Remarks at the Committee on International Monetary Law of the International Law Association Meeting, Madrid, Spain.

Transatlantic Corporate Governance Dialogue, Brussels, Belgium.

Remarks at the 2010 Institute of International Finance Annual Membership Meeting, Washington, D.C.

Remarks at the Reserve Bank of Australia's 50th Anniversary Symposium, Sydney, Australia.

Remarks at the Center for Economic Policy Studies (CEPS) Symposium, Princeton, New Jersey.

A fundamental conclusion drawn from the recent financial crisis is that the supervision and regulation of financial firms in isolation--a purely microprudential perspective--are not sufficient to maintain financial stability. Rather, a macroprudential perspective, which evaluates and responds to...

In moral hazard models, bank shareholders have incentives to transfer wealth from the deposit insurer--that is, maximize put option value--by pursuing riskier strategies. For safe banks with large charter value, however, the risk-taking incentive is outweighed by the possibility of losing...