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The Redistributive Effects Of Financial Deregulation
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Book Synopsis The Redistributive Effects of Financial Deregulation by : Mr.Anton Korinek
Download or read book The Redistributive Effects of Financial Deregulation written by Mr.Anton Korinek and published by International Monetary Fund. This book was released on 2013-12-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
Book Synopsis Global Consequences of Financial Deregulation by : Hyman P. Minsky
Download or read book Global Consequences of Financial Deregulation written by Hyman P. Minsky and published by . This book was released on 1986 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Deregulation by : Alexis Drach
Download or read book Financial Deregulation written by Alexis Drach and published by Oxford University Press. This book was released on 2021 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume is the first archival based historical investigation on the liberalization measures taken in various countries in the financial sector in the decades following the Bretton Woods system, from a comparative and a global perspective.
Book Synopsis The Redistributive Effects of Financial Deregulation by : Mr.Anton Korinek
Download or read book The Redistributive Effects of Financial Deregulation written by Mr.Anton Korinek and published by International Monetary Fund. This book was released on 2013-12-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
Book Synopsis Does Financial Deregulation Work? by : Bruce Coggins
Download or read book Does Financial Deregulation Work? written by Bruce Coggins and published by Edward Elgar Publishing. This book was released on 1998 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed critique of the reasoning behind the deregulation of banks, savings and loans, and other financial services. In challenging the conventional arguments, Coggins proposes an alternative set of assumptions drawn from post-Keynesian monetary theory and the historical and institutional approach to industrial organization. He concludes that stability in the financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis The Macroeconomic Effects of Financial Deregulation by : David G. Mayes
Download or read book The Macroeconomic Effects of Financial Deregulation written by David G. Mayes and published by . This book was released on 1987 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Deregulation of the World Financial Markets by : Sarkis Khoury
Download or read book The Deregulation of the World Financial Markets written by Sarkis Khoury and published by Praeger. This book was released on 1990 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive examination of the deregulation of financial markets that began in the United States in the mid-1960s and has now reached global proportions. The author examines the deregulatory steps taken in each of the major financial markets--the United States, Britain, Japan, Australia, and Hong Kong--exploring the impetus behind the deregulatory developments, their potency, and their effects on the operational, promotional, and allocational efficiency of financial markets. Khoury also assesses the effects of deregulation on the stability of financial markets and on the movement toward political and economic integration within these markets. Throughout, Khoury focuses particular attention on the dynamics of the deregulation process and the forces that generated it in each of the markets under study. Khoury begins by tracing the evolution of the internationalization of the financial markets and their deregulation over the last three decades. He then examines the economics of financial deregulation and the implications of regulatory changes. Four chapters are devoted to extended analysis of deregulation in the various financial centers. Khoury compares and contrasts the similarities and differences among the five markets, examines the impact of regulatory developments in each market, and analyzes the growing interrelationships among financial markets. A separate chapter looks at the effects of deregulation on the foreign exchange, money, and stock markets, and on the performance and stability of the banking sector. Finally, Khoury looks to the future of deregulation, describing the changes that are likely to occur in the regulatory structure and in the money and capital markets. Ideal as supplemental reading for courses in international finance and banking, this book also offers bankers and regulators new insights into the potential and actual effects of various regulatory and deregulatory measures.
Book Synopsis Innovation, Deregulation, and the Life Cycle of a Financial Service Industry by : Fumiko Hayashi
Download or read book Innovation, Deregulation, and the Life Cycle of a Financial Service Industry written by Fumiko Hayashi and published by International Monetary Fund. This book was released on 2015-08-18 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking deregulation drove the industry shakeout. Calibrating the model to a novel dataset on ATM network entry, exit, size, and product offerings shows that our theory fits the quantitative pattern of the industry well. The model also allows us to conduct counterfactual analyses to evaluate the respective roles that innovation and deregulation played in the industry evolution.
Book Synopsis Job Protection Deregulation in Good and Bad Times by : Mr.Romain A Duval
Download or read book Job Protection Deregulation in Good and Bad Times written by Mr.Romain A Duval and published by International Monetary Fund. This book was released on 2017-12-14 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the short-term employment effect of deregulating job protection for regular workers and how it varies with prevailing business cycle conditions. We apply a local projection method to a newly constructed “narrative” dataset of major regular job protection reforms covering 26 advanced economies over the past four decades. The analysis relies on country-sector-level data, using as an identifying assumption the fact that stringent dismissal regulations are more binding in sectors that are characterized by a higher “natural” propensity to regularly adjust their workforce. We find that the responses of sectoral employment to large job protection deregulation shocks depend crucially on the state of the economy at the time of reform——they are positive in an expansion, but become negative in a recession. These findings are consistent with theory, and are robust to a broad range of robustness checks including an Instrumental Variable approach using political economy drivers of reforms as instruments. Our results provide a case for undertaking job protection reform in good times, or for designing it in ways that enhance its short-term impact.
