The new international financial system : analyzing the cumulative impact of regulatory reform / editors, Douglas Evanoff, Andrew G Haldane, George Kaufman.

Format:

Book

Conference/Event

Author/Creator:

Annual International Banking Conference, Corporate Author.

Contributor:

Evanoff, Douglas Darrell, 1951- editor.

Haldane, Andrew G., editor.

Kaufman, George G., editor.

Conference Name:

Annual International Banking Conference (17th : 2014 : Federal Reserve Bank of Chicago), issuing body.

Annual International Banking Conference

Series:

World Scientific studies in international economics.

World Scientific studies in international economics ; 48

Language:

English

Subjects (All):

International finance--Congresses.

International finance.

International finance--Law and legislation--Congresses.

Financial institutions--Congresses.

Financial institutions.

Financial institutions--Law and legislation--Congresses.

Banks and banking, International--Congresses.

Banks and banking, International.

Physical Description:

1 online resource (611 p.)

Place of Publication:

New Jersey : World Scientific, [2016]

Language Note:

English

Summary:

"Ever since the Great Recession, the global financial regulatory system has undergone significant changes. But have these changes been sufficient? Have they created a new problem of over-regulation? Is the system currently in a better position than in the pre-Recession years, or have we not adequately addressed the basic causes of the financial crisis and resulting Great Recession? These were the questions and issues addressed in the seventeenth annual international banking conference held at the Federal Reserve Bank of Chicago in November 2014. In collaboration with the Bank of England, the theme of the conference was to examine the state of the new global financial system as it has evolved in response to significant market changes and regulatory reforms triggered by the global financial crisis. The papers from that conference are collected in this volume, with contributions from an international array of government officials, regulators, industry practitioners and academics."-- Provided by publisher.

Contents:

Contents; Preface; Acknowledgements; About the Editors; Part I Special Addresses; Chapter 1 Financial Entropy and the Optimality of Over-regulation; Preview; I. Why Do We Have Finance? Why Do We Regulate It?; II. The Big Tradeoff: Less Mean for Less Variance; III. The Financial Entropy Theorem; Glass-Steagall; Interstate Banking; Derivatives; IV. The Optimality of Over-regulation; V. Appraising the Long-run Effects of Some Recent Reforms; Systemic Risk Regulation; Too-big-to-fail and Resolution Authority; Higher Capital Requirements; Restricting Proprietary Trading; Regulating Derivatives

Compensation IncentivesThe Need for International Harmonization; Summary; References; Chapter 2 Implementing the Regulatory Reform Agenda: The Pitfall of Myopia; Why we Shouldn't Back-track on Regulation; Are We There Yet? What are the Remaining Challenges?; Concluding Remarks; References; Chapter 3 A Financial System Perspective on Central Clearing of Derivatives; Further Challenges Facing Central Clearing; The Road Ahead: Meeting the Challenges; Liquidity; Transparency; Stress Testing; Skin in the Game; Recovery and Resolution; Conclusion: Realizing the Promise of Central Clearing

ReferencesPart II Regulatory and Market Response to the Financial Crisis - Banking; Chapter 4 Shadow Banking in China; Risks are in the Corporate Sector; Some Observations; References; Chapter 5 Fed Liquidity Policy During the Financial Crisis: Playing For Time; Introduction; Causes of the Crisis; The Accumulation of US Dollars Abroad and the Demand for High Quality Safe-Haven Assets; The Changing Nature of Real Estate Lending, the Asset-Backed Commercial Paper Market and Its Role in the Crisis; The Unfolding of the Financial Crisis; Liquidity vs. Solvency?; The Liquidity Phase

The Fed's Policy ResponsesDiscount-window Lending (DW); The Term Auction Facility (TAF); Central Bank Liquidity Swaps Program (CBLS); Single-tranche Open Market Operations (ST OMO); Term Securities Lending Facility (TSLF); Primary Dealer Credit Facility (PDCF); Assessing the Effects of Liquidity Facilities; Market Liquidity: The Commercial Paper Funding Facility (CPF); Which Institutions Received the Largest Amount of Liquidity Assistance?; Special Benefi ts for Special Institutions; Policy Concerns Shift From Illiquidity to Insolvency

Why Did the Regulatory Authorities Delay Recognition of the Solvency Problem for So Long?Concluding Comments; References; Chapter 6 Europe's Banking Union: Status and Prospects; The Inception of Europe's Banking Union; Banking Union Legislation, Institutions and Implementation Schedule; Economic Impact; Institutional Implications; Prospects for Future Policy Development; References; Part III Regulatory and Market Response to the Financial Crisis - Capital Markets; Chapter 7 Capital Market Regulation in Japan after the Global Financial Crisis; Introduction; I. From Banks to Markets

II. Japan's Financial Markets after the Global Financial Crisis

Notes:

"This volume contains the papers and keynote addresses delivered at the [seventeenth Annual International Banking Conference held at the Federal Reserve Bank of Chicago in November 2014]."

Includes bibliographical references and index.

Description based on print version record.

ISBN:

981-4678-33-3