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Quest for Restoring Financial Stability in India by Viral V. Acharya Pdf
An excellent primer for students wanting to learn macroeconomics and policymaking - Kaushik Basu An important and timely contribution to our understanding of the Indian economy - Raghuram Rajan How to maintain financial stability in India? Quest for Restoring Financial Stability in India is a classic work to understand this critical subject. In this Penguin edition, with a new introduction, Viral V. Acharya, former Deputy Governor of RBI offers a concrete road map for comprehensive improvement of India's economy. Authoritative and definitive, this is a must read for the students and scholars of Indian economy, policymakers and anyone interested in India's finance sector.
Author : New York University Stern School of Business Publisher : John Wiley & Sons Page : 416 pages File Size : 45,6 Mb Release : 2009-03-23 Category : Business & Economics ISBN : 9780470499344
Restoring Financial Stability by New York University Stern School of Business Pdf
An insightful look at how to reform our broken financial system The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions that seemed to be discarded almost as soon as they were proposed, a group of thirty-three academics at New York University Stern School of Business began tackling the hard questions behind the headlines. Representing fields of finance, economics, and accounting, these professors-led by Dean Thomas Cooley and Vice Dean Ingo Walter-shaped eighteen independent policy papers that proposed market-focused solutions to the problems within a common framework. In December, with great urgency, they sent hand-bound copies to Washington. Restoring Financial Stability is the culmination of their work. Proposes bold, yet principled approaches-including financial policy alternatives and specific courses of action-to deal with this unprecedented, systemic financial crisis Created by the contributions of various academics from New York University's Stern School of Business Provides important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again Contains detailed evaluations and analyses covering many spectrums of the marketplace Edited by Matthew Richardson and Viral Acharya, this reliable resource brings together the best thinking of finance and economics from the faculty of one of the top universities in world.
International Finance Regulation by Georges Ugeux Pdf
As the global market expands, the need for internationalregulation becomes urgent Since World War II, financial crises have been the result ofmacroeconomic instability until the fatidic week end of September15 2008, when Lehman Brothers filed for bankruptcy. The financialsystem had become the source of its own instability through acombination of greed, lousy underwriting, fake ratings andregulatory negligence. From that date, governments tried to puttogether a new regulatory framework that would avoid using taxpayermoney for bailout of banks. In an uncoordinated effort, theyproduced a series of vertical regulations that are disconnectedfrom one another. That will not be sufficient to stop finance frombeing instable and the need for international and horizontalregulation is urgent. This challenge is the focus of GeorgesUgeux’s book. International Finance Regulation: The Quest for FinancialStability focuses on the inspirations behind regulation, andexamines the risks and consequences of fragmentation on a globalscale. Author Georges Ugeux has four decades of experience in thelegal and economic aspects of international business operations. Hecreated and run the New York Stock Exchange’sinternationalgroup in charge of developing the NYSE’s reach to non-UScompanies, including relationships with regulators and governments. Ugeux teaches European Banking and Finance of the ColumbiaUniversity School of Law. Ugeux is uniquely positioned to providerecommendations and suggestions from the perspective of a topglobal authority. In the book, he explores international regulationwith topics such as: • Laws, regulations, and risks of overregulation • Transformation of the U.S. market and creation of theEurozone • Development of a global framework and stability of thebanking system • In-depth examination of Basel III, the Dodd-Frank Act, theEuropean Banking Union, and the Volcker Rule The book also contains case studies from real-world scenarioslike Lehman, CDS, Greece, the London Whale, and Libor to illustratethe concepts presented. Finance consistently operates within anincreasingly global paradigm, and an overarching regulation schemeis becoming more and more necessary for sustainable growth.International Finance Regulation: The Quest for FinancialStability presents an argument for collaboration toward acomprehensive global regulation strategy.
Who Moved My Interest Rate by Duvvuri Subbarao Pdf
An insider's view of the Reserve Bank of India Duvvuri Subbarao's term as the governor of the Reserve Bank of India from 2008 to 2013 was an unusually turbulent period. The global financial crisis erupted; India was in the throes of a decade-high, stubborn inflation rate, followed by a sharp depreciation of the rupee. This was also a time when questions about the breadth of the RBI's mandate, autonomy and accountability became subjects of debate in financial circles and in the media at large. Who Moved My Interest Rate is an authoritative account of the dilemmas and quandaries he confronted while leading the Reserve Bank through these extraordinary economic and political challenges.
Bank Leverage and Monetary Policy's Risk-Taking Channel by Mr.Giovanni Dell'Ariccia,Mr.Luc Laeven,Mr.Gustavo Suarez Pdf
We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s loan portfolio) is negatively associated with increases in short-term policy interest rates. This relationship is less pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and economic distress. These results contribute to the ongoing debate on the role of monetary policy in financial stability and suggest that monetary policy has a bearing on the riskiness of banks and financial stability more generally.
