The Perils Of International Regime Complexity In Shadow Banking

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The Perils of International Regime Complexity in Shadow Banking

Author : Lucia Quaglia
Publisher : Oxford University Press
ISBN 13 : 0192691708
Total Pages : 241 pages
Book Rating : 4.1/5 (926 download)

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Book Synopsis The Perils of International Regime Complexity in Shadow Banking by : Lucia Quaglia

Download or read book The Perils of International Regime Complexity in Shadow Banking written by Lucia Quaglia and published by Oxford University Press. This book was released on 2022-05-26 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the role of shadow banking in the building up of the 2008 international financial crisis, the massive size of this sector, its cross-border nature, and the risks it entails for financial stability, the post-crisis regulation of shadow banking has remained rather feeble. Why? The Perils of International Regime Complexity in Shadow Banking identifies a 'game of shadows', which unfolded recursively concerning the definition, monitoring, and regulation of shadow banking internationally. Thus, states, regulators, and private actors tended to cast light away from various parts of the shadow banking system - shadow banking was (re)fined over time, its measurement was narrowed down, lessening the (perceived) need for regulation. The playing out of such a game was facilitated by the international architecture for shadow banking governance, which is a 'regime complex' characterized by the presence of multiple institutions and elemental regimes governing a set of related issues. Indeed, shadow banking is a quintessential case for demonstrating the perils of international regime complexity, which magnifies problems that are endemic in governing global finance - namely, interstate competition, disagreement between technocratic bodies, and the power of the financial industry - while splintering solutions, due to the fragmentation of regulatory authority. Empirically, this book examines various elemental regimes concerning different aspects of shadow banking, namely: international standards for defining, measuring, and monitoring global shadow banking; international standards for shadow banking entities, including money market funds, hedge funds, and investment funds; international standards for shadow banking activities, such as securitization, securities lending, and repos; international standards for bank capital exposures to shadow banking.

Shadow Banking

Author : Anastasia Nesvetailova
Publisher : Routledge
ISBN 13 : 1315511592
Total Pages : 250 pages
Book Rating : 4.3/5 (155 download)

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Book Synopsis Shadow Banking by : Anastasia Nesvetailova

Download or read book Shadow Banking written by Anastasia Nesvetailova and published by Routledge. This book was released on 2017-08-07 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shadow banking – a system of credit creation outside traditional banks – lies at the very heart of the global economy. It accounts for over half of global banking assets, and represents a third of the global financial system. Although the term ‘shadow banking’ only entered public discourse in 2007, the importance and scope of this system is now widely recognised by the international policy-makers. There is, however, much less consensus on the origins of the shadow banking system, what role it plays in global political economy and the optimal approach to regulating this complex segment of finance. This volume addresses these questions. Shadow Banking is the first study to bring together the insights from financial regulators, practitioners and academics from across the social sciences. The first part traces the evolution and ongoing confusion about the meaning of ‘shadow banking’. The second section draws major lessons about shadow banking as posed by the financial crisis of 2007–09, providing comparative analyses in the US and Europe, and attempts to establish why shadow banking has emerged and matured to the level of a de facto parallel financial system. Finally, the third part goes beyond current regulatory concerns about shadow banking and explains why it is ‘here to stay’. This volume is of great importance to political economy, banking and international political economy.

Creating a Safer Financial System

Author : José Vinãls
Publisher : International Monetary Fund
ISBN 13 : 1484340949
Total Pages : 27 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Creating a Safer Financial System by : José Vinãls

Download or read book Creating a Safer Financial System written by José Vinãls and published by International Monetary Fund. This book was released on 2013-05-14 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.

Shadow Banking and Market-Based Finance

Author : Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 : 1484343883
Total Pages : 47 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Shadow Banking and Market-Based Finance by : Tobias Adrian

Download or read book Shadow Banking and Market-Based Finance written by Tobias Adrian and published by International Monetary Fund. This book was released on 2018-08-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics—structural features, economic motivations, and risk implications—associated with different forms of nonbank credit intermediation. Anchored by this framework, we take stock of the evolution of shadow banking and the extent of its transformation into market-based finance since the global financial crisis. In light of the substantial regulatory and supervisory responses of recent years, we highlight key areas of progress while drawing attention to elements where work still needs to be done. Case studies of policy challenges arising in different jurisdictions are also discussed. While many of the amplification forces that were at play during the global financial crisis have diminished, the post-crisis reform agenda is not yet complete, and policy makers must remain attentive to new challenges looming on the horizon.

The Regulatory Responses to the Global Financial Crisis

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 148433597X
Total Pages : 39 pages
Book Rating : 4.4/5 (843 download)

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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.

Financial Stability Monitoring

Author : Tobias Adrian
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Financial Stability Monitoring by : Tobias Adrian

Download or read book Financial Stability Monitoring written by Tobias Adrian and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.

The European Union and Global Financial Regulation

Author : Lucia Quaglia
Publisher : Oxford University Press, USA
ISBN 13 : 0199688249
Total Pages : 241 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis The European Union and Global Financial Regulation by : Lucia Quaglia

Download or read book The European Union and Global Financial Regulation written by Lucia Quaglia and published by Oxford University Press, USA. This book was released on 2014 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The European Union and Global Financial Regulation' examines the influence of the EU in regulating global finance over time. It comprehensively and systematically covers all the main financial services, including; banking, securities markets, insurance, and accounting and auditing standards.

