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Juridical and Financial Considerations on the Public Recapitalisation and Rescue of Financial Institutions During Periods of Financial Crises (Paperback)
Loot Price: R503
Discovery Miles 5 030
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Juridical and Financial Considerations on the Public Recapitalisation and Rescue of Financial Institutions During Periods of Financial Crises (Paperback)
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Loot Price R503
Discovery Miles 5 030
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This book attempts to address why central bank independence still
lacks certain vital attributes which embody adequate governance and
accountability mechanisms - which are necessary if better results
in relation to longer term economic and political objectives, in
particular, are to be achieved. As well as a consideration of why
the lender of last resort facility should be used for emergency
situations and systemically relevant institutions in particular, an
interesting point which will be considered in this publication is
the comparison between the European Central Bank (ECB)
Recommendation and its application by the Commission in the Re
capitalisation Communication, specifically with its Annex, where
the Commission explains how it determines the price of equity or
own funds (ordinary or common shares) - balancing the "real value"
with the "market value" within a crisis context. This publication
will also consider how to transform financial crises into
opportunities whereby tax burdens to taxpayers are minimised - as
well as making financial markets more efficient. Given the scale of
government intervention and State rescues which occurred during the
recent crisis - as well as the prominence accorded to measures
aimed at preventing and limiting distortions of competition, calls
have been made for competition authorities to take on more
formidable roles in designing and implementing exit strategies. In
order to foster competition as much as possible, it is proposed
that "governments should provide financial institutions with
incentives to prevent them from depending on government support
once the economy begins to recover."
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