Achieving Financial Stability: Challenges To Prudential Regulation

Achieving Financial Stability: Challenges To Prudential Regulation


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Achieving Financial Stability: Challenges To Prudential Regulation by Agnese Leonello

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:

Product Details

ISBN-13: 9789813223394
Publisher: World Scientific Publishing Company, Incorporated
Publication date: 11/16/2017
Series: World Scientific Studies In International Economics Series , #61
Pages: 384
Product dimensions: 6.50(w) x 1.50(h) x 9.50(d)

Table of Contents

Preface v

Acknowledgments vii

About the Editors ix

About the Contributors xi

Part I Special Addresses 1

Chapter 1 Challenges for Future Monetary Policy Frameworks: A European Perspective Vítor Constâncio 3

Chapter 2 Income Inequality: The Battlefield Casualty of Post-crisis Financial Policy Karen Shaw Petrou 13

Chapter 3 A Practical Case for Rules-based Macroprudential Policy Adam S. Posen 25

Part II Financial Regulation: The Evolving Macro-and Microprudential Landscape 37

Chapter 4 Evolving Micro- and Macroprudential Regulations in the United States: A Primer Diana Hancock 39

Chapter 5 The Regulatory Response to the Sovereign-Bank Nexus Luc Laeven 55

Chapter 6 Japan's Regulatory Responses to Banking Crisis Masami Imai 63

Chapter 7 The Costs and Benefits of Bank Capital Requirements Gianni De Nicolò 79

Part III Capital Regulation 91

Chapter 8 Capital Regulation: How Much Capital is Needed? Mark Carey 93

Chapter 9 CoCos: A Promising Idea Poorly Executed Richard J. Herring 103

Chapter 10 Capital Regulation: Lessons from a Macroeconomic Model Caterina Mendicino Kalin Nikolov Dominik Supera 121

Part IV Liquidity Regulation 133

Chapter 11 How Should Bank Liquidity be Regulated? Franklin Allen Douglas Gale 135

Chapter 12 How Do We Figure Out Optimal Liquidity Regulation? Douglas W. Diamond Anil K. Kashyap 159

Chapter 13 The Interplay Between Liquidity Regulation, Monetary Policy Implementation and Financial Stability Todd Keister 173

Chapter 14 Liquidity and Capital: Substitutes or Complements? Marie Hoerova 195

Part V Market Infrastructures, Central Clearing and Collateral Management 207

Chapter 15 An Incentive Theory of Counterparty Risk, Margins, and CCP Design Florian Heider 209

Chapter 16 Monitoring CCP Exposure, in Real Time if Needed Albert J. Menkveld 225

Part VI Regulation and Financial Innovation 237

Chapter 17 Innovation & Regulation: Some Preliminary Observations Michael S. Barr 239

Chapter 18 Financial Innovation and Regulation Thorsten Beck 249

Chapter 19 Thoughts about Financial Innovation Josh Lerner Peter Tufano 261

Chapter 20 How Technological Innovation Will Reshape Financial Regulation Carmelo Salleo 279

Part VII Bail-in Versus Bail-outs: Incentives and Financial Stability 293

Chapter 21 Bail-in-able Debt and Fragility Russell Cooper 295

Chapter 22 Government Guarantees to Financial Institutions: Banks' Incentives and Fiscal Sustainability Agnese Leonello 305

Chapter 23 The Unconvertible CoCo Bonds Paul Glasserman Enrico Perotti 317

Part VIII Where to from Here? 331

Chapter 24 The Macroprudential Toolkit Richard Berner 333

Chapter 25 The Great Financial Crisis and its Aftermath: A Perspective from Asia Hans Genberg 353

Chapter 26 Regulatory Reform: Where to from Here? Xavier Vives 361

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