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.
This collection of essays has been compiled in honour of Professor Eddy Wymeersch on the occasion of his retirement as professor at Ghent University. His main international academic peers explore developments on the crossroads of company law and financial regulation in Europe and the United States, providing a unique view on the dynamics of regulatory competition in an era of economic globalisation, whether in the fields of rulemaking, organising the mobility of capital or the enforcement of rules. The deepening of European financial integration and the transatlantic regulatory dialogue has generated new paradigms of rule-setting in a multinational framework and reinforced the need to develop adequate instruments for co-operation between regulators. Regulators increasingly use concepts such as equivalence or mutual recognition to regulate cross-border relations.
This work charts the consequences for banking supervision of two stylized developments that over the1990s have characterized the global financial landscape: the integration of cross-sector and cross-border financial services. Both developments inevitably call for a supervisory response and the authors discuss what form and direction this should take. They also address a number of other important subjects including the new Capital Accord (Basel II), the convergence of supervisory practices, procyclicality, financial conglomerates, deposit indurance and a brief history of the interplay between banking supervision and bank behaviour. clearly demonstrate that banking supervision currently stands at a crossroads. The detailed, objective discussions of these themes and the conclusions drawn should help policymakers to decide which path to take. The contributions from high-level practitioners and academics from around the world should be of interest to commercial bankers, and academics and researchers of banking, finance and monetary economics.
A thoroughly updated, comprehensive, and accessible guide to U.S. telecommunications law and policy, covering recent developments including mobile broadband issues, spectrum policy, and net neutrality. In Digital Crossroads, two experts on telecommunications policy offer a comprehensive and accessible analysis of the regulation of competition in the U.S. telecommunications industry. The first edition of Digital Crossroads (MIT Press, 2005) became an essential and uniquely readable guide for policymakers, lawyers, scholars, and students in a fast-moving and complex policy field. In this second edition, the authors have revised every section of every chapter to reflect the evolution in industry structure, technology, and regulatory strategy since 2005. The book features entirely new discussions of such topics as the explosive development of the mobile broadband ecosystem; incentive auctions and other recent spectrum policy initiatives; the FCC's net neutrality rules; the National Broadband Plan; the declining relevance of the traditional public switched telephone network; and the policy response to online video services and their potential to transform the way Americans watch television. Like its predecessor, this new edition of Digital Crossroads not only helps nonspecialists climb this field's formidable learning curve, but also makes substantive contributions to ongoing policy debates.
This book takes you on a journey through post-crisis regulatory reform, highlighting the unintended consequences of some of the measures on transaction banking, a business that provides the backbone of financial markets.
The Regulatory Technology Handbook The transformational potential of RegTech has been confirmed in recent years with US$1.2 billion invested in start-ups (2017) and an expected additional spending of US$100 billion by 2020. Regulatory technology will not only provide efficiency gains for compliance and reporting functions, it will radically change market structure and supervision. This book, the first of its kind, is providing a comprehensive and invaluable source of information aimed at corporates, regulators, compliance professionals, start-ups and policy makers. The REGTECH Book brings into a single volume the curated industry expertise delivered by subject matter experts. It serves as a single reference point to understand the RegTech eco-system and its impact on the industry. Readers will learn foundational notions such as: • The economic impact of digitization and datafication of regulation • How new technologies (Artificial Intelligence, Blockchain) are applied to compliance • Business use cases of RegTech for cost-reduction and new product origination • The future regulatory landscape affecting financial institutions, technology companies and other industries Edited by world-class academics and written by compliance professionals, regulators, entrepreneurs and business leaders, the RegTech Book represents an invaluable resource that paves the way for 21st century regulatory innovation.
China's increasing role in global economic affairs has placed the country at a crossroads: how many and what types of international capital-market transactions will China permit? How will China's financial system change internally? What kind of relationships will the Chinese government develop with foreign financial institutions, especially with those based in the United States? Can China broker a sustainable partnership with America that will avoid sending economic shock waves throughout the world? Drawing on the contemporary research of prominent international scholars, the experts in this volume outline the trajectory of China's financial markets since the advent of reform and anticipate their uncertain future. Chapter authors and commentators include Geert Bekaert, Loren Brandt, Lee Branstetter, Mary Wadsworth Darby, Michael DeStefano, Barry Eichengreen, Campbell Harvey, Fred Hu, Xiaobo Lu, Christian Lundblad, Ailsa Roell, Daniel Rosen, Shang-Jin Wei, Jialin Yu, and Xiaodong Zhu. The book begins with an overview of the history of financial-sector development, regulation, and performance and then focuses on the banking sector, discussing the progress, challenges, and prospects of current sector reform. Subsequent chapters describe the role of foreign capital in China's development and analyze the changes in capital flows and controls over time; explore various explanations for China's composition of foreign-capital and foreign-exchange policies, particularly the factors shaping China's reliance on foreign direct investment; and provide an international, comparative perspective on the remarkable growth experience of China and the contribution of its institutional environment to that experience. Contributors dispute the belief that stock market listing has done little to reform state-owned enterprises and take a hard look at the exchange rate regime choice for China, considering the potential long-run desirability of flexibility and the appropriate sequencing of reforms in foreign-exchange policy, domestic banking reform, and capital-market openness. The book concludes with a roundtable discussion in which prominent economists, including Peter Garber, Robert Hodrick, John Makin, David Malpass, Frederic Mishkin, and Eswar Prasad, debate the pace of the appreciation of China's currency and the likely consequences of that policy within and outside of China.
ÔThis Handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.Õ Ð Allard Bruinshoofd, SUERF ÔThis collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.Õ Ð Paul Mizen, University of Nottingham, UK This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policymakers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.
Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. This provocative book debunks the simplistic view of law’s instrumental function for financial market development and economic growth. Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world. Their groundbreaking findings show that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics. Innovative and insightful, Law and Capitalism will change the way lawyers, economists, policy makers, and business leaders think about legal regulation in an increasingly global market for capital and corporate governance.
This book charts the consequences for banking supervision of two stylized developments that over the last decade have characterized the global financial landscape: the integration of cross-sector and cross-border financial services. Both developments inevitably call for a supervisory response and the authors discuss what form and direction this should take. They also address a number of other important subjects including the new Capital Accord (Basel 2), the convergence of supervisory practices, procyclicality, financial conglomerates, deposit insurance and a brief history of the interplay between banking supervision and bank behaviour. The important practical and theoretical issues highlighted in this volume clearly demonstrate that banking supervision currently stands at a crossroads. The detailed, objective discussions of these themes and the sensible conclusions drawn will undoubtedly help policymakers to decide which path to take. The original contributions from high-level practitioners and academics from around the world will also be of great interest to commercial bankers, and academics and researchers of banking, finance and monetary economics.
