Bank Lobbying Regulatory Capture And Beyond

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Bank Lobbying: Regulatory Capture and Beyond

Ms.Deniz O Igan,Thomas Lambert
Bank Lobbying Regulatory Capture and Beyond Book PDF

Author : Ms.Deniz O Igan,Thomas Lambert
Publisher : International Monetary Fund
Page : 30 pages
File Size : 49,8 Mb
Release : 2019-08-09
Category : Business & Economics
ISBN : 9781484347546

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Bank Lobbying: Regulatory Capture and Beyond by Ms.Deniz O Igan,Thomas Lambert Pdf

In this paper, we discuss whether and how bank lobbying can lead to regulatory capture and have real consequences through an overview of the motivations behind bank lobbying and of recent empirical evidence on the subject. Overall, the findings are consistent with regulatory capture, which lessens the support for tighter rules and enforcement. This in turn allows riskier practices and worse economic outcomes. The evidence provides insights into how the rising political power of banks in the early 2000s propelled the financial system and the economy into crisis. While these findings should not be interpreted as a call for an outright ban of lobbying, they point in the direction of a need for rethinking the framework governing interactions between regulators and banks. Enhanced transparency of regulatory decisions as well as strenghtened checks and balances within the decision-making process would go in this direction.

Bank Lobbying: Regulatory Capture and Beyond

Ms.Deniz O Igan,Thomas Lambert
Bank Lobbying Regulatory Capture and Beyond Book PDF

Author : Ms.Deniz O Igan,Thomas Lambert
Publisher : International Monetary Fund
Page : 30 pages
File Size : 53,8 Mb
Release : 2019-08-09
Category : Business & Economics
ISBN : 9781513511238

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Bank Lobbying: Regulatory Capture and Beyond by Ms.Deniz O Igan,Thomas Lambert Pdf

In this paper, we discuss whether and how bank lobbying can lead to regulatory capture and have real consequences through an overview of the motivations behind bank lobbying and of recent empirical evidence on the subject. Overall, the findings are consistent with regulatory capture, which lessens the support for tighter rules and enforcement. This in turn allows riskier practices and worse economic outcomes. The evidence provides insights into how the rising political power of banks in the early 2000s propelled the financial system and the economy into crisis. While these findings should not be interpreted as a call for an outright ban of lobbying, they point in the direction of a need for rethinking the framework governing interactions between regulators and banks. Enhanced transparency of regulatory decisions as well as strenghtened checks and balances within the decision-making process would go in this direction.

The Political Economy of Financial Regulation

Emilios Avgouleas,David C. Donald
The Political Economy of Financial Regulation Book PDF

Author : Emilios Avgouleas,David C. Donald
Publisher : Cambridge University Press
Page : 531 pages
File Size : 53,8 Mb
Release : 2019-01-31
Category : Business & Economics
ISBN : 9781108470360

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The Political Economy of Financial Regulation by Emilios Avgouleas,David C. Donald Pdf

Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.

Lobbying in the 21st Century Transparency, Integrity and Access

OECD
Lobbying in the 21st Century Transparency Integrity and Access Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 199 pages
File Size : 48,9 Mb
Release : 2021-05-20
Category : Electronic
ISBN : 9789264813380

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Lobbying in the 21st Century Transparency, Integrity and Access by OECD Pdf

Lobbying, as a way to influence and inform governments, has been part of democracy for at least two centuries, and remains a legitimate tool for influencing public policies. However, it carries risks of undue influence.

Preventing Regulatory Capture

Daniel Carpenter,David A. Moss
Preventing Regulatory Capture Book PDF

Author : Daniel Carpenter,David A. Moss
Publisher : Cambridge University Press
Page : 531 pages
File Size : 53,8 Mb
Release : 2014
Category : Business & Economics
ISBN : 9781107036086

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Preventing Regulatory Capture by Daniel Carpenter,David A. Moss Pdf

Leading scholars from across the social sciences present empirical evidence that the obstacle of regulatory capture is more surmountable than previously thought.

13 Bankers

Simon Johnson,James Kwak
13 Bankers Book PDF

Author : Simon Johnson,James Kwak
Publisher : Vintage
Page : 338 pages
File Size : 47,5 Mb
Release : 2011-01-11
Category : Business & Economics
ISBN : 9780307476609

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13 Bankers by Simon Johnson,James Kwak Pdf

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.

