connectedness and contagion protecting the financial system from panics

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Connectedness And Contagion

Author : Hal S. Scott
ISBN : 0262332159
Genre : BUSINESS & ECONOMICS
File Size : 49. 12 MB
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Connectedness And Contagion

Author : Hal S. Scott
ISBN : 9780262034371
Genre : Business & Economics
File Size : 84. 6 MB
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An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively.

The Money Problem

Author : Morgan Ricks
ISBN : 9780226330327
Genre : Business & Economics
File Size : 40. 29 MB
Format : PDF, Kindle
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In "The Money Problem, "Morgan Ricks argues for a reform of the American monetary system. Taking up foundational questions of monetary policy, he asks: how would we construct a monetary system if we were starting from scratch? What are the characteristics of a monetary instrument? What do we mean by, and want from, financial stability? Is there a respectable basis for the special legal status of deposits ? How should we think about the relationship between private money creation and the issuance of money by the state s central bank, and how should the government control the supply of monetary instruments? In answer to these questions, Ricks erects a theoretically elegant institutional design, a new structure of money and banking that emphasizes two core features: First, private money (cash-equivalent instruments) would be taken much more seriously and treated as cash deposits by commercial and central banks alike. Monetary instruments must be identified and defined by their function; and should be issued only by a designated class of commercial entities, licensed by the state for this specific purpose. Second, such monetary instruments would then be nondefaultable, formally backed by the sovereign public treasury, as sturdy as a dollar bill. By introducing formal state sponsorship to what was previously private credit, Ricks design mitigates the risk of catastrophic financial panic."

Principles Of Financial Regulation

Author : John Armour
ISBN : 9780191090059
Genre : Law
File Size : 38. 3 MB
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The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets. Prompting a fundamental reconsideration of the design of financial regulation, the financial system has become ever-more complex and interconnected, and the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

Lehman Brothers

Author : Oonagh McDonald
ISBN : 1784993409
Genre : Bank failures
File Size : 87. 25 MB
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Using extensive documentary evidence and interviews with former Lehman employees, Oonagh McDonald reveals the decisions that led to Lehman's collapse, investigates why the government refused a bail-out and whether the implications of this refusal were fully understood. In clear and accessible language she demonstrates both the short and long term effects of Lehman's collapse

Understanding Financial Crises

Author : Franklin Allen
ISBN : 9780191622861
Genre : Business & Economics
File Size : 52. 36 MB
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What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.

The People S Money

Author : Paola Subacchi
ISBN : 9780231543262
Genre : Business & Economics
File Size : 49. 81 MB
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Many of the world’s major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi’s growth, and it has become clear that the underpowered currency is threatening China’s future. The nation’s leaders now face the daunting task of strengthening the currency without losing control of the nation’s economy or risking total collapse. How are they approaching this challenge? In The People’s Money, economist Paola Subacchi introduces readers to China’s monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in1978. She revisits the policies that fostered the country’s economic rise while at the same time purposefully creating a currency of little use beyond China’s borders. She shows the key to understanding China’s economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China’s ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the renminbi’s reach will play a major role in securing China’s future.

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