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Governing global risks: The evolution of policy capacity in the financial sector
Pauly, Louis W. - Abteilung "Global Governance", Wissenschaftszentrum … - 2014
Despite the fragility of authoritative governing institutions at the international level, the politi-cal capacity to deal with global risks is developing. The sense of legitimacy that will ultimately derive from a deeply transnational sense of shared fate continues to lag, but even in that...
Persistent link: https://www.econbiz.de/10010980642
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Europe’s Banking Challenge: Reregulation without Refragmentation
Véron, Nicolas - In: CESifo Forum 9 (2008) 4, pp. 51-59
Persistent link: https://www.econbiz.de/10004998635
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A Simple Macroprudential Liquidity Buffer
Hardy, Daniel C.; Hochreiter, Philipp - International Monetary Fund (IMF) - 2014
A mechanism is proposed that aims to reduce the risk of a banking sector liquidity crisis—which is a quintessentially systemic event and thus the object of macroprudential policy—and moderate the effects of a crisis should one occur. The instrument would give banks more incentive...
Persistent link: https://www.econbiz.de/10011123840
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Financial Crises Explanations, Types, and Implications
Claessens, Stijn; Kose, M. Ayhan - International Monetary Fund (IMF) - 2013
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper...
Persistent link: https://www.econbiz.de/10011123845
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Bailouts and Systemic Insurance
Dell'Ariccia, Giovanni; Ratnovski, Lev - International Monetary Fund (IMF) - 2013
We revisit the link between bailouts and bank risk taking. The expectation of government support to failing banks … creates moral hazard—increases bank risk taking. However, when a bank’s success depends on both its effort and the overall … invest prudently and so reduce bank risk taking. This systemic insurance effect will be relatively more important when …
Persistent link: https://www.econbiz.de/10010790390
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The Making of a Continental Financial System: Lessons for Europe from Early American History
Gaspar, Vitor - International Monetary Fund (IMF) - 2014
Alexander Hamilton was the first U.S. Treasury Secretary from 1789 to 1795. When he started, the Federal Government was in default. During his tenure, U.S. Treasuries became the ultimate safe asset. He successfully managed expectations, achieved debt service reduction, and stabilized financial...
Persistent link: https://www.econbiz.de/10010959479
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The Cyprus Debt: Perfect Crisis and a Way Forward
Zenios, Stavros A. - In: Cyprus Economic Policy Review 7 (2013) 1, pp. 3-45
The Cyprus crisis is one of the most complex in the Eurozone -although in absolute terms it is a minor crisis. An analysis of the ongoing developments from different perspectives leads to the conclusion that we are witnessing a perfect storm of a financial crisis at the confluence of sovereign...
Persistent link: https://www.econbiz.de/10010742426
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Government Involvement in Corporate Debt Restructuring; Case Studies From the Great Recession
Grigorian, David A.; Raei, Faezeh - International Monetary Fund (IMF) - 2010
The paper examines recent episodes of government involvement in corporate debt restructurings. It argues that corporate debt restructuring is an important step toward recovery from a financial crisis. We then discuss the rationale for, and modalities of, the state intervention in corporate debt...
Persistent link: https://www.econbiz.de/10008727803
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Managing Systemic Banking Crises
Quintyn, Marc; Hoelscher, David S. - International Monetary Fund (IMF) - 2003
thereof. These factors have challenged the effectiveness of many of the typical tools for bank resolution. This publication … focuses on the issues raised in systemic crises, not on the resolution of individual bank problems. Based on the lessons …
Persistent link: https://www.econbiz.de/10005590869
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The Late 1990's Financial Crisis in Ecuador; Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work
Jácome, Luis Ignacio - International Monetary Fund (IMF) - 2004
This paper stresses three factors that amplified the 1990s financial crisis in Ecuador, namely institutional weaknesses, rigidities in public finances, and high financial dollarization. Institutional factors restricted the government's ability to respond in a timely manner and efficiently enough...
Persistent link: https://www.econbiz.de/10005769178