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This book offers the first systematic discussion of a new and
promising field: the economics of independence, accountability and
governance of financial supervision institutions. For a long time
the design of supervision had been an irrelevant issue, both in
theory and practice. This perception changed dramatically in the
mid-1990s, and over the past decade many countries have witnessed
changes in the architecture of financial supervision. This book
presents frameworks for analyzing the emerging supervisory
architectures and sheds light on the different supervisory regimes,
with a particular focus on the role of central banks. It takes a
country-specific, comparative and empirical approach. Designing
Financial Supervision Institutions will be an accessible reference
tool for multidisciplinary scholars and academics (principally
economics, but also politics and law), policymakers, regulators and
supervisory institutions. All royalties from this book to go to the
UK charity, NSPCC.
Analyzing ongoing changes in the design of regulatory and
supervisory authorities over the banking and financial industry in
Europe, this comprehensive Handbook pays particular attention to
the role of national central banks, the new financial supervisory
authorities and the European Central Bank (ECB). The contributors,
all experts in their fields, begin by presenting the current
situation in Europe, focusing on the role of the central banks,
before going on to illustrate the supervisory architecture reforms
of the late 1990s. The Handbook also highlights the emerging role
of new integrated financial authorities through an analysis of
different national case studies. This new original reference book
concludes with a review of the various options now available for
the design of supervisory architecture at the European level,
considering also the possible involvement of the ECB. The Handbook
tackles a number of controversial issues including: * why financial
supervision architecture is important and why the issue has arisen
at the present time * the roles of national central banks and
national policymakers in alternative financial supervisory
structures * the advantages and potential hazards of single
financial authorities unified or integrated agencies. This
essential Handbook is a major multidisciplinary work and will be of
great value to scholars and academics - principally in economics,
finance and European studies but also politics and law - as well as
regulators and supervisory institutions.
What role will the current evolution of banking systems play in the
newly adopted EU countries during the historic challenges following
enlargement? This book, a blend of economics and political economy,
offers a systematic analysis of the current trends in financial
intermediation in the countries of the newly enlarged Europe, with
particular focus on those policies taken by foreign banks on the
one hand, and by regulatory and supervisory authorities on the
other. The authors argue that their research has led to one
conclusion; in order to enter the EU, the accession countries
needed to increase the efficiency of their economic systems rapidly
through liberalization and privatization. The book assesses whether
the presence of foreign banks will contribute to long term economic
growth and financial stability, and how the architecture of banking
regulations and supervision should be designed. As a
multidisciplinary work, though principally economics, the book will
appeal to scholars and academics of politics and law. It also has
particular relevance for regulators and supervisory institutions,
as well as professionals including bankers, financial operators and
also legal compliance officers.
This stimulating and original Handbook offers an updated and
systematic discussion of the relationship between central banks,
financial regulation and supervision after the global financial
crisis. The crisis has raised new questions about the compatibility
of monetary and financial stability, which are changing the face of
central banking and its relationships with the architecture of
financial regulation and supervision. The Handbook explores on both
the economics and political economy of the topic, in order to
understand how and why reforms of the role of the central banks can
be designed and implemented. The general suggestion is that future
effectiveness of the central banking architecture will depend on
its ability to ensure the consistency between the monetary actions
in normal and extraordinary times. Consequently the possible paths
in the central bank strategies and tactics, as well as in the
classic concepts of independence, accountability and transparency,
are analyzed and discussed. With chapters written by outstanding
scholars in economics, this lucid Handbook will appeal to
academics, policy makers and practitioners, ranging from central
bankers and supervisory authorities to financial operators. Among
the academics it would be of particular interest to financial and
monetary economists (including postgraduate students), but the
institutional slant and the central theme of relations between
economics, institutional settings and politics will also be
invaluable for political scientists. Contributors: F. Amtenbrink,
J. Baxa, B. Born, P.C. Boyer, G. Caprio, M. Cihak, A. Cukierman, L.
Dalla Pellegrina, J. De Haan, M. Ehrmann, B. Eichengreen, S.
Eijffinger, Y. Fang, M. Fratzscher, F. Giavazzi, A. Giovannini,
C.A.E. Goodhart, I. Hasan, R. Horvath, D. Masciandaro, L.J. Mester,
M.J. Nieto, R. Nijskens, A. Orphanides, J. Ponce, M. Quintyn, M.
Rezende, P.L. Siklos, A. Tieman, B. Vasicek, R. Vega Pansini
The recent dramatic wave of terrorist attacks has further focussed
worldwide attention on the money laundering phenomena. The
objective of this book is to offer the first systematic analysis of
the economics of money laundering and its connection with terrorism
finance. The authors first present the general principles of money
laundering. They go on to illustrate an institutional and empirical
framework that is useful in evaluating the causes and effects of
money laundering phenomena in the banking and financial markets.
