Regulatory Cycles Revisiting The Political Economy Of Financial Crises

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Regulatory Cycles: Revisiting the Political Economy of Financial Crises

Jihad Dagher
Regulatory Cycles Revisiting the Political Economy of Financial Crises Book PDF

Author : Jihad Dagher
Publisher : International Monetary Fund
Page : 89 pages
File Size : 52,9 Mb
Release : 2018-01-15
Category : Business & Economics
ISBN : 9781484337745

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Regulatory Cycles: Revisiting the Political Economy of Financial Crises by Jihad Dagher Pdf

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.

Banking, Monetary Policy and the Political Economy of Financial Regulation

Gerald A. Epstein,Tom Sclesinger,Matias Vernengo
Banking Monetary Policy and the Political Economy of Financial Regulation Book PDF

Author : Gerald A. Epstein,Tom Sclesinger,Matias Vernengo
Publisher : Edward Elgar Publishing
Page : 392 pages
File Size : 44,6 Mb
Release : 2014-07-31
Category : Banks and banking
ISBN : 9781783472642

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Banking, Monetary Policy and the Political Economy of Financial Regulation by Gerald A. Epstein,Tom Sclesinger,Matias Vernengo Pdf

The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the

The Failure of Financial Regulation

Anil Hira,Norbert Gaillard,Theodore H. Cohn
The Failure of Financial Regulation Book PDF

Author : Anil Hira,Norbert Gaillard,Theodore H. Cohn
Publisher : Springer
Page : 252 pages
File Size : 42,5 Mb
Release : 2019-04-16
Category : Political Science
ISBN : 9783030056803

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The Failure of Financial Regulation by Anil Hira,Norbert Gaillard,Theodore H. Cohn Pdf

“This publication could not be more timely. Little more than a decade after the global financial crisis of 2008, governments are once again loosening the reins over financial markets. The authors of this volume explain why that is a mistake and could invite yet another major crisis.” —Benjamin Cohen, University of California, Santa Barbara, USA “Leading political scientists from several generations here offer historical depth, as well as sensible suggestions about what reforms are needed now.” —John Kirton, University of Toronto, Canada, and Co-founder of the G7 Research Group “A valuable antidote to complacency for policy-makers, scholars and students.” —Timothy J. Sinclair, University of Warwick, UK This book examines the long-term, previously underappreciated breakdowns in financial regulation that fed into the 2008 global financial crash. While most related literature focuses on short-term factors such as the housing bubble, low interest rates, the breakdown of credit rating services and the emergence of new financial instruments, the authors of this volume contend that the larger trends in finance which continue today are most relevant to understanding the crash. Their analysis focuses on regulatory capture, moral hazard and the reflexive challenges of regulatory intervention in order to demonstrate that financial regulation suffers from long-standing, unaddressed and fundamental weaknesses.

Global Governance and Regulatory Failure

Roman Goldbach
Global Governance and Regulatory Failure Book PDF

Author : Roman Goldbach
Publisher : Unknown
Page : 271 pages
File Size : 40,8 Mb
Release : 2015
Category : Banking law
ISBN : 0333711106

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Global Governance and Regulatory Failure by Roman Goldbach Pdf

"Does global governance contribute to regulatory failure and financial crises? And, if it does, should we enhance global cooperation to prevent future crises or confine our focus on the national level? Roman Goldbach reveals that, while global cooperation of bank regulators should minimise the emergence of financial crises, it actually contributes to the build-up of financial bubbles and the resulting turmoil. He argues, moreover, that the underlying governance structure remains intact to date, which promises comparable future regulatory failure. Goldbach's innovative analysis of the Basel Committee on Banking Supervision and its two most recent global standards--the Basel II and Basel III frameworks--builds on new empirical material from national, transnational and international processes. His results demonstrate how global governance has contributed to the onset of the 'Great Recession'--and how it continues to increase the likelihood of future global financial crises"--Back cover.

