connectedness and contagion protecting the financial system from panics

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Connectedness And Contagion

Author : Hal S. Scott
ISBN : 9780262034371
Genre : Business & Economics
File Size : 52. 18 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.

Connectedness And Contagion

Author : Hal S. Scott
ISBN : 9780262332163
Genre : Business & Economics
File Size : 52. 44 MB
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The Dodd--Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd--Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion.

Connectedness And Contagion

Author : Hal S. Scott
ISBN : 0262332159
Genre : BUSINESS & ECONOMICS
File Size : 69. 62 MB
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The Money Problem

Author : Morgan Ricks
ISBN : 9780226330464
Genre : Business & Economics
File Size : 74. 12 MB
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Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public’ or ‘private’ activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.

Systemic Risk Crises And Macroprudential Regulation

Author : Xavier Freixas
ISBN : 9780262028691
Genre : Business & Economics
File Size : 53. 76 MB
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A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation.

The Basel Committee On Banking Supervision

Author : Charles Goodhart
ISBN : 9781139499385
Genre : Business & Economics
File Size : 81. 86 MB
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The Basel Committee on Banking Supervision (BCBS) sets the guidelines for world-wide regulation of banks. It is the forum for agreeing international regulation on the conduct of banking. Based on special access to the archives of the BCBS and interviews with many of its key players, this book tells the story of the early years of the Committee from its foundation in 1974/5 right through until 1997 - the year that marks the watershed between the Basel I Accord on Capital Adequacy and the start of work on Basel II. In addition, the book covers the Concordat, the Market Risk Amendment, the Core Principles of Banking and all other facets of the work of the BCBS. While the book is primarily a record of the history of the BCBS, it also provides an assessment of its actions and efficacy. It is a major contribution to the historical record on banking supervision.

How Change Happens

Author : Duncan Green
ISBN : 9780198785392
Genre : Social Science
File Size : 72. 98 MB
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Human society is full of would-be "change agents," a restless mix of campaigners, lobbyists, and officials, both individuals and organizations, set on transforming the world. They want to improve public services, reform laws and regulations, guarantee human rights, get a fairer deal for those on the sharp end, achieve greater recognition for any number of issues, or simply be treated with respect. Striking then, why so many universities lack programs for social activists, to which students can turn for advice and inspiration. Instead, scholarly discussions of change are fragmented with few conversations crossing disciplinary boundaries, rarely making it onto the radar of those actively seeking change. This book bridges the gap between academia and practice, bringing together the best research from a range of academic disciplines and the evolving practical understanding of activists to explore the topic of social and political change. Drawing on many first-hand examples from the global experience of Oxfam, one of the world's largest social justice NGOs, as well as the author's insights from studying and working on international development, it tests ideas on how change happens and offers the latest thinking on what works to achieve progressive change.

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