Book Synopsis The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope by : John A. Allison
Download or read book The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope written by John A. Allison and published by McGraw Hill Professional. This book was released on 2012-09-21 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The #1 Wall Street Journal Bestseller “Required reading. . . . Shows how our economic crisis was a failure, not of the free market, but of government.” —Charles Koch, Chairman and CEO, Koch Industries, Inc. Did Wall Street cause the mess we are in? Should Washington place stronger regulations on the entire financial industry? Can we lower unemployment rates by controlling the free market? The answer is NO. Not only is free market capitalism good for the economy, says industry expert John Allison, it is our only hope for recovery. As the nation’s longest-serving CEO of a top-25 financial institution, Allison has had a unique inside view of the events leading up to the financial crisis. He has seen the direct effect of government incentives on the real estate market. He has seen how government regulations only make matters worse. And now, in this controversial wake-up call of a book, he has given us a solution. The national bestselling The Financial Crisis and the Free Market Cure reveals: Why regulation is bad for the market—and for the world What we can do to promote a healthy free market How we can help end unemployment in America The truth about TARP and the bailouts How Washington can help Wall Street build a better future for everyone With shrewd insight, alarming insider details, and practical advice for today’s leaders, this electrifying analysis is nothing less than a call to arms for a nation on the brink. You’ll learn how government incentives helped blow up the real estate bubble to unsustainable proportions, how financial tools such as derivatives have been wrongly blamed for the crash, and how Congress fails to understand it should not try to control the market—and then completely mismanages it when it tries. In the end, you’ll understand why it’s so important to put “free” back in free market. It’s time for America to accept the truth: the government can’t fix the economy because the government wrecked the economy. This book gives us the tools, the inspiration—and the cure.
Download or read book EU Pension Law written by Yves Stevens and published by Edward Elgar Publishing. This book was released on 2022-11-18 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book provides a comprehensive overview of European pension law with a dual purpose: both to introduce the legal aspects of different forms of pension at the European level, as well as to explore the main legal policy issues.
Book Synopsis Finance and Inequality by : Mr.Martin Cihak
Download or read book Finance and Inequality written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2020-01-17 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis Financial Repression is Knocking at the Door, Again by : Mr.Etibar Jafarov
Download or read book Financial Repression is Knocking at the Door, Again written by Mr.Etibar Jafarov and published by International Monetary Fund. This book was released on 2019-09-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
Download or read book Bank CEOs written by Claudia Curi and published by Springer. This book was released on 2018-05-22 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book thoroughly explores the characteristics and importance of bank CEOs against the backdrop of growing awareness of the social implications of CEO behavior for the performance and stability of the financial and economic system. After an introductory section on the relevance of CEOs in the banking industry, the connections between the bank CEO labor market, contractual incentives, and compensation structures are examined. The focus then turns to empirical findings concerning the impact that bank CEO compensation has on various firm-level outcomes, such as bank performance and strategies. In addition, the relation between CEO turnover and changes in compensation policies since the financial crisis is discussed. A concluding section presents some fresh empirical evidence deriving from an up-to-date database of traits of CEOs operating in the largest European banks. For PhD students and academics, the surveys offer detailed roadmaps on the empirical research landscape and provide suggestions for future work. The writing style ensures that the content will be readily accessible to all industry practitioners.
Book Synopsis Economic Gaps and Crises in South-East Europe by : Daniel Dăianu
Download or read book Economic Gaps and Crises in South-East Europe written by Daniel Dăianu and published by Cambridge Scholars Publishing. This book was released on 2019-01-08 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The South-Eastern European Monetary History Network (SEEMHN) brings together the central banks of seven countries in this region (Austria, Bulgaria, Greece, Romania, Turkey, Serbia and Albania) to shed light on their respective monetary histories. This book includes presentations made at the 2016 conference of this network, and will appeal to central bankers, members of academia and researchers interested in European economic history with a focus on South-Eastern Europe. The contributions here put the spotlight on economic and financial developments, links between economic crises, and the gaps between Europe’s core and peripheral economies.
Book Synopsis The Challenge of Economic Rebalancing in Europe by : Ewald Nowotny
Download or read book The Challenge of Economic Rebalancing in Europe written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2015-09-25 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the long aftermath of the acute global financial crisis of 2008/09, “rebalancing” the economy with new sources of growth and productivity remains a persistent necessity. This book addresses the resulting trade-offs and challenges. These needs, and the corresponding policy challenges, are especially prevalent in Europe, in particular Central, Eastern and South-Eastern Europe. On this issue, this book contributes lessons learned from earlier balance sheet recessions. It also addresses the often overlooked link between macroeconomic imbalances and economic inequality. Further contributions focus on the interaction between monetary policy and financial stability, adding a regional perspective to these important issues.
