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.
The roots of shadow banking
Enrico Perotti, 16 January 2014
CEPR Policy Insight No.69 is available to download free of charge here.
Overcoming the obstacles to international macro policy coordination is hard
Olivier Blanchard, Jonathan D Ostry, Atish R Ghosh, 20 December 2013
Regulation, supervision and the role of central banks
The Editors, 20 December 2013
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.
The LIBOR scandal: What’s next ? A possible way forward
Vincent Brousseau, Alexandre Chailloux, Alain Durré, 9 December 2013
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.
Assessing leverage in the financial sector through flow data
Javier Villar Burke, 14 November 2013
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).
The impact of liquidity regulation on monetary-policy implementation
Clemens Bonner, Sylvester Eijffinger, 14 October 2013
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.
Everything the IMF wanted to know about financial regulation and wasn’t afraid to ask
Sheila Bair, 9 June 2013
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.
Basel III: Europe’s interest is to comply
Nicolas Véron, 5 March 2013
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.
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
This column is a lead commentary in the VoxEU Debate "Banking reform: Do we know what has to be done?"
A better way to design global financial regulation
Viral Acharya, T Sabri Öncü, 14 January 2013
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.
- Predicting economic turning pointsAhir, Loungani
- How rich nations benefit from EU membershipCampos, Coricelli, Moretti
- The chartbook of economic inequalityAtkinson, Morelli
- Taxing, spending, and inequalityClements, Coady, de Mooij, Gupta
- How poorer nations benefit from EU membershipCampos, Coricelli, Moretti
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Claessens, 18 April 2014
Campos, Coricelli, Moretti
Ostry, Berg, Tsangarides
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche