The roots of shadow banking

Enrico Perotti, 16 January 2014

CEPR Policy Insight No.69 is available to download free of charge here.

URL: http://www.cepr.org/active/publications/policy_insights/viewpi.php?pino=69
Topics: International finance
Tags: financial regulation, shadow banking

Overcoming the obstacles to international macro policy coordination is hard

Olivier Blanchard, Jonathan D Ostry, Atish R Ghosh, 20 December 2013

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International policy coordination is like the Loch Ness monster – much discussed but rarely seen. Going back over the decades, and even further in history to the period between the two world wars, coordination efforts have been episodic.

Topics: Macroeconomic policy
Tags: currency war, financial regulation, fiscal consolidation, policy coordination, spillovers, unconventional monetary policy

Regulation, supervision and the role of central banks

The Editors, 20 December 2013

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The 2008 Global Crisis consisted of a financial crisis in the North Atlantic economies and a trade and expectations crisis in the rest of the world. Five years on, US and European policymakers as still struggling to put in place regulation and supervision regimes aimed at avoiding future crises.

Topics: Macroeconomic policy
Tags: Central Banks, financial regulation, financial supervision

The LIBOR scandal: What’s next ? A possible way forward

Vincent Brousseau, Alexandre Chailloux, Alain Durré, 9 December 2013

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After the first allegations of LIBOR manipulation in May 2012 – which eventually resulted in investigations into banks and individuals in various countries as of June 2012 – the reliability and credibility of unsecured reference rates in various currencies (the LIBOR in pounds, dollars, euros, and yen, and also the EURIBOR) have been severely questioned.

Topics: Financial markets
Tags: financial regulation, interest rates, LIBOR

Assessing leverage in the financial sector through flow data

Javier Villar Burke, 14 November 2013

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The build-up of leverage in the banking sector played a prominent role in the Global Crisis.1 A standard description the role of leverage corresponds with the typical profile of a financial bubble as reflected in the evolution of the banks of the Eurostoxx 50 (Figure 1).

Topics: International finance
Tags: bank leverage, deleveraging, financial regulation, global crisis

The impact of liquidity regulation on monetary-policy implementation

Clemens Bonner, Sylvester Eijffinger, 14 October 2013

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In response to the recent financial crisis, the Basel Committee on Banking Supervision has drafted a new regulatory framework (henceforth Basel III) with the aim to achieve a more robust banking system. While it also tightens the existing requirements for capital, the proposal stands out as it is the first to attempt harmonised liquidity regulation across the globe.

Topics: Financial markets, Monetary policy
Tags: BASEL III, financial regulation, liquidity, liquidity coverage ratio, monetary policy

Everything the IMF wanted to know about financial regulation and wasn’t afraid to ask

Sheila Bair, 9 June 2013

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I was honoured when the IMF asked me to moderate the Financial Regulation panel at this year’s Rethinking Macro II conference. And while naturally, I delivered one of the more enlightening and thought-provoking policy discussions of the conference, I did fail in my duties as moderator to make sure my panellists covered all the excellent questions our sponsors submitted to us.

Topics: Financial markets
Tags: banks, capital ratios, financial regulation

Basel III: Europe’s interest is to comply

Nicolas Véron, 5 March 2013

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On 14 February, European Commissioner Michel Barnier and Federal Reserve Governor Daniel Tarullo both indicated their agreement to quickly give the Basel III accord binding force over European and US banks respectively (Jones 2013). This is welcome. But even more important than the speed of adoption is that implementation should stay true to what the accord stipulates.

Topics: EU policies, International finance
Tags: BASEL III, EU, financial regulation

Hair of the dog that bit us: New and improved capital requirements threaten to perpetuate megabank access to a taxpayer put

Edward J Kane, 30 January 2013

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This column is a lead commentary in the VoxEU Debate "Banking reform: Do we know what has to be done?"

Topics: International finance
Tags: banks, Finance, financial regulation, global crisis, taxpayers, Too big to fail

A better way to design global financial regulation

Viral Acharya, T Sabri Öncü, 14 January 2013

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Over the last year, it has seemed as though not a single day passed without an internationally prominent figure – economist or politician – urging effective implementation and better coordination of the new financial regulations currently under construction around the globe.

Topics: Global economy, Global governance, International finance
Tags: financial institutions, financial regulation, global finance, global governance

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