranational liability to a limited range of losses, bounded by national liability at the upper and the lower...
Persistent link: https://www.econbiz.de/10010225321
In the wake of the recent financial crisis, significant regulatory actions have been taken aimed at limiting risks emanating from trading in bank business models. Prominent reform proposals are the Volcker Rule in the U.S., the Vickers Report in the UK, and, based on the Liikanen proposal, the...
Persistent link: https://www.econbiz.de/10011442567
This note discusses the basic economics of central clearing for derivatives and the need for a proper regulation, supervision and resolution of central counterparty clearing houses (CCPs). New regulation in the U.S. and in Europe renders the involvement of a central counterparty mandatory for...
Persistent link: https://www.econbiz.de/10011532033
This essay reviews a cornerstone of the European Banking Union project, the resolution of systemically important banks. The focus is on the inherent conflict between a possible intervention by resolution authorities, conditional on a crisis situation, and effective prevention prior to a crisis....
Persistent link: https://www.econbiz.de/10010402319
We raise some critical points against a naïve interpretation of "green finance" products and strategies. These critical insights are the background against which we take a closer look at instruments and policies that might allow green finance to become more impactful. In particular, we focus on...
Persistent link: https://www.econbiz.de/10012653904
This briefing paper describes and evaluates the law and economics of institution(al) protection schemes. Throughout our analysis, we use Europe's largest such scheme, that of German savings banks, as paradigm. We find strengths and weaknesses: Strong network-internal monitoring and early warning...
Persistent link: https://www.econbiz.de/10013186570