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The economic crisis: Did supervision architecture and governance matter?
Masciandaro, Donato; Pansini, Rosaria Vega; Quintyn, Marc - In: Journal of Financial Stability 9 (2013) 4, pp. 578-596
modifications in the architecture and governance. Did these improvements mitigate the 2008–2009 Crisis? This paper brings the first … improving supervisory governance. The analysis employs a new and complex database on supervisory architecture and governance for …—supervisory consolidation and supervisory governance—were negatively correlated with resilience, while central bank involvement in supervision …
Persistent link: https://www.econbiz.de/10011046543
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Institutions Matter: Financial Supervision Architecture, Central Bank and Path Dependence. General Trends and the South Eastern European Countries
Masciandaro, Donato; Quintyn, Marc - Bank of Greece - 2008
We propose a path dependence approach to analyze the evolution of the financial supervisory architecture, focusing on the institutional role of the central bank, and then apply our framework to describe the institutional settings in a selected sample of countries. The policymaker who decides to...
Persistent link: https://www.econbiz.de/10005523536
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Financial Supervision Fragmentation and Central Bank Independence: The Two Sides of the Same Coin?
Freytag, Andreas; Masciandaro, Donato - Wirtschaftswissenschaftliche Fakultät, … - 2005
This paper analyses how the central banks role in the monetary institutional setting can affect the unification process of the overall financial supervision architecture. Using indicators of monetary commitment and central bank independence, we claim that these legal proxies show an inverse link...
Persistent link: https://www.econbiz.de/10005786064
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New Paradigms in Monetary Theory and Policy?
Haldane, Andrew G.; Coulibaly, Dramane; Kempf, Hubert; … - SUERF - The European Money and Finance Forum
On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium “New Paradigms in Money and Finance?” All the papers in the present SUERF Study are based on...
Persistent link: https://www.econbiz.de/10009651458
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Macroprudential Policy-Taxonomy and Challenges
Nier, Erlend W. - In: National Institute Economic Review 216 (2011) 1, pp. 1-1
There is increasing recognition that prior to the global financial crisis financial regulation had lacked a … be their mandate? Third, how can governance arrangements ensure that macroprudential policies are pursued effectively …
Persistent link: https://www.econbiz.de/10009294493
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Sovereign Wealth and Pension Fund Issues
Blundell-Wignall, A.; Hu, Yu-Wei; Yermo, Juan - Directorate for Financial, Fiscal and Enterprises … - 2008
national objectives. These funds have raised concerns about: (i) financial stability, (ii) corporate governance and (iii … of portfolios that increase risk. Enhancing governance and transparency of SWFs is important, but such considerations …
Persistent link: https://www.econbiz.de/10004962907
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THE INVISIBLE HAND AND THE BANKING TRADE: SEIGNIORAGE, RISK-SHIFTING, AND MORE
MILLER, MARCUS; ZHANG, LEI - In: Brussels Economic Review 56 (2013) 3-4, pp. 365-388
ABSTRACT:The classic Diamond-Dybvig model of banking assumes perfect competition and abstracts from issues ofmoral hazard. To reflect conditions prevailing in UK banking, however, we incorporate market powerand risk-taking by banks with limited liability, with explicit analytical results for the...
Persistent link: https://www.econbiz.de/10011015284
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Macroprudential Regulation and Supervision: From the Identification of Systemic Risks to Policy Measures
Liebeg, David; Posch, Michaela - In: Financial Stability Report (2011) 21, pp. 62-78
Macroprudential regulation and supervision of systemic risks is one of the most discussed issues on both the national … responsibilities for macroprudential regulation and supervision. Austria is lagging behind in this respect, and the legal mandate of … an overview of the current discussion on macroprudential regulation and supervision, this paper provides an analysis of …
Persistent link: https://www.econbiz.de/10009211319
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When bigger isn’t better: Bail outs and bank behaviour
Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011
The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...
Persistent link: https://www.econbiz.de/10009320408
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Executive compensation, risk taking and the state of the economy
Raviv, Alon; Sisli-Ciamarra, Elif - In: Journal of Financial Stability 9 (2013) 1, pp. 55-68
In this paper we present a model of executive compensation to analyze the link between incentive compensation and risk taking. Our model takes into account the loss in the value of an executive's expected wealth from employment if the firm becomes insolvent during a bad state of the economy. We...
Persistent link: https://www.econbiz.de/10010636143