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The Future of Banking (Paperback, New)
Loot Price: R401
Discovery Miles 4 010
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The Future of Banking (Paperback, New)
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Loot Price R401
Discovery Miles 4 010
Expected to ship within 12 - 17 working days
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Banking is back in the headlines. From desperate efforts by
governments to address the Eurozone crisis to the "Occupy Wall
Street" movement that is currently spreading across the globe,
banks are again at centre stage. This new VoxEU.org book presents a
collection of essays by leading European and US economists that
provide solutions to the financial crisis and proposals for medium-
to long-term reforms to the regulatory framework in which financial
institutions operate. Key proposals include: -- European Safe Bonds
(ESBies): Critical of Eurobonds, the authors propose an alternative
solution in the form of "European Safe Bonds" (ESBies) --
securities funded by currently outstanding government debt (up to
60\% of GDP) that would constitute a large pool of "safe" assets.
The authors argue that ESBies would address both liquidity and
solvency problems within the European banking system and, most
critically, help to distinguish between the two. -- Capital and
liquidity requirements -- risk weights are crucial: While
ringfencing might be part of a sensible regulatory reform, it is
not sufficient. Capital requirements with risk weights that are
dynamic, counter-cyclical and take into account co-dependence of
financial institutions are critical, and one size does not
necessarily fit all. Similarly, liquidity requirements have to be
adjusted to make them less rigid and pro-cyclical. While banks are
currently under-taxed, the currently discussed financial
transaction tax would not significantly affect banks' risk-taking
behaviour and might actually increase market volatility; in
addition, its revenue potential could also be overestimated. -- The
need for a stronger European-wide regulatory framework: If the
common European market in banking is to be saved -- and the authors
argue that it should be -- then the geographic perimeter of banks
has to be matched with a similar geographic perimeter in
regulation, which ultimately requires stronger European-level
institutions.
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