On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

I examine the effect of marketable security holdings on monetary policy when those securities are classified under SFAS 115. Prior research has shown that loan growth is negatively related to monetary contractions and that marketable security holdings mitigate that negative relationship. Those...

By any exacting standard of transparency, most monetary authorities (hereafter MAs) are losers. Indeed, most MAs fail to make timely, full and fair disclosures of their financial positions. This allows them to operate under a thick shroud of secrecy. The ensuing confusion and ambiguity renders...