The title "shadow banking system" sounds pejorative and certainly is in the minds of most people who work in or watch the business of money and credit. In the world of subprime real estate, abuse of private financial vehicles with insurance enhancements and ratings led to the collapse of the...

This paper draws on the progress that has occurred in other areas of regulation -- specifically, the "cap-and-trade" program to control SO2 emissions; spectrum auctions; and "dedicated-access-privilege" programs for fisheries - to suggest that financial regulation would benefit from an expanded...

To be effective, programs of regulatory reform must address the incentive conflicts that intensify financial risk-taking and undermine government insolvency detection and crisis management. Subsidies to risk taking that large institutions extract from the financial safety net encourage managers...

As recovery from the present economic crisis begins, policymakers must address what reforms will be made in financial system in order to prevent the reoccurrence of a similar crisis in the future. What will Congress do in response? In terms of long-term financial reform, what is to be expected...

The Financial Stability Oversight Council (FSOC), established by the Dodd-Frank Act, has the extraordinary authority to designate financial firms as systemically important financial institutions (SIFIs). Firms so designated are then turned over to the Fed for “stringent” regulation. FSOC’s...

This paper examines (1) the change in commercial banks’ risk taking as states in the United States removed restrictions on bank branching within state borders and (2) the channels through which the removal of these restrictions affect bank risk taking. I find that, after the liberalization of...

This paper evaluates the effects of binding regulatory restraints on the rate of performance-based management compensation within a banking framework in which the primary function of bank management teams is to monitor loans in order to eliminate deadweight default losses. Available management...

This study employs both contingent and non-contingent claim models to test for the existence of market discipline hypothesis for derivative contracts in U.S. banking industry. In addition to the Capital Asset Pricing Model (CAPM) measure of systematic risk and standard deviation of a bank’s...

A tanulmány a gazdasági növekedés és a pénzügyi közvetítés mélysége közötti kapcsolatot tekinti át, különös figyelmet szentelve három közép-kelet-európai felzárkózó gazdaságra, Magyarországra, Csehországra és Lengyelországra. Az elmúlt tíz évben megszaporodtak...

A nyugdíjrendszert strukturálisan megreformáló országok oldaláról rendszeresen felmerül a stabilitási és növekedési egyezmény módosításának igénye, általában méltányossági megfontolásokból. A szerző amellett érvel, hogy a deficitkorlát módosítását...