A Hacker's Mind: How the Powerful Bend Society's Rules, and How to Bend them Back

Bruce Schneier
A Hacker s Mind How the Powerful Bend Society s Rules and How to Bend them Back Book PDF

Author : Bruce Schneier
Publisher : W. W. Norton & Company
Page : 285 pages
File Size : 40,6 Mb
Release : 2023-02-07
Category : Computers
ISBN : 9780393866674

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A Hacker's Mind: How the Powerful Bend Society's Rules, and How to Bend them Back by Bruce Schneier Pdf

It’s not just computers—hacking is everywhere. Legendary cybersecurity expert and New York Times best-selling author Bruce Schneier reveals how using a hacker’s mindset can change how you think about your life and the world. A hack is any means of subverting a system’s rules in unintended ways. The tax code isn’t computer code, but a series of complex formulas. It has vulnerabilities; we call them “loopholes.” We call exploits “tax avoidance strategies.” And there is an entire industry of “black hat” hackers intent on finding exploitable loopholes in the tax code. We call them accountants and tax attorneys. In A Hacker’s Mind, Bruce Schneier takes hacking out of the world of computing and uses it to analyze the systems that underpin our society: from tax laws to financial markets to politics. He reveals an array of powerful actors whose hacks bend our economic, political, and legal systems to their advantage, at the expense of everyone else. Once you learn how to notice hacks, you’ll start seeing them everywhere—and you’ll never look at the world the same way again. Almost all systems have loopholes, and this is by design. Because if you can take advantage of them, the rules no longer apply to you. Unchecked, these hacks threaten to upend our financial markets, weaken our democracy, and even affect the way we think. And when artificial intelligence starts thinking like a hacker—at inhuman speed and scale—the results could be catastrophic. But for those who would don the “white hat,” we can understand the hacking mindset and rebuild our economic, political, and legal systems to counter those who would exploit our society. And we can harness artificial intelligence to improve existing systems, predict and defend against hacks, and realize a more equitable world.

The Regulation of Megabanks

Katarzyna Parchimowicz
The Regulation of Megabanks Book PDF

Author : Katarzyna Parchimowicz
Publisher : Taylor & Francis
Page : 246 pages
File Size : 50,9 Mb
Release : 2022-11-22
Category : Law
ISBN : 9781000799057

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The Regulation of Megabanks by Katarzyna Parchimowicz Pdf

Global systemically important banks (G-SIBs) are the largest, most complex and, in the event of their potential failure, most threatening banking institutions in the world. The Global Financial Crisis (GFC) was a turning point for G-SIBs, many of which contributed to the outbreak and severity of this downturn. The unfolding of the GFC also revealed flaws and omissions in the legal framework applying to financial entities. In the context of G-SIBs, it clearly demonstrated that the legal regimes, both in the USA and in the EU, grossly ignored the specific character of these institutions and their systemic importance, complexity, and individualism. As a result of this omission, these megabanks were long treated like any other smaller banking institutions. Since the GFC, legal systems have changed a lot on both sides of the Atlantic, and global and national lawmakers have adopted new rules applying specifically to G-SIBs to reduce their threat to financial stability. This book explores whether the G-SIB-specific regulatory frameworks are adequately tailored to their individualism in order to prevent them from exploiting overly general rules, as they did during the GFC. Analyzing the specific character and individualism of G-SIBs, in relation to their history, normal functioning, as well as their operations during the GFC, this book discusses transformation of banking systems and the challenges and opportunities G-SIBs face, such as Big Tech competitors, climate-related requirements, and the COVID-19 pandemic. Taking a multidisciplinary approach which combines financial aspects of operations of G- SIBs and legal analysis, the book describes G-SIB-oriented legal frameworks of the EU and the USA and assesses whether G-SIB individualism is adequately reflected, analyzing trends in supervisory action when it comes to discretion in the G-SIB context, all in order to contribute to the ongoing discussions about international banking law, its problems, and potential remedies to such persistent flaws.

