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Financial Regulation At The Crossroads

Author : Panagiotis Delimatsis
ISBN : 9789041133557
Genre : Business & Economics
File Size : 55.67 MB
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This book brings outstanding expertise and provides insightful perspectives from nineteen authors with diverse backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance. The authors not only shed light on the causes of the financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, and discuss opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution. The contributions to this volume tackle several of the thorniest issues of financial regulation in a post-crisis environment, such as: the mechanics of contagion within the financial system and the role of liquidity; moral hazard when large financial institutions are no longer subject to the disciplinary effects of bankruptcy; bank capital requirements; management compensation; design of bank resolution schemes; a function-centric versus institution-centric regulatory approach; subsidization and compatibility of stimulus packages with EU rules on state aid; trade finance and the role of the GATS prudential carve-out; and the role of financial services in promoting human rights or combating climate change.
Category: Business & Economics

The Derivatives Revolution

Author : Raffaele Scalcione
ISBN : 9789041134301
Genre : Law
File Size : 81.18 MB
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It is now widely recognized that an uncontrolled "derivatives revolution" triggered one of the most spectacular worst-case scenarios of modern times. This book - the most cogent legal analysis of the subject yet to appear in any language - lays bare the core role played by the failure to adequately regulate derivatives in the financial crisis of recent years. The author's insistence that derivatives must be viewed not as profit-seeking investments but as risk management tools - and his well-grounded prescriptions to ensure that they are regulated in that way - sheds clear light on the best way for companies, financial institutions, and hedge funds to move forward in their use of these useful but highly hazardous instruments. This book clearly shows how such elements as the following fit into the legal analysis of derivatives, and how proper regulation will preserve their usefulness and economic value: ; derivatives allow for the most efficient and cost-effective risk fractioning, hence risk taking, techniques ever conceived; derivatives allow for all measurable and identifiable risks that may exist in modern finance; the ability to isolate risks and insure against risk exposures is the key to the very survival of modern financial markets; risk buyers effectively take on financial exposure to various types of risk while hedgers unload unwanted exposures; derivatives allow domestic investors to acquire exposure to foreign markets without the necessity of dealing with foreign laws, foreign investments, currency exchange, or foreign fiscal regimes; derivatives increase social welfare by making it easier and less expensive to carry out many types of financial transactions; derivatives allow governments to insulate, manage, hedge or concentrate risks deriving from financial, meteorological, and even geopolitical exposure; and derivatives allow radical changes to financial and risk structure to be performed silently and rapidly. To the question: how do we ensure that a company trading derivatives is regulated effectively? this work offers a clear and convincing answer. The author's detailed recommendations for regulatory and corporate governance measures are designed to prevent excessive risk taking, the emergence of rogue traders, and ultimately the emergence of another systemic disturbance caused by chains of derivatives-related losses.
Category: Law

Financial Development In Latin America And The Caribbean

Author : Augusto de la Torre
ISBN : 9780821388471
Genre : Business & Economics
File Size : 47.24 MB
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The financial systems of Latin America and the Caribbean (LAC) have been widely resilient to the global financial crisis, which reflects strong progress in both macroeconomic management and prudential oversight. However, the current juncture provides a unique tapestry upon which this book examines several key questions and challenges looking forward. Does LAC continue to underperform on some key financial development indicators and, if so, why? How can LAC's financial systems contribute more effectively to the region's welfare and growth? How can LAC secure the benefits of deepening financial development while avoiding the fault lines that recently burst to the surface in other parts of the world?
Category: Business & Economics

World Development Report 2014

Author : World Bank
ISBN : 9780821399033
Genre : Business & Economics
File Size : 77.52 MB
Format : PDF
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The World Development Report 2014 examines how improving risk management can lead to larger gains in development and poverty reduction. It argues that improving risk management is crucial to reduce the negative impacts of shocks and hazards, but also to enable people to pursue new opportunities for growth and prosperity.
Category: Business & Economics

