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Author: Lucia Quaglia
Publisher: Oxford University Press
ISBN: 0192691708
Category : Political Science
Languages : en
Pages : 241
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Book Description
Despite the role of shadow banking in the building up of the 2008 international financial crisis, the massive size of this sector, its cross-border nature, and the risks it entails for financial stability, the post-crisis regulation of shadow banking has remained rather feeble. Why? The Perils of International Regime Complexity in Shadow Banking identifies a 'game of shadows', which unfolded recursively concerning the definition, monitoring, and regulation of shadow banking internationally. Thus, states, regulators, and private actors tended to cast light away from various parts of the shadow banking system - shadow banking was (re)fined over time, its measurement was narrowed down, lessening the (perceived) need for regulation. The playing out of such a game was facilitated by the international architecture for shadow banking governance, which is a 'regime complex' characterized by the presence of multiple institutions and elemental regimes governing a set of related issues. Indeed, shadow banking is a quintessential case for demonstrating the perils of international regime complexity, which magnifies problems that are endemic in governing global finance - namely, interstate competition, disagreement between technocratic bodies, and the power of the financial industry - while splintering solutions, due to the fragmentation of regulatory authority. Empirically, this book examines various elemental regimes concerning different aspects of shadow banking, namely: international standards for defining, measuring, and monitoring global shadow banking; international standards for shadow banking entities, including money market funds, hedge funds, and investment funds; international standards for shadow banking activities, such as securitization, securities lending, and repos; international standards for bank capital exposures to shadow banking.
Author: Lucia Quaglia
Publisher: Oxford University Press
ISBN: 0192691708
Category : Political Science
Languages : en
Pages : 241
Get Book Here
Book Description
Despite the role of shadow banking in the building up of the 2008 international financial crisis, the massive size of this sector, its cross-border nature, and the risks it entails for financial stability, the post-crisis regulation of shadow banking has remained rather feeble. Why? The Perils of International Regime Complexity in Shadow Banking identifies a 'game of shadows', which unfolded recursively concerning the definition, monitoring, and regulation of shadow banking internationally. Thus, states, regulators, and private actors tended to cast light away from various parts of the shadow banking system - shadow banking was (re)fined over time, its measurement was narrowed down, lessening the (perceived) need for regulation. The playing out of such a game was facilitated by the international architecture for shadow banking governance, which is a 'regime complex' characterized by the presence of multiple institutions and elemental regimes governing a set of related issues. Indeed, shadow banking is a quintessential case for demonstrating the perils of international regime complexity, which magnifies problems that are endemic in governing global finance - namely, interstate competition, disagreement between technocratic bodies, and the power of the financial industry - while splintering solutions, due to the fragmentation of regulatory authority. Empirically, this book examines various elemental regimes concerning different aspects of shadow banking, namely: international standards for defining, measuring, and monitoring global shadow banking; international standards for shadow banking entities, including money market funds, hedge funds, and investment funds; international standards for shadow banking activities, such as securitization, securities lending, and repos; international standards for bank capital exposures to shadow banking.
Author: Tobias Adrian
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.
Author: José Vinãls
Publisher: International Monetary Fund
ISBN: 1484340949
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1475597940
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
There is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others with non-bank lending. Regardless, most think of shadow banking as activities that can create systemic risk. This paper proposes to describe shadow banking as “all financial activities, except traditional banking, which require a private or public backstop to operate”. Backstops can come in the form of franchise value of a bank or insurance company, or in the form of a government guarantee. The need for a backstop is in our view a crucial feature of shadow banking, which distinguishes it from the “usual” intermediated capital market activities, such as custodians, hedge funds, leasing companies, etc.
Author: Tobias Adrian
Publisher: International Monetary Fund
ISBN: 1484343883
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics—structural features, economic motivations, and risk implications—associated with different forms of nonbank credit intermediation. Anchored by this framework, we take stock of the evolution of shadow banking and the extent of its transformation into market-based finance since the global financial crisis. In light of the substantial regulatory and supervisory responses of recent years, we highlight key areas of progress while drawing attention to elements where work still needs to be done. Case studies of policy challenges arising in different jurisdictions are also discussed. While many of the amplification forces that were at play during the global financial crisis have diminished, the post-crisis reform agenda is not yet complete, and policy makers must remain attentive to new challenges looming on the horizon.
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1484336658
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.
Author: Cornel Ban
Publisher: Oxford University Press
ISBN: 0190620102
Category : Political Science
Languages : en
Pages : 313
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Book Description
Neoliberal economic theories are powerful because their domestic translators make them go local, hybridizing global scripts with local ideas. This does not mean that all local translations shape policy, however. External constraints and translators' access to cohesive policy institutions filter what kind of neoliberal hybrids become policy reality. By comparing the moderate neoliberalism that prevails in Spain with the more radical one that shapes policy thinking in Romania, Ruling Ideas explains why neoliberal hybrids take the forms that they do and how they survive crises. Cornel Ban contributes to the literature by showing that these different varieties of neoliberalism depend on what competing ideas are available locally, on the networks of actors who serve as the local advocates of neoliberalism, and on their vulnerability to external coercion. Ruling Ideas covers an extended historical period, starting with the Franco period in Spain and the Ceausescu period in Romania, discusses the economic integration of these countries into the EU, and continues through Europe's Great Recession and the European debt crisis. The broad historical coverage enables a careful analysis of how neoliberalism rules in times of stability and crisis and under different political systems.
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1475583583
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches.
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Iain G MacNeil
Publisher: Bloomsbury Publishing
ISBN: 1847315712
Category : Law
Languages : en
Pages : 484
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Book Description
The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.