A Fistful of Dollars

Mr.Thierry Tressel,Ms.Prachi Mishra,Ms.Deniz Igan
A Fistful of Dollars Book PDF

Author : Mr.Thierry Tressel,Ms.Prachi Mishra,Ms.Deniz Igan
Publisher : International Monetary Fund
Page : 72 pages
File Size : 52,7 Mb
Release : 2009-12-01
Category : Business & Economics
ISBN : 9781451874327

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A Fistful of Dollars by Mr.Thierry Tressel,Ms.Prachi Mishra,Ms.Deniz Igan Pdf

Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster growing portfolios. Ex-post, delinquency rates are higher in areas where lobbyist' lending grew faster and they experienced negative abnormal stock returns during key crisis events. The findings are robust to (i) falsification tests using lobbying on issues unrelated to mortgage lending, (ii) a difference-in-difference approach based on state-level laws, and (iii) instrumental variables strategies. These results show that lobbying lenders engage in riskier lending.

After the Crash

Sharyn O'Halloran,Thomas Groll
After the Crash Book PDF

Author : Sharyn O'Halloran,Thomas Groll
Publisher : Columbia University Press
Page : 454 pages
File Size : 46,6 Mb
Release : 2019-10-08
Category : History
ISBN : 9780231549998

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After the Crash by Sharyn O'Halloran,Thomas Groll Pdf

The 2008 crash was the worst financial crisis and the most severe economic downturn since the Great Depression. It triggered a complete overhaul of the global regulatory environment, ushering in a stream of new rules and laws to combat the perceived weakness of the financial system. While the global economy came back from the brink, the continuing effects of the crisis include increasing economic inequality and political polarization. After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of experts and practitioners, including Joseph Stiglitz, a Nobel Prize winner; former congressman Barney Frank; former treasury secretary Jacob Lew; Paul Tucker, a former deputy governor of the Bank of England; and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis. Each poses crucial questions: What were the origins of the crisis? How effective were international and domestic regulatory responses? Have we addressed the roots of the crisis through reform and regulation? Are our financial systems and the global economy better able to withstand another crash? After the Crash is vital reading as both a retrospective on the last crisis and an analysis of possible sources of the next one.

Regulating Financial Innovation

Christopher Ruof
Regulating Financial Innovation Book PDF

Author : Christopher Ruof
Publisher : Springer Nature
Page : 449 pages
File Size : 50,9 Mb
Release : 2023-10-01
Category : Business & Economics
ISBN : 9783031329715

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Regulating Financial Innovation by Christopher Ruof Pdf

This book explores the impact of 'Fintech' on the information asymmetry between the financial regulator and the markets. It details the growing regulatory mismatch and how Fintech exacerbates the “pacing problem”, where the regulator struggles to keep up with innovation. With information as a point of reference, the book adds a new perspective on the latest phenomenon in financial innovation and presents a novel framework for navigating structural changes in the financial sector. Based on this analysis, a number of proposals to reduce the information gap and avoid regulatory mismatch are discussed. Thereby, new and promising regulatory concepts, such as regulatory sandboxes and SupTech applications are also covered. This book provides a practical framework for regulatory responses to financial innovation. It will be relevant to researchers and practitioners interested in financial technology and regulation.

Politically Robust Financial Regulation

Mr.Itai Agur
Politically Robust Financial Regulation Book PDF

Author : Mr.Itai Agur
Publisher : International Monetary Fund
Page : 31 pages
File Size : 41,7 Mb
Release : 2021-01-08
Category : Business & Economics
ISBN : 9781513566375

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Politically Robust Financial Regulation by Mr.Itai Agur Pdf

The deferred recognition of COVID-induced losses at banks in many countries has reignited the debate on regulatory forbearance. This paper presents a model where the public's own political pressure drives regulatory policy astray, because the public is poorly informed. Using probabilistic game stages, the model parameterizes how time consistent policy is. The interaction between political motivations and time consistency is novel and complex: increased policy credibility can entice the politically-motivated regulator to act in the public's best interest, or instead repel it from doing so. Considering several regulatory instruments, the paper probes the nexus of political pressure, perverse bank incentives and time inconsistent policy.

