Macroeconomics remains in a parlous condition, largely because it has assumed away all financial frictions. Ultimately these latter depend on the possibility that borrowers might default on their repayments. Without default, there is no real role for most financial intermediations, collateral,...

The federal banking agencies—the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation—supervise. They work cooperatively with banks and their remedial powers are so extensive they rarely use them. Oversight is designed to proceed through...

Portuguese Abstract: Evoluções recentes em tecnologia levaram à evolução das formas de captação de recursos, em particular por meio dos chamados ICOs (initial coin offerings). A reação regulatória dos vários países foi extremamente diversa. O presente trabalho busca (i) explicar os...

This paper presents an overview of the Japanese system to deal with the distress of banks, providing a classification of the regulation and remedies based on the level of systemic risk of the troubled entity. The paper differentiates between the types of actions available and analyses in detail...

In the macro-prudential literature, ‘inaction bias’ describes the supposed tendency of macro-prudential actors to favour inaction over action when considering the use of macro-prudential tools. While inaction bias is a topic of much interest in macro-prudential policy circles, it has...

Portuguese abstract: ABSTRATO: Com o avanço de blockchain e smart contracts, bem como constantes anúncios de projetos de grande escala utilizando estas ferramentas, parece cada vez mais provável que diversos aspectos da sociedade e economia passem a adotar estas tecnologias e, sendo...