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This enlightening volume provides an invaluable guide for those
perplexed by the seemingly intractable problems of financial
crises, sovereign distress, and government guarantees. Contributors
include an all-star cast of leading figures in the field. Highly
recommended' - Geoffrey Miller, New York University, US'The history
of the 2007-09 and possibly beyond near-global financial crisis
needs to be examined carefully in order to identify and understand
the causes, the transmission across countries, the harm to
macroeconomies, the public policies adopted, the effectiveness of
such policies, and the lessons to be learned to prevent or at least
mitigate future such crises. This volume contributes to this task.
It brings together under one cover the analyses of the various
aspects of the crisis by experts in each area. It should be
priority reading for serious students of the crisis.' - George G.
Kaufman, Loyola University Chicago, US 'The combination of the
skills of the lawyer and of the economist has proved increasingly
fruitful, developing both understanding and policy in many areas of
life, such as accident prevention, crime prevention, and
healthcare. This book follows the precedent of these areas and
assembles a group of lawyers and economists who by their
contributions, consider how best to deal with financial crises, and
how to make their future occurrence less likely. It is both
intellectually stimulating and practically important. The authors
and editors are to be congratulated.' - Geoffrey Wood, Cass
Business School and University of Buckingham, UK Financial Crisis
Containment and Government Guarantees analyzes the international
community's commitment to forging enhanced, well thought-out,
mechanisms for containing systemic risks in the context of a highly
interconnected global financial framework which incorporates
ongoing financial innovation. While use of government guarantees is
a central theme, the book also analyses the roles played by
prudential regulators, central banks, deposit insurers and
treasuries in dealing with the crisis. The book examines how
governments, central banks, regulators and deposit insurance
agencies have worked together to contain the global financial
crisis. Additionally, it focuses on efforts to overcome ongoing
obstacles, as well as the most important proposals to improve
safety nets, both at the national level and internationally. This
concise and detailed book will strongly appeal to students in law,
economics and finance, law practitioners, policymakers in central
banks and ministries of finance, as well as deposit protection
agencies and regulatory agencies. Contributors: L.C. Buchheit, G.
Calice, J. Chen, C.M. Cumming, C. Enoch, A. Estrella, M. Faure,
G.G. Garcia, C.A.E. Goodhart, G. Grande, M. Gulati, M. Gudmundsson,
K. Heine, E. Hupkes, J.R. LaBrosse, R.M. Lastra, A. Levy, J. Manns,
D.G. Mayes, J.F. McCollum, M.J. Nieto, J.J. Norton, R.
Olivares-Caminal, F. Panetta, C. Pleister, S. Schich, D. Singh, J.
Williams, A.E. Wilmarth, Jr., A. Zaghini
Managing Risk in the Financial System makes important and timely
contributions to our knowledge and understanding of banking law,
financial institution restructuring and related considerations,
through the production of an innovative, international and
interdisciplinary set of contributions which link law and policy
issues surrounding systemic risk and crisis management. The recent
financial crisis has exposed both the banking industry and
financial system safety net players in many countries to a
considerable level of distress as well as economic and reputational
damage. These circumstances have heightened the need for policy
makers to consider remedial measures under a broad umbrella that
encompass inter alia prompt corrective actions, early closure of
distressed entities, deposit insurance, bail-outs, state-aid, bank
resolution and restructuring techniques. These essays provide an
important contribution to research in this area, at a crucial time
in the debate around the future financial industry. This unique and
detailed volume should be of considerable interest to students of
law, economics and finance, law practitioners and policy makers in
central banks and ministries of finance. Law, business and finance
faculties will benefit from having this book in their collections,
as will deposit protection agencies and regulatory agencies.
Contributors include: J.-H. Binder, R.R. Bliss, L.C. Buchheit, C.
Enoch, G.G.H. Garcia, D.F. Gray, M. Gulati, G. Gunnarsson, K. Hj
Arshad, A.A. Jobst, A. Kabiri, G.G. Kaufman, I. Kokkoris, J.R.
LaBrosse, R.M. Lastra, D. Mayes, J.F. McCollum, J.F. McEldowney, I.
Moosa, M.J. Nieto, G. Ogunleye, K. Papadakis, R. Olivares-Caminal,
Y. Redjah, R. Rosen, J. Roy, J.P. Sabourin, S. Schich, J. Selody,
A. Sighvatsson, D. Singh, J. Snape, R. Turk-Ariss, G.A. Walker,
L.D. Wall, A.E. Wilmarth Jr., G. Wood
Thirteen national jurisdictions are covered in depth in this book.
There are also general chapters on the global impact of merger
legislation in the European Union and the United States, tax
regimes, and private international law. Among the salient factors
discussed in context as they arise are the following: a company's
debt-to-equity ratio; the role of hedge funds; the role of private
equity firms; and, currency mismatches. The authors, each an expert
in his or her own country's insolvency law regime, provide precise
information on the eligibility requirements, restrictions, and
other provisions of the laws they discuss. They also analyze the
important relevant cases in their jurisdictions. The jurisdictions
covered in this book include: Argentina; Australia; Brazil; Canada;
England and Wales; France; Hong Kong; India; Italy; Japan; Poland;
Turkey; and, USA.
The ultimate goal of competition law is to promote competition and,
in most jurisdictions, to enhance consumer welfare. Competition
policy may be set aside due to special and exceptional
circumstances, such as a financial crisis that threatens the
stability of an economy. It is therefore important to have a clear
understanding of competition law and the exceptions to it. The key
issue that this book addresses is whether a financial crisis can
justify the adoption of a more lenient approach to established
legal standards as a result of the risks of the systemic crisis to
the entire market. It provides an analysis of exceptions to
competition law and policy, particularly in the context of a
financial crisis, explores the rationale of competition law in the
light of conflicting interests, and serves as a valuable practical
guide for policy makers as well as practitioners in the field.
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