Book description
Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. Our efforts to shape and direct these forces to preserve financial stability reveal much about the ways we perceive the financial economy. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which these forces inhabit our institutions, strategies, and tactics. As economies expand and contract, these forces also determine the ways we supervise and regulate. This high-level examination of the global political economy includes articles about specific countries, crises, and international systems as well as broad articles about major concepts and trends..
- Substantial articles by top scholars sets this volume apart from other information sources
- Diverse international perspectives result in new opportunities for analysis and research
- Rapidly developing subjects will interest readers well into the future
Table of contents
- Cover image
- Title page
- Table of Contents
- Copyright
- Volume 2
- Section Editors for this volume
- Preface
- Contributors
-
I: Political Economy of Financial Globalization
- Chapter 1. China and Financial Globalization
- Chapter 2. Emerging Markets Politics and Financial Institutions
- Chapter 3. The Political Economy of Exchange-Rate Policy
- Chapter 4. Financial Institutions, International and Politics
- Chapter 5. Political Economy of Foreign Aid, Bilateral
- Chapter 6. Interest Group Politics
- Chapter 7. International Conflicts
- Chapter 8. The Political Economy of International Monetary Policy Coordination
-
II: Theoretical Perspectives on Financial Globalization
- Chapter 9. Theoretical Perspectives, Overview
- Chapter 10. Capital Mobility and Exchange Rate Regimes
- Chapter 11. Microstructure of Currency Markets
- Chapter 12. Intertemporal Approach to the Current Account
- Chapter 13. Endogenous Portfolios in International Macro Models
- Chapter 14. Financial Contagion
- Chapter 15. Financial Development and Global Imbalances
- Chapter 16. Foreign Currency Debt
- Chapter 17. International Trade and International Capital Flows
- Chapter 18. International Macro-Finance
- Chapter 19. Monetary Policy and Capital Mobility
- Chapter 20. Theory of Sovereign Debt and Default
- Chapter 21. Tax Systems and Capital Mobility
-
Chapter 22. Trade Costs and Home Bias
- Introduction
- The Equity and Consumption Home Biases: Facts and Figures
- Why Investors Would Hold Different Equity Portfolios?
- Home Bias in Equities and the Hedging of Real Exchange Rate Risk
- Home Bias in Equities and the Hedging of Nontradable Risk
- Trade Costs and Portfolio Home Bias: Alternative Stories
- Conclusion
- Acknowledgments
- References
- Chapter 23. Explaining Deviations from Uncovered Interest Rate Parity
- Chapter 24. Valuation Effects, Capital Flows and International Adjustment
-
III: Safeguarding Global Financial Stability
- Chapter 25. Safeguarding Global Financial Stability, Overview
- Chapter 26. Resolution of Banking Crises
-
Chapter 27. Advantages and Drawbacks of Bonus Payments in the Financial Sector
- Introduction
- Principal–Agent Theory: Why Bonuses may be Beneficial
- Why Ideal Contracts may well be Unavailable
- Implications for Contracts in the Financial Sector
- Assessing the Case for Profit-Related Pay
- Are Financial Sector Bonuses Actually Deserved?
- Arguments Against Restricting Financial Sector Bonuses
- Some Technical Difficulties
- Some Specific Practical Problems with Bonuses
- Implementation
- Concluding Comments
- References
- Chapter 28. Central Banks Role in Financial Stability
- Chapter 29. Organization, Supervision and Resolution of Cross-border Banking
- Chapter 30. Dynamic Provisioning to Reduce Procyclicality in Spain
- Chapter 31. Varieties of European Crises
- Chapter 32. The Financial Sector Assessment Program
- Chapter 33. Financial Sector Forum/Board
- Chapter 34. Financial Stability and Inflation Targeting
- Chapter 35. Financial Supervision in the EU
- Chapter 36. Groups: G-5, G-7/8, G-10, G-20, and Others
- Chapter 37. Market Structures and Market Abuse
- Chapter 38. Development and Evolution of International Financial Architecture
-
Chapter 39. On the Role of the Basel Committee, the Basel Rules, and Banks’ Incentives
- Introduction
- The Evolving Role of the Basel Committee on Banking Supervision
- Basel Capital Requirements as Essential but not Sufficient Regulatory Tool
- From Basel I to Basel III: What Has Changed?
- What are the Unresolved Flaws of Basel Regulations?
- Basel Regulation, Incentives, and Role of Pillars 2 and 3
- References
- Chapter 40. International Monetary Fund
- Chapter 41. Innovations in Lender of Last Resort Policy in Europe
- Chapter 42. Micro and Macro Prudential Regulation
- Chapter 43. Role and Scope of Regulation and Supervision
- Chapter 44. Independence and Accountability of Regulatory Agencies
- Chapter 45. Institutional Structures of Regulation
-
Chapter 46. Organizations of International Co-operation in Standard-Setting and Regulation
- International Financial Regulation
- International Financial Standards and Standard-Setting Organizations
- Policy Direction
- Coordination
- Key Standards for Sound Financial Systems
- Process of Standard Setting
- International Standard-Setting Organizations
- IFIs and Other Formal International Organizations
- International Financial Organizations
- Implementation and Monitoring
- References
- Chapter 47. Prevention of Systemic Crises
-
Chapter 48. Lines of Defense Against Systemic Crises: Resolution
- International Efforts to Promote Effective Resolution Regimes
- FSB Policy Measures to Reduce Moral Hazard Risks
- A New International Standard for Resolution Regimes
- Building Cross-Border Cooperation
- Corporate Insolvency
- National and Regional Initiatives
- Objectives of Resolution
- A Special Resolution Regime for Banks and Other Financial Institutions
- Resolution Regimes as Key Component of the Financial Safety Net
- Features of a Special Resolution Regime: The ‘FSB Key Attributes’
- Conclusion
- Further Reading
- Index
Product information
- Title: Handbook of Safeguarding Global Financial Stability
- Author(s):
- Release date: December 2012
- Publisher(s): Academic Press
- ISBN: 9780123978783
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