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Reinventing Financial Regulation
Reinventing Financial Regulation offers an analysis of the fundamental flaws that plague the current system of financial regulation, one built around ideas of "risk-sensitivity" and "capital adequacy." Author Avinash Persaud argues that while some sensible reforms have been introduced, a fresh approach—centered on risk capacity—is required. When the entire regime is compromised, simply slapping bandages on each new wound will do nothing to cure the underlying disease. Reinventing Financial Regulation goes beyond an urgent call to fix our profoundly troubled and damaged financial markets. It is a blueprint for an effective financial regulation system that could very well save the future o...
Liquidity Black Holes
This cutting-edge volume brings together a range of leading academics and market practitioners to help you define, understand and measure liquidity risk and 'liquidity black holes'.
The Fundamental Principles of Financial Regulation
Analytical background -- Nature of systemic risk -- Who should be regulated (by whom) -- Counter-cyclical regulation -- Regulation of liquidity and maturity mismatches -- Other regulatory issues -- The structure of regulation -- Conclusions -- Appendix : the boundary problem in financial regulation -- Discussion and roundtables.
Pure Contagion and Investors Shifting Risk Appetite
This paper discusses a "pure" form of financial contagion, unrelated to economic fundamentals - investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way that can enable policy makers to differentiate between financial contagion and domestic fundamentals as the immediate source of a crisis. Daily measures of risk appetite are computed and their usefulness in predicting financial crises is assessed.
Power, Politics and Performance
Across the world, the cooperation of political parties to form governments has become more commonplace. In Europe, North and South America, Asia and Africa and in Australasia, parties have joined forces and taken a partnership approach to government. In Power Politics and Performance, authors Dookeran and Jantzen, using Trinidad and Tobago as the example, demonstrate how collaboration and consensus can be used to meet the challenges facing small developing states.
Improving Resilience, Increasing Revenue
This paper examines the economic costs and benefits of extending the UK's existing tax on share transactions to include other securities, and of removing abuses of the current exemption for market makers. The post-crisis regulatory environment, especially changes to beneficial ownership requirements and tax information agreements has meant that finance is no longer, if it ever was, in unreachable part of cyberspace. The systemic benefits of taxing high frequency turnover are more readily available today than in the past. The paper finds that extensions of the existing stamp duty that do not risk relocation of the venue of trading would raise an additional £5bn per annum. The paper finds that the costs of the tax are often exaggerated. The analysis presented in this paper fits more readily with the impact of the recent French and Italian turnover taxes than than existing paradigms of financial transaction taxes.
Macro-Prudential Regulation
This is not the first international banking crisis the world has seen. The previous ones occurred without credit default swaps, special investment vehicles, or even credit ratings. If crises keep repeating themselves, it seems reasonable to argue that policy makers need to carefully consider what they are doing and not just 'double up' by superficially reacting to the specific features of today's crisis. While we cannot to prevent crises, we can perhaps make them fewer and milder by adopting and implementing better regulation in particular, more macro-prudential regulation.