Wto Domestic Regulation And Services Trade

Author : Aik Hoe Lim
ISBN : 9781139917254
Genre : Law
File Size : 85.70 MB
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Domestic regulation of services sectors has a significant impact on services trade liberalization, which is why General Agreement on Trade in Services (GATS) disciplines are negotiated in the WTO. With the help of analyses and case-studies from academics, regulators and trade experts, this book explores the scope and limits of WTO legal principles to promote domestic regulatory reform. Case-studies discuss country-specific challenges and experiences of regulating important service sectors, such as finance, telecommunications, distribution, legal, education, health, postal and logistics services, as well as the role of regulatory impact assessments. The findings will interest trade officials, policy-makers, regulators, think tanks and businesses concerned with the implications of domestic regulation on access to services markets, and with the opportunities for formulating trade disciplines in this area. It is also a useful resource for academics and students researching regulatory approaches and practices in services sectors.
Category: Law

Global Financial Development Report 2017 2018

Author : World Bank
ISBN : 9781464811968
Genre : Business & Economics
File Size : 42.65 MB
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Successful international integration has underpinned most experiences of rapid growth, shared prosperity, and reduced poverty. Perhaps no sector of the economy better illustrates the potential benefits--but also the perils--of deeper integration than banking. International banking may contribute to faster growth in two important ways: first, by making available much needed capital, expertise, and new technologies; and second, by enabling risk-sharing and diversification. But international banking is not without risks. The global financial crisis vividly demonstrated how international banks can transmit shocks across the globe. The Global Financial Development Report 2017/2018 brings to bear new evidence on the debate on the benefits and costs of international banks, particularly for developing countries. It provides evidence-based policy guidance on a range of issues that developing countries face. Countries that are open to international banking can benefit from global flows of funds, knowledge, and opportunity, but the regulatory challenges are complex and, at times, daunting. Global Financial Development Report 2017/2018 is the fourth in a World Bank series. The report also tracks financial systems in more than 200 economies before and during the global financial crisis on an accompanying website ( **Note: This World Bank report, Global Financial Development Report 2017/2018: Bankers without Borders, is not associated with the Grameen Foundation’s Bankers without Borders program, which engages volunteer consultants to donate their expertise to serve social enterprises and nonprofits in poor countries. For more information, visit:
Category: Business & Economics

Somaliland S Private Sector At A Crossroads

Author : The World Bank
ISBN : 9781464804946
Genre : Business & Economics
File Size : 79.82 MB
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Somaliland's Private Sector at a Crossroads is the World Bank Group's first effort to undertake a consultative in-depth analysis of the private and financial sector in Somaliland in at least a generation. The objective of the report is to take stock of what has been achieved since the 1999 constitution was approved, provide an assessment of the current evolution of the private sector, and identify some priority policy options and related actions that would best enable the private sector to generate the growth and jobs sought under the Somaliland National Development Plan. The report is structured around the three key sector 'actors' of the economy: enterprises, financial institutions, and the government. This approach has been taken to facilitate a 'political economy' lens into the analysis. The report explores trends in, opportunities for, and impediments to effective government regulation of the private and financial sector and private sector-led economic growth in Somaliland, a relatively new democracy with limited institutional capacities. Drawing heavily on feedback received through an extensive consultative process that was undertaken in tandem with the analysis, the study concludes with recommendations for policy choices for the continued robust growth of the private sector and the evolution of a sounder financial sector.
Category: Business & Economics

Central Banks At A Crossroads

Author : Michael D. Bordo
ISBN : 9781316654323
Genre : Business & Economics
File Size : 78.93 MB
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Throughout their long history, the primary concern of central banks has oscillated between price stability in normal times and financial stability in extraordinary times. In the wake of the recent global financial crisis, central banks have been given additional responsibilities to ensure financial stability, which has sparked intense debate over the nature of their role. Bankers and policy makers face an enormous challenge finding the right balance of power between the central bank and the state. This volume is the result of an international conference held at Norges Bank (the central bank of Norway). International experts and policy makers present research and historical analysis on the evolution of the central bank. They specifically focus on four key aspects: its role as an institution, the part it plays within the international monetary system, how to delineate and limit its functions, and how to apply the lessons of the past two centuries.
Category: Business & Economics

Central Banking At A Crossroads

Author : Charles Goodhart
ISBN : 9781783083046
Genre : Business & Economics
File Size : 87.88 MB
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This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.
Category: Business & Economics

Governance Of International Banking

Author : Dirk Schoenmaker
ISBN : 9780199971596
Genre : Business & Economics
File Size : 57.56 MB
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Global governance of international banks is breaking down after the Great Financial Crisis, as national regulators are withdrawing on their home turf. New evidence presented illustrates that the global systemically important banks underpin the global financial system. This book offers solutions for the effective governance of global banks.
Category: Business & Economics