Global Finance in Crisis

Eric Helleiner,Stefano Pagliari,Hubert Zimmermann
Global Finance in Crisis Book PDF

Author : Eric Helleiner,Stefano Pagliari,Hubert Zimmermann
Publisher : Taylor & Francis
Page : 200 pages
File Size : 43,5 Mb
Release : 2010
Category : Business & Economics
ISBN : 9780415564373

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Global Finance in Crisis by Eric Helleiner,Stefano Pagliari,Hubert Zimmermann Pdf

From the vantage point of the key powers in global finance including the United States, the European Union, Japan, and China, this highly accessible book provides the first systematic analysis of the international regulatory response to the current financial crisis.

The Regulatory Cycle in Banking

Maurizio Trapanese
The Regulatory Cycle in Banking Book PDF

Author : Maurizio Trapanese
Publisher : Unknown
Page : 88 pages
File Size : 45,6 Mb
Release : 2021-01-11
Category : Electronic
ISBN : 1636480829

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The Regulatory Cycle in Banking by Maurizio Trapanese Pdf

This book analyses the interactions between financial regulation and crises with reference to the experience of the United States in the period after the global financial crisis up to the COVID-19 emergency. The US case has been framed in a more general context, making extensive reference to the theoretical literature that has examined in depth the interactions between financial laws and crises throughout the centuries (and across countries). In the last few years, a new regulatory system for large banks has arisen in the US, reversing some elements of the Dodd-Frank Act and introducing deviations from the prudential rules agreed by the G20 after the financial crisis of 2007-09. This approach is confirmed by some of the measures adopted in response to COVID-19. These signs of a softened approach to banking regulation (and supervision) are also spreading beyond the United States and they can be inferred from a variety of circumstances and institutional contexts This is a sign that the pendulum on financial regulation is swinging back again. The cumulative effect of these trends could force the globally harmonized approach to regulation to be broken down, also in the light of the situation triggered by the COVID-19 pandemic. A trend towards easing or suspending prudential rules now could expose the international banking system to growing risks in the years to come. In the current exceptional circumstances as well, the international standards must not be breached, as they provide the resilience needed to sustain lending to the economy, and to keep banks safe. It is important to stress that the banking systems that seem to be in a better position to withstand the present shock - having higher average levels and quality of prudential requirements - are those more advanced in the consistent implementation of the G20 international standards. With the memory of the global financial crisis fading and the long post-crisis economic expansion coming to an end, the pressures to dilute the G20 rules could grow stronger. The importance of maintaining a consistent approach to needs to be emphasized. About the author: Maurizio Trapanese is Director in the DG Economics, Statistics and Research of the Bank of Italy. His responsibilities include research on the international prudential regulation, the cyclicality of financial laws, and the EU framework for crisis management. Previously, he worked in the DG Supervision, where he was involved in the international negotiations on prudential rules. He has participated to international committees at the Eurosystem, EU, and global level, directly contributing to the finalization of the post-financial crisis standards and the EU single rulebook in banking.

Political Bubbles

Nolan M. McCarty,Keith T. Poole,Howard Rosenthal
Political Bubbles Book PDF

Author : Nolan M. McCarty,Keith T. Poole,Howard Rosenthal
Publisher : Unknown
Page : 0 pages
File Size : 45,8 Mb
Release : 2015-03-22
Category : Political Science
ISBN : 0691165726

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Political Bubbles by Nolan M. McCarty,Keith T. Poole,Howard Rosenthal Pdf

How governmental failure led to the 2008 financial crisis--and what needs to be done to avoid another similar event Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future. The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.

Transnational Financial Regulation After the Crisis

Tony Porter
Transnational Financial Regulation After the Crisis Book PDF

Author : Tony Porter
Publisher : Unknown
Page : 232 pages
File Size : 49,8 Mb
Release : 2014
Category : Business & Economics
ISBN : 1315818388

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Transnational Financial Regulation After the Crisis by Tony Porter Pdf

The global financial crisis that began in 2007 was the most destructive since the 1930s. The rapid spread of the crisis across borders and the complexity of these cross-border linkages highlighted the importance for authorities of working together in responding to the crisis. This book examines the transnational response that relied heavily on a set of relatively informal transnational regulatory groupings that had been constructed over previous decades. During the crisis these arrangements were made stronger and more inclusive, but they remain very complex. Thousands of pages of new rules have been created by various transnational bodies, and the implementation of these rules relies heavily on domestic law and regulation and private rules and practices. This book analyses this complex response, showing that its overly technical and incremental character, the persistence of tensions between transnational processes and state-centred politics, and the ongoing power of private actors, have made the regulatory response fall short of what is needed. Transnational Financial Regulation after the Crisisprovides new insights that are relevant for theory and practice, not only for transnational financial regulation, but for global governance more generally.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 51,6 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

