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Essays On Financial Regulation
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Book Synopsis Banking, Monetary Policy and the Political Economy of Financial Regulation by : Gerald A. Epstein
Download or read book Banking, Monetary Policy and the Political Economy of Financial Regulation written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2014-07-31 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Essays in Banking and Financial Regulation by : Maximilian Jager
Download or read book Essays in Banking and Financial Regulation written by Maximilian Jager and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Regulation by : Antonios Kotidis
Download or read book Essays on Financial Regulation written by Antonios Kotidis and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Regulation by : Mauricio Naranjo
Download or read book Essays on Financial Regulation written by Mauricio Naranjo and published by . This book was released on 1995 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Crises and Financial Regulation by : Javier Ignacio Bianchi Caporale
Download or read book Essays on Financial Crises and Financial Regulation written by Javier Ignacio Bianchi Caporale and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Money, Banking, and Regulation by : C.J.M Kool
Download or read book Essays on Money, Banking, and Regulation written by C.J.M Kool and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.
Book Synopsis Essays in Financial Regulation and Corporate Law by : Frank Allen Ferrell
Download or read book Essays in Financial Regulation and Corporate Law written by Frank Allen Ferrell and published by . This book was released on 2005 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) The third essay investigates whether the empirical evidence favors state competition for corporate incorporations. The essay concludes that the existing empirical evidence does not favor state competition. Moreover, data on incorporation choices made by firms supports this conclusion. States with wealth-reducing state antitakeover statutes are not penalized in the market for incorporations. The fourth essay addresses whether dispersion of ownership in the United States can be explained by the U.S. having a strong corporate and securities legal regime. The essay concludes that dispersion of ownership cannot be so explained.
Book Synopsis Public Policy & Financial Economics: Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession by : Douglas D Evanoff
Download or read book Public Policy & Financial Economics: Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession written by Douglas D Evanoff and published by World Scientific. This book was released on 2018-03-08 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central goal of this volume was to assemble outstanding scholars and policymakers in the field of financial markets and institutions and have them articulate significant market developments in their particular areas of expertise during the past few decades.Not just a celebratory volume, Public Policy and Financial Economics selected internationally recognized financial economists who have worked with Professor Kaufman during his years of scholarly research, and have a combined mastery of specialized financial markets themes and, very importantly, knowledge of public policies in the areas. All 15 chapters offer unique, innovative, and exciting expositions of several critical topics in financial economics.
Book Synopsis Essays in Banking and Financial Regulation by : Janika Bockmeyer
Download or read book Essays in Banking and Financial Regulation written by Janika Bockmeyer and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Financial Regulation and Macro-finance by : Juliane Begenau
Download or read book Essays in Financial Regulation and Macro-finance written by Juliane Begenau and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three separate contributions to the field of macroeconomics and finance. In the first chapter, I present a quantitative dynamic general equilibrium model for the purpose of determining the optimal capital requirement for banks. Banks play two roles in this model: They contribute to the production of a final good and they provide liquidity in the form of bank debt, which households value. Banks also benefit from an implicit bailout guarantee from the government, which motivates them to take on excessive risk. I quantify this model using data from NIPA and the FDIC. Higher capital requirements lower risk-taking and increase consumption, but they also reduce the supply of bank debt. The reduction in bank debt leads to a lower interest rate on bank debt through a general equilibrium effect. This reduces the overall funding costs of banks and allows them to grow larger, which increases the capital stock and, consequently, production as well as consumption. The optimal capital requirement weighs the reduction in economic volatility and the increase in consumption against the reduction in liquidity. Welfare is maximized at 14%. The second chapter is coauthored with Juliana Salomao. Therein, we study how firms finance themselves over the business cycle. Using Compustat data, we first document that large firms substitute between debt and equity financing over the business cycle whereas small firms increase the amount of funds raised, using both debt and equity financing, in good times and reduce it in bad. We propose a mechanism that explains this empirical feature in a heterogeneous firm optimization model. Our mechanism is based on two main features. First, small firms are growing and therefore have higher funding needs compared to large firms. Second, the cost of debt financing depends endogenously on the default probability of the rm as well as on the recuperation value of the bond. This model can account for the cyclical relationships we see in the data. The third chapter is co-written with Monika Piazzesi and Martin Schneider. It studies US banks' exposure to interest rate and default risk. We exploit the factor structure in interest rates to represent many bank positions as portfolios in a small number of bonds. This approach makes exposures comparable across banks and across the business segments of an individual bank. We also propose a strategy to estimate exposure due to interest rate derivatives from regulatory data on notional and fair values together with the history of interest rates.
Book Synopsis Essays on Money, Default and Financial Regulation by : Li Lin
Download or read book Essays on Money, Default and Financial Regulation written by Li Lin and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Regulation in Macroeconomics by : Julien Yonathan Bengui
Download or read book Essays on Financial Regulation in Macroeconomics written by Julien Yonathan Bengui and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Regulation by : MICHAEL. JACKSON BARR (HOWELL. TAHYAR, MARGARET.)
