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Ever since the Great Recession, the global financial regulatory
system has undergone significant changes. But have these changes
been sufficient? Have they created a new problem of
over-regulation? Is the system currently in a better position than
in the pre-Recession years, or have we not adequately addressed the
basic causes of the financial crisis and resulting Great
Recession?These were the questions and issues addressed in the
seventeenth annual international banking conference held at the
Federal Reserve Bank of Chicago in November 2014. In collaboration
with the Bank of England, the theme of the conference was to
examine the state of the new global financial system as it has
evolved in response to significant market changes and regulatory
reforms triggered by the global financial crisis. The papers from
that conference are collected in this volume, with contributions
from an international array of government officials, regulators,
industry practitioners and academics.
This book, Innovative Federal Policies During the Great Financial
Crisis, contains discussions of unconventional monetary policies,
policy changes to address systemic and payments systems risks, new
macroprudential policies, the 'stretching' of the financial safety
net, changes in the Fed's liquidity funding facility (the discount
window), use of the Fed's balance sheet as a tool of monetary
policy, and alternative means to deal with real-estate asset
bubbles and potential financial instability.The 10 chapters in this
book offer a unique analysis of several innovative approaches by
the Federal Reserve that contributed to the stabilization of the US
economy following the Great Recession. What unique policies were
implemented? Toward what goal? Were they effective? Were there
unintended consequences? Additionally, but less thoroughly, events
in the Euro market are also discussed, and policies (and their
impact) of the ECB are critiqued.Based on papers presented at the
91st Annual Conference of the Western Economic Association
International Meetings in Portland, Oregon, 2016, Innovative
Federal Policies During the Great Financial Crisis adds
significantly to the debate over why innovative or unconventional
policies were needed, how they were implemented and how effective
they were.
The central goal of this volume was to assemble outstanding
scholars and policymakers in the field of financial markets and
institutions and have them articulate significant market
developments in their particular areas of expertise during the past
few decades.Not just a celebratory volume, Public Policy and
Financial Economics selected internationally recognized financial
economists who have worked with Professor Kaufman during his years
of scholarly research, and have a combined mastery of specialized
financial markets themes and, very importantly, knowledge of public
policies in the areas. All 15 chapters offer unique, innovative,
and exciting expositions of several critical topics in financial
economics.
The Great Financial Crisis of 2007-2010 exposed the existence of
significant imperfections in the financial regulatory framework
that encouraged excessive risk-taking and increased system
vulnerabilities. The resulting high cost of the crisis in terms of
lost aggregate income and wealth, and increased unemployment has
reinforced the need to improve financial stability within and
across countries via changes in traditional microprudential
regulation, as well as the introduction of new macroprudential
regulations. Amongst the questions raised are:
The Great Financial Crisis of 2007-2010 has had a major impact on
large cross-border banks, which are widely blamed for the start and
severity of the crisis. As a result, much public policy, both in
the United States and elsewhere, has been directed at making these
banks safer and less influential by reducing their size and
permissible powers through increased government regulation.At the
Federal Reserve Bank of Chicago's 18th annual International Banking
Conference, held in November 2015, the status of these large
cross-border banks was critically evaluated. In collaboration with
the World Bank, the conference held discussions on the current
regulatory landscape for large and internationally active financial
institutions; the impact of regulation on bank permissible
activities and international trade; improvements in risk
management; necessary repairs to the bank safety net; the
resolution of insolvent banks operating across national borders;
corporate governance for banks in the new environment; implications
for market and government discipline; and, progress in achieving
international cooperation.Contributors include international
policymakers, practitioners, researchers, and academics from more
than 30 countries. The papers from the conference are collected in
this volume.
In this volume, what are thought to be some of the more important
aspects of the Dodd-Frank Act are discussed from a number of
perspectives, including that of industry scholars who have been
actively involved in evaluating financial regulation, regulators
who are responsible for implementing the reform, financial policy
experts representing think tanks and banking trade associations,
congressmen and congressional staff involved with developing the
legislation, and legal scholars. The volume summarizes the act,
evaluates how the new regulations are being implemented and how the
implementation process is progressing, and discusses modifications
that, in the views of the authors, might be needed to more
effectively achieve the stated goals of the legislation.
Generally thought to be an under-regulated sector, the shadow
banking system has been identified as having a significant role in
the recent global financial crisis. In recent years, it has also
been growing rapidly in emerging markets. Yet, little is known
about its size, scope and operations; nor its benefits and costs to
society. Shadow Banking Within and Across National Borders consists
of a proceedings of a conference held at the Federal Reserve Bank
of Chicago, in November 2013. Edited by Stijn Claessens, Douglas
Evanoff, George Kaufman and Luc Laeven, this volume brings together
leading industry scholars to examine various aspects of the shadow
banking system. The contributors of this volume debate issues which
include defining and quantifying shadow banking; the causes of the
development of the sector; its role in the recent financial crisis;
the implications for financial stability; the social benefits of
the sector; the associated challenges for financial supervision and
regulation; and alternative policy options to address problems
created by the sector.
As a result of the recent financial crisis, there has been
significant public debate on the role of the financial sector in
bringing about the "Great Depression." More generally, there has
been debate about whether the current industry structure has
enhanced social welfare or served a detrimental role. This book is
a collection of papers presented at the conference held at the
Federal Reserve Bank of Chicago, in November 2012 that examined the
social value of the financial sector as currently structured.
Issues evaluated include what are the perceived benefits and costs
of the current financial system? How valuable have industry
innovations been for society? Should regulation be used to "move"
the industry in a direction thought to be more valuable for
society? Should "big" banks be broken up? What are the welfare
implications of the current industry structure? In the book,
leading industry scholars debate these issues with a goal of
influencing public policy toward the industry.