Canada

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1498321119
Total Pages : 85 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Canada by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-06-24 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.

Staff Guidance Note on Macroprudential Policy

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498342620
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund

Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

What is Shadow Banking?

Author : Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475597940
Total Pages : 9 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis What is Shadow Banking? by : Stijn Claessens

Download or read book What is Shadow Banking? written by Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-11 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others with non-bank lending. Regardless, most think of shadow banking as activities that can create systemic risk. This paper proposes to describe shadow banking as “all financial activities, except traditional banking, which require a private or public backstop to operate”. Backstops can come in the form of franchise value of a bank or insurance company, or in the form of a government guarantee. The need for a backstop is in our view a crucial feature of shadow banking, which distinguishes it from the “usual” intermediated capital market activities, such as custodians, hedge funds, leasing companies, etc.

Bank Size and Systemic Risk

Author : Mr.Luc Laeven
Publisher : International Monetary Fund
ISBN 13 : 1484363728
Total Pages : 34 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Bank Size and Systemic Risk by : Mr.Luc Laeven

Download or read book Bank Size and Systemic Risk written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-05-08 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by economies of scale or “too big to fail” subsidies. The paper then presents evidence on the extent to which bank size and market-based activities contribute to systemic risk. The paper concludes with policy messages in the area of capital regulation and activity restrictions to reduce the systemic risk posed by large banks. The analysis of the paper complements earlier Fund work, including SDN 13/04 and the recent GFSR chapter on “too big to fail” subsidies, and its policy message is in line with this earlier work.

Shadow Banking

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475583583
Total Pages : 37 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Shadow Banking by : Mr.Stijn Claessens

Download or read book Shadow Banking written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2012-12-04 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches.

Governance of International Banking

Author : Dirk Schoenmaker
Publisher : Oxford University Press
ISBN 13 : 0199971595
Total Pages : 203 pages
Book Rating : 4.1/5 (999 download)

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Book Synopsis Governance of International Banking by : Dirk Schoenmaker

Download or read book Governance of International Banking written by Dirk Schoenmaker and published by Oxford University Press. This book was released on 2013-04-25 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Risk Management and Regulation

Author : Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 : 1484343913
Total Pages : 53 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Risk Management and Regulation by : Tobias Adrian

Download or read book Risk Management and Regulation written by Tobias Adrian and published by International Monetary Fund. This book was released on 2018-08-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The evolution of risk management has resulted from the interplay of financial crises, risk management practices, and regulatory actions. In the 1970s, research lay the intellectual foundations for the risk management practices that were systematically implemented in the 1980s as bond trading revolutionized Wall Street. Quants developed dynamic hedging, Value-at-Risk, and credit risk models based on the insights of financial economics. In parallel, the Basel I framework created a level playing field among banks across countries. Following the 1987 stock market crash, the near failure of Salomon Brothers, and the failure of Drexel Burnham Lambert, in 1996 the Basel Committee on Banking Supervision published the Market Risk Amendment to the Basel I Capital Accord; the amendment went into effect in 1998. It led to a migration of bank risk management practices toward market risk regulations. The framework was further developed in the Basel II Accord, which, however, from the very beginning, was labeled as being procyclical due to the reliance of capital requirements on contemporaneous volatility estimates. Indeed, the failure to measure and manage risk adequately can be viewed as a key contributor to the 2008 global financial crisis. Subsequent innovations in risk management practices have been dominated by regulatory innovations, including capital and liquidity stress testing, macroprudential surcharges, resolution regimes, and countercyclical capital requirements.

Key Aspects of Macroprudential Policy - Background Paper

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498341713
Total Pages : 64 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Key Aspects of Macroprudential Policy - Background Paper by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Key Aspects of Macroprudential Policy - Background Paper written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-10-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.

Ruling Ideas

Author : Cornel Ban
Publisher : Oxford University Press
ISBN 13 : 0190620102
Total Pages : 336 pages
Book Rating : 4.1/5 (96 download)

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Book Synopsis Ruling Ideas by : Cornel Ban

Download or read book Ruling Ideas written by Cornel Ban and published by Oxford University Press. This book was released on 2016-06-16 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neoliberal economic theories are powerful because their domestic translators make them go local, hybridizing global scripts with local ideas. This does not mean that all local translations shape policy, however. External constraints and translators' access to cohesive policy institutions filter what kind of neoliberal hybrids become policy reality. By comparing the moderate neoliberalism that prevails in Spain with the more radical one that shapes policy thinking in Romania, Ruling Ideas explains why neoliberal hybrids take the forms that they do and how they survive crises. Cornel Ban contributes to the literature by showing that these different varieties of neoliberalism depend on what competing ideas are available locally, on the networks of actors who serve as the local advocates of neoliberalism, and on their vulnerability to external coercion. Ruling Ideas covers an extended historical period, starting with the Franco period in Spain and the Ceausescu period in Romania, discusses the economic integration of these countries into the EU, and continues through Europe's Great Recession and the European debt crisis. The broad historical coverage enables a careful analysis of how neoliberalism rules in times of stability and crisis and under different political systems.

Macroprudential Policy - An Organizing Framework - Background Paper

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1498339174
Total Pages : 33 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Macroprudential Policy - An Organizing Framework - Background Paper by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Macroprudential Policy - An Organizing Framework - Background Paper written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2011-03-14 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.