Download or read book Financial Regulation written by MICHAEL. JACKSON BARR (HOWELL. TAHYAR, MARGARET.) and published by Foundation Press. This book was released on 2018-08-06 with total page 1412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Regulation: Law and Policy (2d Edition) introduces the field of financial regulation in a new and accessible way. Even though a decade has passed since the most systemic financial crisis in the last 70 years and eight years have elapsed since a major shift in regulatory design, the world is still grappling with the aftermath. In addition, technology innovations, including Bitcoin and other cryptocurrencies, market forces and a changing political environment all have combined to reframe and reorient public debate over financial regulation. The book has kept up to date with all of these changes. The book analyzes and compares the market and regulatory architecture of the entire U.S. financial sector as it exists today, from banks, insurance companies, and broker-dealers, to asset managers, complex financial conglomerates, and government-sponsored enterprises. The book explores a range of financial activities, from consumer finance and investment to payment systems, securitization, short-term wholesale funding, money markets, and derivatives. The book examines a range of regulatory techniques, including supervision, enforcement, and rule-writing, as well as crisis-fighting tools such as resolution and the lender of last resort. Throughout the book, the authors note the cross-border implications of U.S. rules, and compare, where appropriate, the U.S. financial regulatory framework and policy choices to those in other places around the globe, especially the European Union.
Book Synopsis Essays on the Regulation of Financial Institutions by : William Robert Emmons
Download or read book Essays on the Regulation of Financial Institutions written by William Robert Emmons and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Banking and Regulation by : Tirupam Goel
Download or read book Essays in Banking and Regulation written by Tirupam Goel and published by . This book was released on 2016 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: The broad goal of this dissertation is to further our understanding of the relationship between real and financial sectors of an economy, to identify inefficiencies in financial sector intermediation, and to design financial regulation policies that can address these inefficiencies. The three chapters of this dissertation contribute to specific aspects of the above goal. In the first chapter, I develop a general equilibrium macroeconomic model with a dynamic banking sector in order to characterize optimal size-dependent bank leverage regulation. Bank leverage choices are subject to the risk-return trade-off, and are inefficient due to financial frictions. I show that leverage regulation can generate welfare gains, and that optimal regulation is tighter relative to the benchmark and is bank-size dependent. In particular, optimal regulation is tighter for large banks relative to small banks, and it leads to the following welfare generating effects. First, as small banks take more leverage, they grow faster conditional on survival, leading to a selection effect. Second, small bank failures are less costly while entrants have higher relative efficiency, leading to a cleansing effect. Third, tighter regulation for large banks reduces their failure rate, which generates welfare since large banks are more efficient and costlier to replace, leading to a stabilization effect. The calibrated model rationalizes various steady state moments of the US banking industry, and points towards qualitatively similar but quantitatively tighter leverage regulation relative to the proposition in Basel III accords. In the second chapter, I study the financial contagion problem when banks in order to hedge against idiosyncratic shocks, engage in two-dimensional as opposed to one-dimensional interactions with other banks. To this end, I develop a double-edge interbank network model where banks engage in debt contract and securitization transactions with other banks. I show that the standard intuition of financial contagion does not translate from the one-dimensional case to the two-dimensional case i.e. financial contagion can either weaken or worsen depending on the network and parameter configuration. In particular, I derive parametrization for the case where financial contagion worsens. In the third chapter, we investigate whether countercyclical capital-ratio regulation (CCR) should be implemented strictly as a rule, or whether regulators should have discretion with respect to the timing and magnitude of changes in capital-ratio requirement. Using a simple model we prove the proposition that under information asymmetry, discretionary CCR leads to an increase in policy uncertainty relative to rule-based CCR. We prove a similar proposition for a general finite-horizon economy. Finally, we document that since discretionary CCR enables the regulator to respond to unexpected shocks, a benevolent regulator faces the welfare trade-off while choosing between rule-based and discretionary CCR.
Book Synopsis Essays on Financial Regulation, Stability and Inequality by : Maria Alejandra Amado Garfias
Download or read book Essays on Financial Regulation, Stability and Inequality written by Maria Alejandra Amado Garfias and published by . This book was released on 2021 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence has shown that regulatory policies aimed at achieving financial stability disproportionally affect firms facing tighter borrowing constraints. However, little is known about the consequences of these policies in dollarized economies, where cheaper dollar financing plays a crucial role in relaxing small firms' borrowing constraints. Furthermore, the impact of these policies on income distribution has remained unexplored in the literature. In Chapter 1, I propose a theoretical mechanism to understand the effects of a tax on foreign currency financial intermediation. I analyze the equilibrium of a credit market game in which currency mismatch acts as a means for relaxing small firms' borrowing constraints. I show that a tax on dollar lending negatively affects the total debt of constrained (small) firms, while it only has compositional effects on total debt of unconstrained (large) firms. In Chapter 2, I study the implementation of a macroprudential FX tax by the Central Bank of Peru. I build a novel dataset that combines confidential data on the universe of loans granted by Peruvian banks to nontradable firms and a confidential dataset on the universe of all formally registered firms. Exploiting the heterogeneity in the strictness of the tax among banks, I provide causal evidence of the heterogeneous effects of this tax on firms of different sizes. I find that a 10% increase in bank exposure to the tax significantly increases disparities in the growth of total loans between small and large firms by 1.5 percentage points. When accounting for firms switching to soles financing from different banks, the effect on large firms financing is only compositional. Chapter 3 explores the links between macroprudential policies and labor income inequality. I develop a survey of two strands of the literature that have remained disconnected thus far: First, the literature that explores the heterogeneous effects of banking regulation and capital controls on firms of different sizes. And second, the literature that studies the drivers of the firm size wage puzzle, and the implications of firm demography on income inequality. I conjecture that, by disproportionally hurting small firms' financing and growth possibilities, macroprudential policies can contribute to increase labor income inequality.
Book Synopsis Essays on Banking, Securitisation, Financial Regulation and Stability by : Alessandro Diego Scopelliti
Download or read book Essays on Banking, Securitisation, Financial Regulation and Stability written by Alessandro Diego Scopelliti and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
