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Towards a New Framework for Financial Stability

Edited By David Mayes, Robert Pringle and Michael Taylor

Overview

The credit crash which began in August 2007 and turned into the most serious financial crisis in living memory has thrust the design and the conduct of financial oversight, regulation and supervision under detailed worldwide scrutiny.


As markets suffered unprecedented meltdowns and household names went bust, central bankers and supervisors were left questioning the models of financial regulation that had been built up over the last decade and a half.


This new book, Towards a New Framework for Financial Stability, presents the first collection of practitioner responses to the first great financial crisis of the 21st century.


A Central Banking Publications Book

Publish date: 1 Jan 2009

Availability: In stock

£150.00
OR

Book description

Towards a New Framework for Financial Stability brings together a world-class group of central bankers, supervisors, academics and financial-market practitioners, with first-hand experience of financial regulation, to identify how the demands placed on those charged with financial supervision have changed and to put forward practical measures to restore financial stability.

In their introduction, the editors argue that in future financial regulation should be “smarter” rather than “tougher.” This is also the theme of many of the individual chapters.

This 40-chapter book places the crisis in context by examining the development of the regulatory and supervisory regimes we have today as well as the innovation and structural shifts in the financial sector to distil the lessons from the current financial turmoil. The book offers a practical approach: showing both policy and institutional changes.

Key policy questions

  • What are the implications of the subprime crisis?
  • What are the lessons of Northern Rock?
  • What is the way to regulate of liquidity?
  • What is next for Basel II?
  • What is the role of credit rating agencies?
  • What is the meaning of lender of last resort?
  • What is the future of the single regulator?

Book details

ISBN
9781902182551
Publish date
1 Jan 2009
Format
Paperback
Size
170mm x 245mm

Editor biography

David Mayes, Robert Pringle and Michael Taylor

David Mayes is an advisor to the board at the Bank of Finland and now divides his time between the bank and the Europe Institute at the University of Auckland. Robert Pringle is the founder and chairman of Central Banking Publications and the editor-in-chief of the Central Banking journal. Michael Taylor is adviser to the governor of the Central Bank of Bahrain.

Table of contents

Foreword

Nout Wellink

President, the Netherlands Bank and Chairman, Basel Committee on Banking Supervision

Lessons of the Credit Crash

David G. Mayes, Robert Pringle and Michael Taylor

Advisor to the Board, Monetary Policy and Research Department, Bank of Finland; Chairman, Central Banking Publications; Advisor to the Governor, Central Bank of Bahrain

The regulatory regime and the Basel capital requirements

Charles Freeland

Former Deputy Secretary General, Basel Committee on Banking Supervision

Research in and policy for financial stability – what have we learnt?

E. Philip Davis and Dilruba Karim

Professor, Brunel University; Lecturer, Brunel University

The new banking and financial system

David T. Llewellyn

Chair, Money and Banking, Loughborough University

The development of financial regulation and supervision in Europe

Andrea Enria

Deputy Head, Regulation and Supervisory Policy, Bank of Italy

An historical perspective on the crisis

Michael D. Bordo

Professor of Economics and Director, Center for Monetary and Financial History, Rutgers University

Behind the US subprime mortgage crisis

James R. Barth, Tong Li, Triphon Phumiwasana and Glenn Yago

Milken Institute

The Northern Rock saga

David G. Mayes and Geoffrey Wood

Advisor to the Board, Monetary Policy and Research Department, Bank of Finland; Professor of Economics, Cass Business School

The challenge to EU financial regulation

Kern Alexander

Director, Research in Financial Regulation, Centre for Financial Analysis and Policy, University of Cambridge

Regulatory action and military command: a parallel

Andrew Sheng

Chief Advise, China Banking Regulatory Commission and Board Member, Qatar Financial Centre Regulatory Authority

Originate to distribute

Michael Taylor

Advisor to the Governor, Central Bank of Bahrain

Transparency, disclosure and accounting rules

John Tattersall

Chairman, Financial Services Regulatory Practice, Banking and Capital Markets Technical Forum, PricewaterhouseCoopers LLP

Large complex financial institutions: too big to manage? Too big to regulate?

