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Regulatory Cycles Revisiting The Political Economy Of Financial Crises
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Book Synopsis Regulatory Cycles: Revisiting the Political Economy of Financial Crises by : Jihad Dagher
Download or read book Regulatory Cycles: Revisiting the Political Economy of Financial Crises written by Jihad Dagher and published by International Monetary Fund. This book was released on 2018-01-15 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 392 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 The Failure of Financial Regulation by : Anil Hira
Download or read book The Failure of Financial Regulation written by Anil Hira and published by Springer. This book was released on 2019-04-16 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: “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.
Book Synopsis Great Expectations, Slow Transformation by : Manuela Moschella
Download or read book Great Expectations, Slow Transformation written by Manuela Moschella and published by ECPR Press. This book was released on 2014-07-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: n the aftermath of the financial crisis, why has the reform process been incremental yet the conditions for more rapid and abrupt transformations appeared to be available? Is there anything specific about financial policy that prevents more radical reforms? Drawing from Comparative Politics and Historical Institutionalism in particular, as well as International Political Economy, this book answers these questions by examining the particular institutional frictions that characterise global financial governance and influence the activity of change agents and veto players involved in the process of global regulatory change. The chapters in this volume collectively demonstrate that the process of change in financial rule-making as well as in the institutions governing finance does not fit with the punctuated model of policy change. The book also shows, however, that incremental changes can lead to fundamental shifts in the basic principles that inform global financial governance.
Book Synopsis The Regulatory Cycle in Banking by : Maurizio Trapanese
Download or read book The Regulatory Cycle in Banking written by Maurizio Trapanese and published by . This book was released on 2021-01-11 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Regulatory Responses to the Global Financial Crisis by : Mr.Stijn Claessens
Download or read book The Regulatory Responses to the Global Financial Crisis written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-03-14 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.
Book Synopsis Regulation and the Global Financial Crisis by : Daniel Cash
Download or read book Regulation and the Global Financial Crisis written by Daniel Cash and published by Routledge. This book was released on 2020-11-24 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis was a cross-sector crisis that fundamentally affected modern society. Regulation, as a concept, was both blamed for allowing the crisis to happen, but also tasked with developing and implementing solutions in the wake of the crash. In this book, a number of specialists from a range of fields have contributed their insights into the effect of the Financial Crisis upon the regulatory frameworks affecting their fields, how regulators have responded to the Crisis, and then what this may mean for the future of regulation within those industries. These analyses are joined by a picture of past financial crises – which reveals interesting patterns – and then analyses of architectural regulatory models that were fundamentally affected by the Crisis. The book aims to allow sector specialists the freedom to share their insights so that, potentially, a broader picture can be identified. Providing an interesting and thought-provoking account of this societally impactful era, this book will help the reader develop a more informed understanding of the potential future of financial regulation. The book will be of value to researchers, students, advanced level students, regulators, and policymakers.
Book Synopsis Global Governance and Regulatory Failure by : Roman Goldbach
Download or read book Global Governance and Regulatory Failure written by Roman Goldbach and published by . This book was released on 2015 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.
Book Synopsis Global Finance in Crisis by : Eric Helleiner
Download or read book Global Finance in Crisis written by Eric Helleiner and published by Taylor & Francis. This book was released on 2010 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Political Bubbles by : Nolan M. McCarty
Download or read book Political Bubbles written by Nolan M. McCarty and published by . This book was released on 2015-03-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Chicago Plan Revisited by : Mr.Jaromir Benes
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Fundamental Principles of Financial Regulation by : Charles Albert Eric Goodhart
Download or read book The Fundamental Principles of Financial Regulation written by Charles Albert Eric Goodhart and published by Geneva Reports on the World Ec. This book was released on 2009 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Globalisation by : V. Anantha Nageswaran
Download or read book Financial Globalisation written by V. Anantha Nageswaran and published by Cambridge University Press. This book was released on 2019-05-23 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the rise of financialisation globally, charting drawbacks and prescribing suggestions for a definitive overhaul of the structure.
Book Synopsis The Character of American Democracy by : Jill Long Thompson
Download or read book The Character of American Democracy written by Jill Long Thompson and published by Indiana University Press. This book was released on 2020-09-15 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.
Book Synopsis The Handbook of Global Shadow Banking, Volume I by : Luc Nijs
Download or read book The Handbook of Global Shadow Banking, Volume I written by Luc Nijs and published by Springer Nature. This book was released on 2020-06-30 with total page 822 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Politically Robust Financial Regulation by : Mr.Itai Agur
Download or read book Politically Robust Financial Regulation written by Mr.Itai Agur and published by International Monetary Fund. This book was released on 2021-01-08 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