The two most topical issues in current financial markets deal with
the causes of the recent financial crisis and the means to prevent
future crises. This book addresses the latter and stresses a major
shift in most countries toward a better understanding of financial
stability and how it can be achieved. In particular, the papers in
this volume examine the recent change in emphasis at central banks
with regard to financial stability. For example: What were the
cross-country differences in emphasis on financial stability in the
past? Did these differences appear to affect the extent of the
adverse impact of the financial crisis on individual countries?
What are perceived to be the major future threats to financial
stability? These and related issues are discussed in the book by
well-known experts in the field - some of the best minds in the
world pursuing financial stability. Following the global financial
crisis, significant reforms have been initiated in many countries
to address financial stability more directly, frequently focusing
on macroprudential policy frameworks in which central banks play a
more active role.
This book is a collection of papers presented in the conference
held at the Federal Reserve Bank of Chicago in September 2010, that
examines the role of macroprudential regulation in the financial
industry. Shocked by the experience of the last few years, many
argue that the more traditional microprudential regulatory tools
are inadequate to create a safe and stable financial system. The
microprudential paradigm relies on the presumption that the
financial system as a whole can be made safe by ensuring individual
financial institutions are made safe. This ignores interconnections
and externalities, whereby the actions of one financial institution
or events in financial markets can lead to spillover effects that
adversely affect general market conditions, other financial
institutions, and ultimately the economy as a whole. Instead, it is
argued, there is a need for both microprudential approaches to
regulate individual institutions and macroprudential approaches to
manage the overall financial system risks.Conference participants
discussed macroprudential regulation and related issues, including:
What are the theoretical motivations for macroprudential
regulation? How would it interact with other regulatory and
macroeconomic policies, especially monetary policy? What would be
the specific macroprudential tools? Who should have control over
the macroprudential tools? How should a macroprudential regulator
be structured? Where should it be housed? How can macroprudential
policies be structured across national borders? What role, if any,
can market discipline play in supporting macroprudential
objectives?Concentrating on public policy issues, the conference
featured keynote addresses by influential past and present public
policy figures including: Paul Volcker, Chairman of the US
President's Economic Recovery Advisory Board and former Chairman of
the Federal Reserve System; Tommaso Padoa-Schioppa, Chairman,
Promontory Financial Group Europe and Former Chairman of the Basel
Committee on Banking Supervision; Jaime Caruana, General Manager of
the Bank for International Settlements and Former Chairman of the
Basel Committee on Banking Supervision; and Charles Taylor,
Director of the Pew Charitable Trust Financial Reform Project and
Former Executive Director of the Group of Thirty.
This volume critically re-examines the profession's understanding
of asset bubbles in light of the global financial crisis of
2007-09. It is well known that bubbles have occurred in the past,
with the October 1929 crash as the most demonstrative example.
However, the remarkably well-behaved performance of the US economy
from 1945 to 2006, and, in particular during the Great Moderation
period of 1984 to 2006, assured the economics profession and
monetary policymakers that asset bubbles could be effectively
managed with little or no real economic impact. The recent
financial crisis has now triggered a debate about the emergence of
a sequence of repeated bubbles in the Nasdaq market, housing
market, credit market, and commodity markets. The realities of the
crisis have intensified theoretical modeling, empirical
methodologies, and debate on policy issues surrounding asset price
bubbles and their potentially adverse economic impact if poorly
managed. Taking a novel approach, the editors of this book present
five classic papers that represent accepted thinking about asset
bubbles prior to the financial crisis. They also include original
papers challenging orthodox thinking and presenting new insights. A
summary essay highlights the lessons learned and experiences gained
since the crisis.
The recent global financial crisis has caused massive upheavals
worldwide. The papers in this volume analyze whether financial
principles seem to have shifted in recent years, and what that may
mean for international financial markets and regulation. What
"broke" in the current crisis? Is there no "playbook" on how to
respond to systemic crises? What is the optimal role of the state
in dealing with crises? How should asset bubbles be addressed in
the future? Do we need a major overhaul of governance in the
industry? What means exist to address systemic crises? What reforms
are needed? These and related issues are discussed by an impressive
list of well-known scholars, policymakers and practitioners, with
an emphasis on the implications for public policy.
Since the summer of 2007, credit markets in almost all industrial
countries have been in substantial turmoil and this has become the
focus of intense policy debates. The papers in this volume are
contributed by the world's leading financial experts and constitute
a thorough examination of the first credit market turmoil of the
21st Century. They provide an overview of the main causes,
transmission mechanisms and economic implications of what by now
has become a major systemic financial crisis. They assess the most
important policy considerations and conclude about how to stabilize
financial systems, attenuate repercussions on the real economy and
shape future regulatory structures. The analyses, conclusions, and
recommendations can be expected to influence both public and
private policies to mitigate, if not prevent, such crises in the
future.
The impact of globalization of financial markets is a highly
debated topic, particularly in recent months when the issue of
globalization and contagion of financial distress has become a
focus of intense policy debate. The papers in this volume provide
an up-to-date overview of the key issues in this debate. While most
of the contributions were prepared after the initial outbreak of
the current global turmoil and financial crisis, they identify the
relative strengths of the risk diversification and risk
transmission processes and examine the empirical evidence to date.
The book considers the relative roles of banks, nonbank financial
institutions and capital markets in both risk diversification and
risk transmission. It then evaluates the current status of crisis
resolution in a global context, and speculates where to go from
here in terms of understanding, resolution, prevention and public
policy.
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