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Watch What They Do, Not What They Say: Estimating Regulatory Costs from Revealed Preferences
We show that distortion in the size distribution of banks around regulatory thresholds can be used to identify costs of bank regulation. We build a structural model in which banks can strategically bunch their assets below regulatory thresholds to avoid regulations. The resulting distortion in the size distribution of banks reveals the magnitude of regulatory costs. Using U.S. bank data, we estimate the regulatory costs imposed by the Dodd-Frank Act. Although the estimated regulatory costs are substantial, they are significatnly lower than those in self-reported estimates by banks.
Manias, Panics, and Crashes
In the Eighth Edition of this classic text on the financial history of bubbles and crashes, Robert McCauley joins with Robert Aliber in building on Charles Kindleberger's renowned work. McCauley draws on his central banking experience to introduce new chapters on cryptocurrency and the United States as the 21st Century global lender of last resort. He also updates the book's coverage of the recent property bubble in China, as well as providing new perspectives on the US housing bubble of 2003-2006, and the Japanese bubble of the late 1980s. And he gives new attention to the social psychology that leads people to take the risk of investing in Ponzi schemes and asset price bubbles. For the first time in this revised and updated edition, figures highlight key points to ensure that today’s generation of finance and economic researchers, students, practitioners and policy-makers—as well as investors looking to avoid crashes—have access to this panoramic history of financial crisis.
The Routledge Handbook of the History of Translation Studies
The Routledge Handbook of the History of Translation Studies is an exploration of the history of translation and interpreting studies (TIS) as a field of intellectual enquiry. The volume covers the evolution of thinking on translation, from the earliest discourses in Assyria, Egypt, Israel, China, India, Greece, and Rome, up to the early 20th century when TIS emerged as an identifiable academic field. The volume also traces the institutionalization of TIS and its key concepts from their beginnings in the 1920s in Ukraine up to their contemporary interdisciplinary manifestations. Written by leading international scholars, many of whom played a direct role in the events they describe, the chapters in this volume provide a comprehensive and in-depth account of the birth and consolidation of translation and interpreting studies as a thriving interdiscipline. With a focus on providing readers with the methodological and theoretical tools they need to conduct research, as well as background in the historiography of TIS, this handbook is an indispensable resource for all students and researchers of translation and interpreting studies.
Translation in Transition
Extraordinary advances in machine translation over the last three quarters of a century have profoundly affected many aspects of the translation profession. The widespread integration of adaptive “artificially intelligent” technologies has radically changed the way many translators think and work. In turn, groundbreaking empirical research has yielded new perspectives on the cognitive basis of the human translation process. Translation is in the throes of radical transition on both professional and academic levels. The game-changing introduction of neural machine translation engines almost a decade ago accelerated these transitions. This volume takes stock of the depth and breadth of resulting developments, highlighting the emerging rivalry of human and machine intelligence. The gathering and analysis of big data is a common thread that has given access to new insights in widely divergent areas, from literary translation to movie subtitling to consecutive interpreting to development of flexible and powerful new cognitive models of translation.
Brookings Papers on Economic Activity: Fall 2021
The Brookings Papers on Economic Activity (BPEA) is a semi-annual academic conference and journal that pairs rigorous research with real-time policy analysis to address the most urgent economic challenges of the day. Working drafts of the papers are presented at the conference typically held twice each year. The final papers and discussant remarks from each conference are subsequently published in the journal several months later. POPP, VONA, MARIN and CHEN on The Employment Impact of a Green Fiscal Push: Evidence from the American Recovery and Reinvestment Act BUCKMAN, CHOI, DALY and SEITELMAN on The Economic Gains from Equity CHERRY, JIANG, MATVOS, PISKORSKI and SERU on Government and Private Household Debt Relief during COVID-19 RENNERT, PREST, PIZER, NEWELL, ANTHOFF, KINGDON, RENNELS, COOKE, RAFTERY, ŠEVČÍKOVÁ and ERRICKSON on The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates REIS on Losing the Inflation Anchor AUTOR, DORN and HANSON on On the Persistence of the China Shock
Beyond Banks
How new technology is rapidly changing the nature of money and the way we pay A diverse and growing range of financial institutions and platforms—from PayPal and Venmo to WeChat, Alipay, and the brave new world of stablecoins—has harnessed new technology to disrupt the system of money and payments as we know it. Beyond Banks explains why this disruption holds out the promise of faster, cheaper, more convenient, and more secure payments, but also how it increasingly risks exposing consumers, businesses, and governments to the problem of bad money. Dan Awrey traces the origins of our current bundled system of banking, money, and payments. He explains why the problem of bad money—the resu...
Handbook of Insurance
This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets and other insurance market applications. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance. This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.
Fragmenting Markets
Post-crisis capital regulations and new failure-resolution rules increased the funding costs that are borne by bank shareholders, and thus the cost to buy-side firms for access to space on the balance sheets of large banks. A policy implication is the encouragement of market infrastructure and trading methods that reduce the amount of space on bank balance sheets that is needed to conduct a given amount of trade. Using models and evidence, this book addresses the implications for financial-market liquidity of these regulations for systemically important banks and argues that current rules do not allow for potential levels of market efficiency and financial stability. In this insightful analysis of the impact of regulation on financial market efficiency post-2008, the author argues that bank capital levels could actually be pushed higher while still improving the liquidity of markets for safe assets such as low-risk fixed-income instruments by relaxing the leverage-ratio rule and increasing risk-based capital requirements.
Economic Growth and Endogenous Authoritarian Institutions in Post-Reform China
This book analyzes the dynamic political economy of authoritarian institutions in China and attempts to answer the following questions: What is the significance of China's authoritarian institutions and the changes Xi Jinping has brought to them? Why did the Chinese elites go along with the changes that affected them negatively? Through these questions, the author unravels the mechanics of authoritarian resilience as well as its dynamics. The work reviews both literatures on China studies and comparative authoritarianism to introduce a general framework for analyzing authoritarian institutional change under dictatorships.