Clifford Smout

Associate Partner, Deloitte’s Financial Services Advisory Group

“Too big to fail” and the market turmoil of 2007 and 2008

Gary H. Stern and Ron J. Feldman

President and Chief Executive Officer, Federal Reserve Bank of Minneapolis ; Senior Vice President, Supervision, Regulation and Credit, Federal Reserve Bank of Minneapolis

Bank insolvency: the last frontier

Eva Hüpkes

Head, Regulation, Swiss Federal Banking Commission

Deposit insurance, banking resolutions and moral hazard: considerations in system design

Michael Krimminger

Special Advisor for Policy to the Chairman, Federal Deposit Insurance Corporation

Resolving cross-border bank problems

David G. Mayes

Advisor to the Board, Monetary Policy and Research Department, Bank of Finland

Key issues for regulators and supervisors

David T. Llewellyn

Chair, Money and Banking, Loughborough University

Strengthening regimes for controlling liquidity risk: some lessons from the recent turmoil

Nigel Jenkinson

Executive Director, Financial Stability, Bank of England

Devastating liquidity effects of financial regulation and marketing microstructure

Avinash D. Persaud

Chairman, Intelligence Capital Limited

Bonuses and the credit crunch

Peter Sinclair, Guy Spier and Tom Skinner

Professor of Economics, University of Birmingham; Principal, Aquamarine Capital Management LLC; Managing Partner, Redbrick Partners

Insurance harmonisation and the globalisation of financial markets

Roger Ferguson

President and Chief Executive Officer, TIAA-CREF

Hedge funds

Hadia Ibnabdeljalil, Cedric Jacquat and Imène Rahmouni-Rousseau

Research Associate, Financial Stability and Markets Division, Banque de France, Head, Financial Stability and Markets Division, Banque de France

Credit rating agencies – their role in the last crash and their regulation

Avinash Persaud

Chairman, Intelligence Capital Limited

Derivatives and systemic risk – friend or foe?

Clive Briault

Former Managing Director, Retail Markets, UK Financial Services Authority

The regulation of company and trust services providers

Richard Pratt

Former Director General, Jersey Financial Services Commission

The changing nature of systemic financial risk

Garry J. Schinasi

Advisor, Monetary and Capital Markets Department, International Monetary Fund

The lender of last resort in the safety net

David G. Mayes

Advisor to the Board, Monetary Policy and Research Department, Bank of Finland

Can market discipline be restored? Lessons from the subprime crisis

Clas Wihlborg

Chair, International Business, Argyros School of Business and Economics, Chapman University and Professor of Finance, Copenhagen Business School

Lessons for banking and market regulation in Asia

Andrew Sheng

Chief Advise, China Banking Regulatory Commission and Board Member, Qatar Financial Centre Regulatory Authority

The Spanish approach: dynamic provisioning and other tools

Santiago Fernández de Lis and Alicia García Herrero

Supervisory lessons from the market turbulence

Charles Freeland

Former Deputy Secretary General, Basel Committee on Banking Supervision

Two industry views of the market turmoil

Gillian G.H. Garcia

International Financial Consultant, Gillian G.H. Garcia Associates

The macroprudential approach to regulation and supervision: where do we stand?

Claudio Borio

Head, Research and Policy Analysis, Bank of International Settlements

Bank fragility: perception and historical evidence

George G. Kaufman

John F. Smith, Jr. Professor of Finance and Economics, Loyola University in Chicago and Co-Chair of the US Shadow Financial Regulatory Committee

Some new directions for financial stability?

C.A.E. Goodhart

Financial Markets Group, London School of Economics

Financial turbulence and structural change in wholesale banking

Ingo Walter

Seymour Milstein Professor of Finance, Corporate Governance and Ethics, Stern School of Business, New York University

The future of the single regulator model

Michael Foot

Chairman, Promontory Financial Group (UK) Ltd

The US Proposals for regulatory reform

Jeroen Kremers and Dirk Schoenmaker

Director, Economic Research, Sector Research, Government Affairs, Emerging Markets and Multilateral Organisations and Sustainability Departments, ABN AMRO; Director, European affairs, Competition and Consumer Policy, at the Dutch Ministry of Economic Affairs

The future of banking regulation and supervision in Europe

John Berrigan, Vitor Gaspar and Patrick Pearson

Head, Financial Sector Analysis Unit, DG ECFIN, European Commission; Head, Bureau of Policy Advisers, European Commission; Head, Banking and Financial Conglomerates Regulation Unit, European Commission’s Internal Market Directorate General

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