All of us love to spend. But before we can do that, we have to have earned or saved some money. Only sovereigns don't have to: they can print money, or borrow; in our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature. Many rulers have succumbed to the temptation, with dire results - inflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence. After centuries of ruinous experiences, some governments learnt, others haven't, to control themselves, create self-governing Central banks and let them manage money and regulate banks. Sometime in 2015, news of unsustainable bad debts (non-performing assets or NPAs) in the Indian banking sector started to first trickle out, and then became a flood. In the forefront were some of India's largest government banks, and a series of tycoons who were running their empires on unpaid debts. The banks' problems landed on the table of Urjit Patel when he became Governor of Reserve Bank of India in September 2016. Based on thirty years of macroeconomic experience, he worked out the '9R' strategy which would save our savings, rescue our banks and protect them from unscrupulous racketeers. In this book, he explains the problem and how it blew up; and how he would have resolved it if he had not been prevented.
International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 94 pages File Size : 52,9 Mb Release : 2012-04-18 Category : Business & Economics ISBN : 9781616352479
Global Financial Stability Report, April 2012 by International Monetary Fund. Monetary and Capital Markets Department Pdf
The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Financial Market Regulation and Reforms in Emerging Markets by Masahiro Kawai,Eswar Prasad Pdf
"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Unshackling India by Ajay Chhibber,Salman Anees Soz Pdf
As India enters its seventy-fifth year of independence, conventional policy is unlikely to combat the breadth of its economic challenges. Across a range of areas-human capital, technology, agriculture, finance, trade, public service delivery and more-new ideas must now be on the table. The COVID-19 pandemic has not only cost India many lives and livelihoods, it has also exposed major structural weaknesses in the economy. A huge farm and jobs crisis, rising and massive inequalities, tepid investment growth, and chronic banking sector challenges have plagued the economy, exacerbated by the COVID-19 pandemic. It has also exposed the limitations of the Indian state, which tries to control too much-and ends up stifling the economy and the inherent energies of its young population. Climate change is no longer a distant threat, while disruptive technology has huge implications for India's demographic dividend. In addition, the dangerous lurch towards majoritarianism will cast its shadow on India's pursuit of prosperity for all. Unshackling India examines the question: Can India use the next twenty-five years, when it will reach the hundredth year of independence, to restructure not only its economy but rejuvenate its democratic energy and unshackle its potential-to become a genuinely developed economy by 2047? The book argues that India can foster a prosperous and inclusive economy if it sets its mind to it, acknowledges the hard truths, and lays out the clear choices and new ideas India must adopt towards that end.
Governance of International Banking by Dirk Schoenmaker Pdf
Global governance of international banks is breaking down after the Great Financial Crisis, as national regulators are withdrawing on their home turf. New evidence presented illustrates that the global systemically important banks underpin the global financial system. This book offers solutions for the effective governance of global banks.
The Financial Crisis Inquiry Report by Financial Crisis Inquiry Commission Pdf
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Understand the theories and interpret the actions of modern central banks Central Banking takes a comprehensive look at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced as well as emerging economies, theories behind their thinking, and actual operations practices. The book takes a systematic approach to the topic, while providing an accessible format and style that is appropriate for general audiences and students with only a minimal macroeconomic background. Theoretical reviews and examples of how the theories are applied in practice are presented in an easy-to-understand manner and serve as a guide for readers to further investigate specific ancillary central banking topics and as a means to make informed judgments about central bank actions. Important topics covered in the book include: Evolution of central banking functions and the international monetary system Theoretical backgrounds that are the foundation to the modern practice of monetary policy Monetary policy regimes, including exchange rate targeting, money supply growth targeting, the risk management approach, inflation targeting, and unconventional monetary policy. Actual practice in market operations and transmission mechanisms of monetary policy The exchange rate and central banking Theoretical backgrounds related to various dimensions of financial stability Current developments with regards to sustaining financial stability The future of central banking in the wake of the 2007-2010 global financial crisis Case studies on relevant practical issues and key concepts in central banking Designed as essential reading for students, market analysts, investors, and central banks' new recruits, Central Banking better positions readers to interpret the actions of central banks and to understand the complexities of their position in the global financial arena.
Viral V. Acharya,Matthew Richardson,Stijn van Nieuwerburgh,Lawrence J. White
Author : Viral V. Acharya,Matthew Richardson,Stijn van Nieuwerburgh,Lawrence J. White Publisher : Princeton University Press Page : 233 pages File Size : 41,6 Mb Release : 2011-03-14 Category : Business & Economics ISBN : 9781400838097
Guaranteed to Fail by Viral V. Acharya,Matthew Richardson,Stijn van Nieuwerburgh,Lawrence J. White Pdf
Why America's public-private mortgage giants threaten the world economy—and what to do about it The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future? Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.