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Connectedness And Contagion

Author: Hal S. Scott
Publisher: MIT Press
ISBN: 0262034379
Size: 66.93 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.

Financial Crisis Corporate Governance And Bank Capital

Author: Sanjai Bhagat
Publisher: Cambridge University Press
ISBN: 1107170648
Size: 23.43 MB
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In the aftermath of the 2007-8 crisis, senior policymakers and the media have blamed excessive risk-taking undertaken by bank executives, in response to their compensation incentives, for the crisis. The inevitable follow-up to this was to introduce stronger financial regulation, in the hope that better and more ethical behaviour can be induced. Despite the honourable intentions of regulation, such as the Dodd-Frank Act of 2010, it is clear that many big banks are still deemed too big to fail. This book argues that by restructuring executive incentive programmes to include only restricted stock and restricted stock options with very long vesting periods, and financing banks with considerably more equity, the potential of future financial crises can be minimized. It will be of great value to corporate executives, corporate board members, institutional investors and economic policymakers, as well as graduate and undergraduate students studying finance, economics and law.

Ending Government Bailouts As We Know Them

Author: Kenneth E. Scott
Publisher: Hoover Press
ISBN: 0817911235
Size: 46.75 MB
Format: PDF
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This book examines the dangers of continuing government bailouts and offers alternative strategies designed to produce growth based on the vigor of the private sector with inflation under control. The expert authors show that it is indeed possible to explain the causes of the crisis in understandable terms and clarify why resolving the bailout problem is essential to preventing future crises.

Bankruptcy Not Bailout

Author: Kenneth E. Scott
Publisher: Hoover Press
ISBN: 0817915168
Size: 19.62 MB
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This book introduces and analyzes a new and more predictable bankruptcy process designed specifically for large financial institutions—Chapter 14—to achieve greater financial stability and reduce the likelihood of bailouts. The contributors identify and compare the major differences in the Dodd-Frank Title II and the proposed new procedures and outline the reasons why Chapter 14 would be more effective in preventing both financial crises and bailouts.

The Money Problem

Author: Morgan Ricks
Publisher: University of Chicago Press
ISBN: 022633046X
Size: 11.92 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.

International Finance

Author: Hal S. Scott
Publisher: Foundation Press
ISBN: 9781609301859
Size: 19.46 MB
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This nineteenth edition on international finance includes the continuing responses to the 2007–2009 global financial crisis and the ongoing Eurozone crisis, and reflects the reality of the Dodd-Frank Act, which has spawned hundreds of rule-making proceedings. Chapter 2 now deals with the newly enacted Jumpstart Our Business Startups (JOBS) Act of 2012. Chapter 5 deals with the Euro and Eurozone crisis, the multiple responses to which have been the major focus of international finance in the past year. Chapter 7 discusses the continued formation and implementation of the Basel III rules, as well as the expanding use of stress tests. Chapter 15 addresses the vast regulatory changes in regulation for the over-the-counter derivatives market. Chapter 16 deals with new regulatory proposals for money market and hedge funds.

Central Banking In Turbulent Times

Author: Francesco Papadia
Publisher: Oxford University Press
ISBN: 0192528882
Size: 74.69 MB
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Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as 'the only game in town', and a place to put innumerable problems vastly exceeding their traditional remit. These new powers do not fit well, however, with the independence of central banks, remote from the democratic control of government. Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central banks. This raises the risk of dilemmas, since the Great Recession brought into question implicit assumptions that the pursuit of price stability would also lead to financial stability. In addition, the border between monetary and fiscal policy was blurred both in the US and in Europe. Central Banking in Turbulent Times asks whether the model prevailing before the Great Recession has been irrevocably altered. Are we entering, as Charles Goodhart has hypothesized, into the 'fourth epoch' of central banking? Are changes to central banks part of a move away from the global liberal order that seemed to have prevailed at the turn of the century? Central Banking in Turbulent Times seeks to answer these questions as it examines how changes can allow for the maintenance of price stability, while adapting to the long-term consequences of the Great Recession.

Lehman Brothers

Author: Oonagh McDonald
Publisher: Oxford University Press
ISBN: 1526100509
Size: 63.47 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

The Redistribution Recession

Author: Casey B. Mulligan
Publisher: Oxford University Press
ISBN: 0199942218
Size: 63.72 MB
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"Major subsidies and regulations intended to help the poor and unemployed were changed in more than a dozen ways after 2007. Economist Casey B. Mulligan argues that many of these changes were reasonable reactions to economic events, with the intention of helping people endure the recession, but they also reduced incentives for people to work and businesses to hire. He measures the startling changes in implicit tax rates that resulted from a labyrinth of new and expanded 'social safety net' programs, and quantifies the effects of these changes on the labor market and the economy. He also reveals how borrowers can expect their earnings to affect the amount that lenders will forgive in debt renegotiation, and how this has acted as a massive implicit tax on earning. He explains how redistribution in the forms of subsidies, taxes and minimum-wage laws profoundly altered the path of the economy and made the recent recession one of the deepest and longest in decades. The Redistribution Recession is a controversial, clear-cut, and thoroughly researched analysis of the effects of various government policies on the labor market. It offers ground-breaking interpretations and precise explanations of the interplay between unemployment and financial markets."--Jacket.

Cross Border Banking In Europe

Author: Franklin Allen
Publisher: CEPR
ISBN: 1907142363
Size: 60.99 MB
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This report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks.Available online as pdf at: http: //www.cepr.org/pubs/books/CEPR/cross-border_banking.pd