The Fundamental Principles of Financial Regulation

Charles Albert Eric Goodhart,Avinash Persaud,Andrew Crockett,International Center for Monetary and Banking Studies,Hyun Shin
The Fundamental Principles of Financial Regulation Book PDF

Author : Charles Albert Eric Goodhart,Avinash Persaud,Andrew Crockett,International Center for Monetary and Banking Studies,Hyun Shin
Publisher : Geneva Reports on the World Ec
Page : 144 pages
File Size : 46,6 Mb
Release : 2009
Category : Business & Economics
ISBN : UCSD:31822037473311

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The Fundamental Principles of Financial Regulation by Charles Albert Eric Goodhart,Avinash Persaud,Andrew Crockett,International Center for Monetary and Banking Studies,Hyun Shin Pdf

Analytical background -- Nature of systemic risk -- Who should be regulated (by whom) -- Counter-cyclical regulation -- Regulation of liquidity and maturity mismatches -- Other regulatory issues -- The structure of regulation -- Conclusions -- Appendix : the boundary problem in financial regulation -- Discussion and roundtables.

The Financial Crisis Inquiry Report

Financial Crisis Inquiry Commission
The Financial Crisis Inquiry Report Book PDF

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
Page : 692 pages
File Size : 52,7 Mb
Release : 2011-05-01
Category : Political Science
ISBN : 9781616405410

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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.

The Chicago Plan Revisited

Mr.Jaromir Benes,Mr.Michael Kumhof
The Chicago Plan Revisited Book PDF

Author : Mr.Jaromir Benes,Mr.Michael Kumhof
Publisher : International Monetary Fund
Page : 71 pages
File Size : 51,9 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505528

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The Chicago Plan Revisited by Mr.Jaromir Benes,Mr.Michael Kumhof Pdf

At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.

Financial Globalisation

V. Anantha Nageswaran,Gulzar Natarajan
Financial Globalisation Book PDF

Author : V. Anantha Nageswaran,Gulzar Natarajan
Publisher : Cambridge University Press
Page : 307 pages
File Size : 40,9 Mb
Release : 2019-05-23
Category : Business & Economics
ISBN : 9781108482349

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Financial Globalisation by V. Anantha Nageswaran,Gulzar Natarajan Pdf

Examines the rise of financialisation globally, charting drawbacks and prescribing suggestions for a definitive overhaul of the structure.

The Character of American Democracy

Jill Long Thompson
The Character of American Democracy Book PDF

Author : Jill Long Thompson
Publisher : Indiana University Press
Page : 164 pages
File Size : 40,6 Mb
Release : 2020-09-15
Category : Political Science
ISBN : 9780253050441

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The Character of American Democracy by Jill Long Thompson Pdf

"We live in an age that demonstrates the powerful need for ethics in government. Democracy is a privilege that carries with it important responsibilities for the people and their representatives. As we look back on this era and determine the future of this nation, Dr. Long Thompson's book will be a resource for Americans who are seeking ways to secure our democracy and our future as a nation." Congressman John Lewis, Georgia's 5th District. Ethical leadership, steeped in integrity and fairness, matters. The future of our nation and our world depends upon the quality of America's character. In this uncompromising, absorbing look at our government and society today, Jill Long Thompson persuasively argues that we all have a meaningful role to play in shaping America's character and future. The citizenry, as well as their elected officials, are responsible for protecting fairness of participation and integrity in elections, as well as in the adoption and execution of laws. In this troubling time when the public is losing trust and confidence in our government, Jill Long Thompson shows us a bipartisan way forward.

The Handbook of Global Shadow Banking, Volume I

Luc Nijs
The Handbook of Global Shadow Banking Volume I Book PDF

Author : Luc Nijs
Publisher : Springer Nature
Page : 822 pages
File Size : 41,7 Mb
Release : 2020-06-30
Category : Business & Economics
ISBN : 9783030347437

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The Handbook of Global Shadow Banking, Volume I by Luc Nijs Pdf

This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.