European Central Banking Law

Christos V. Gortsos
European Central Banking Law Book PDF

Author : Christos V. Gortsos
Publisher : Springer Nature
Page : 487 pages
File Size : 43,5 Mb
Release : 2020-02-14
Category : Business & Economics
ISBN : 9783030345648

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European Central Banking Law by Christos V. Gortsos Pdf

This book provides a comprehensive overview of European Union (EU) central banking law, a field of EU economic law which emerged in the late 1990s and has developed rapidly ever since. European central banking law pertains to the rules governing the functions, operation, tasks and powers of the European Central Bank (ECB) and the national central banks (NCBs) of EU Member States. Systematically presenting and analysing the role of the ECB as a monetary and banking supervisory authority, the book discusses its changing and developing responsibilities following the financial crisis of 2007-2009 and the ongoing fiscal crisis in the euro area. The book also highlights the ECB’s significant role in relation to the resolution of credit institutions, as well as, conversely, its relatively limited role in respect of last-resort lending to EU credit institutions exposed to liquidity risk. The related tasks and powers of the ECB are presented in light of its interaction with NCBs within the Eurosystem, the European System of Financial Supervision, the Single Supervisory System and the Single Resolution Mechanism. Providing a detailed analysis of the legal framework governing (mainly) the ECB’s monetary policy and other basic tasks within the Eurosystem and its specific tasks in relation to banking supervision and macro-prudential financial oversight, this comprehensive book will be of interest to researchers, practitioners and students in the fields of EU monetary and banking law.

Preparing for the Next Financial Crisis

Olivier de Bandt,Francoise Drumetz,Christian Pfister
Preparing for the Next Financial Crisis Book PDF

Author : Olivier de Bandt,Francoise Drumetz,Christian Pfister
Publisher : Routledge
Page : 370 pages
File Size : 50,9 Mb
Release : 2020-12-29
Category : Business & Economics
ISBN : 9780429949555

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Preparing for the Next Financial Crisis by Olivier de Bandt,Francoise Drumetz,Christian Pfister Pdf

The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise not only the general public but also finance professionals, economists, and journalists. Faced with this challenge, Preparing for the Next Financial Crisis goes back to basics. The authors ask: what do theory and empirical observations tell us about the causes and the consequences of financial crisis and instability? In what has become an increasingly complex financial world, what lessons can we learn from economic policies, which have been implemented, and research, which has developed extremely rapidly in recent years, so as not to repeat past mistakes? In this comprehensive review of the literature, which is both complete and balanced, the authors highlight the points of consensus among economists and policymakers. They assess the capacity of economic policies and institutions in limiting the cost of financial instability. In conclusion, they ask if the financial system has become safer, in the light especially of the Covid-19 Global Crisis. Ten years after the GFC crisis, this is a timely review of the reform agenda, the progress made, and the areas where further changes need to be made to address new risks and challenges.

Political Standards

Karthik Ramanna
Political Standards Book PDF

Author : Karthik Ramanna
Publisher : University of Chicago Press
Page : 300 pages
File Size : 51,7 Mb
Release : 2015-11-09
Category : Business & Economics
ISBN : 9780226210742

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Political Standards by Karthik Ramanna Pdf

Assembling compelling and unprecedented evidence, "Political Standards: Accounting for Legitimacy" documents how in subtle ways the rules of corporate accounting a critical institution in modern market capitalism have been captured to benefit industrial corporations, financial firms, and audit firms. In what is perhaps the only independent overview of the accounting industry, Karthik Ramanna begins with a history of corporate accounting and an accessible explanation of how it works today, including the essential roles it plays in defining the fundamental notion of profitability, facilitating asset allocation, and ensuring the accountability of corporations and their managers. From the evidence, Ramanna shows how accounting rule-makers selectively co-opt conceptual arguments from academia and elsewhere to advance the views of the special-interest groups. From this, Ramanna moves on to develop more broadly a new type of regulatory challenge that of producing public policy in a thin political market. His argument is that accounting rules cannot be determined without the substantial expertise and experience of groups that by definition also have strong commercial interests in the outcome." Political Standards" concludes with an exploration of possible solutions to the problem in accounting and that of thin political markets in general, charting avenues for scholarship and practice. Certain to be an eye-opening account of a massive industry central to the modern business world, "Political Standards "will be an essential resource in understanding how the rules of the game business are set, whom they inevitably favor, and how they can be changed for the better of society."