They also analyse the design of the national and international
policies aimed at combating them. The book focuses on several
crucial issues and offers an analysis of each, including: *
modelling the behaviour and process of making dirty money appear
clean, hiding the originally criminal or illegal source of the
economic activity * demonstrating how the financing of terrorism
resembles money laundering in some respects and differs from it in
others * explaining how the banking and financial industry can play
a pivotal role for the development of the criminal sector as a
preferential vehicle for money laundering * showing how schemes of
international economics and of tax competition can be applied to
black finance issues, claiming that competition for criminal money
can lead to a race to the bottom * building up indicators of money
laundering attractiveness among developed and emerging countries,
with a particular attention on the role of the Offshore centres *
dealing with anti-money laundering and counter terrorism finance
(AML-CTF) enforcement problems, with a focus on Europe and the USA.
Black Finance will be a valuable and accessible tool for scholars
and academics, principally in economics, though also in politics
and law, as well as for regulators and supervisory institutions.
All royalties from this book to go to The Collegiate Foundation for
Life
The scope for financial crime has widened with the expansion and
increased integration of financial markets. Money laundering,
terrorism financing and tax crime have all changed in both nature
and dimension. As new technologies reduce the importance of
physical proximity to major onshore financial centres so a new
generation of Offshore Financial Centres (OFCs) have emerged. This
accessible volume provides a deeper analysis of the economic,
institutional and political features of the OFCs, in order to
design the optimal international regulatory policy. Using a
multidisciplinary approach with an international level of
expertise, the book evaluates international policies regarding
offshore countries on the basis of a systematic analysis of their
characteristics.
The scope for financial crime has widened with the expansion and
increased integration of financial markets. Money laundering,
terrorism financing and tax crime have all changed in both nature
and dimension. As new technologies reduce the importance of
physical proximity to major onshore financial centres so a new
generation of Offshore Financial Centres (OFCs) have emerged. This
accessible volume provides a deeper analysis of the economic,
institutional and political features of the OFCs, in order to
design the optimal international regulatory policy. Using a
multidisciplinary approach with an international level of
expertise, the book evaluates international policies regarding
offshore countries on the basis of a systematic analysis of their
characteristics.
A 2009 G20 official document stated that the era of banking secrecy
is over but is it? If banking secrecy is the result of market
mechanisms, it suggests that worldwide demand and supply are likely
to remain for a long time to come. Since the Global Financial
Crisis, many countries have fought to combat banking secrecy, yet
it permeates both national and international industries, and global
efforts to prevent banking secrecy have been ineffective or at
worst counterproductive. In this book, the authors show how the
growth of criminal activity has systematically generated a demand
for banking secrecy. They explore how national politicians and
international banks have been motivated to supply banking secrecy
through economic and political incentives, and shed light on the
economics and politics of banking secrecy. This book takes a
multidisciplinary approach to reveal the variety of behaviours and
processes involved in making dirty money appear clean, providing an
in-depth study of financial transactions which are characterized by
a special purpose: hiding the originally illegal sources. This work
will be of interest to students and scholars of economics and
finance, and those with an interest in banking secrecy, global
finance, international banking, and financial regulation.
This stimulating and original Handbook offers an updated and
systematic discussion of the relationship between central banks,
financial regulation and supervision after the global financial
crisis. The crisis has raised new questions about the compatibility
of monetary and financial stability, which are changing the face of
central banking and its relationships with the architecture of
financial regulation and supervision. The Handbook explores on both
the economics and political economy of the topic, in order to
understand how and why reforms of the role of the central banks can
be designed and implemented. The general suggestion is that future
effectiveness of the central banking architecture will depend on
its ability to ensure the consistency between the monetary actions
in normal and extraordinary times. Consequently the possible paths
in the central bank strategies and tactics, as well as in the
classic concepts of independence, accountability and transparency,
are analyzed and discussed. With chapters written by outstanding
scholars in economics, this lucid Handbook will appeal to
academics, policy makers and practitioners, ranging from central
bankers and supervisory authorities to financial operators. Among
the academics it would be of particular interest to financial and
monetary economists (including postgraduate students), but the
institutional slant and the central theme of relations between
economics, institutional settings and politics will also be
invaluable for political scientists. Contributors: F. Amtenbrink,
J. Baxa, B. Born, P.C. Boyer, G. Caprio, M. Cihak, A. Cukierman, L.
Dalla Pellegrina, J. De Haan, M. Ehrmann, B. Eichengreen, S.
Eijffinger, Y. Fang, M. Fratzscher, F. Giavazzi, A. Giovannini,
C.A.E. Goodhart, I. Hasan, R. Horvath, D. Masciandaro, L.J. Mester,
M.J. Nieto, R. Nijskens, A. Orphanides, J. Ponce, M. Quintyn, M.
Rezende, P.L. Siklos, A. Tieman, B. Vasicek, R. Vega Pansini
There has been a recent evolution in the relationship between
modern monetary policy and central banking, visible in the now
merged study of public economic choices made every day and the
features of monetary architectures and institutions. Though
previously separate focuses, these are now accepted by academic
scholars and policymakers to be two critical areas that are
intrinsically linked.Modern Monetary Policy and Central Bank
Governance explores this change by bringing together the best
research from experts in the field to achieve a comprehensive
examination of the subject, innovatively addressing its two
critical angles in a single volume.
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