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Evaluating the Net Benefits of Macroprudential Policy
The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies. It proposes a measure of net benefits in terms of parameters that can be estimated: the probability of crisis, the loss in output given crisis, policy effectiveness in bringing down both the probability and damage during crisis, and the output-cost of a policy decision. It discusses three types of policy leakages and identifies instruments that could best minimize the leakages. Some rules of thumb for policymakers are provided.
Puttable and Extendible Bonds
This paper analyzes the price stabilizing properties of puttable and extendible bonds, their potential to help develop interest-rate derivative markets, and their use by governments. Their stabilizing properties imply that, when bond prices fall, prices for puttable and extendible bonds fall by less. Their embedded options work as a cushion and replicate the trading gains from hedging long-term bonds with interest rate derivatives. These bonds can help develop interest-rate derivative markets in developing countries and eventually increase demand for long-term government bonds. Informal evidence from OECD countries suggests that these bonds were useful in the 1980s, when interest rates were volatile.
Assessing the Cost of Financial Regulation
This study assesses the overall impact on credit of the financial regulatory reforms in Europe, Japan, and the United States. Long-term cost estimates are provided for Basel III capital and liquidity requirements, derivatives reforms, and higher taxes and fees. Overall, average lending rates in the base case would rise by 18 bps in Europe, 8 bps in Japan, and 28 bps in the United States. These results are similar to the official BIS assessments of Basel III and an OECD analysis, but lower as a result of including expense cuts and reductions in the returns required by investors. As a result, they are markedly lower than those of the IIF.
Occult Roots of Religious Studies
The historiographers of religious studies have written the history of this discipline primarily as a rationalization of ideological, most prominently theological and phenomenological ideas: first through the establishment of comparative, philological and sociological methods and secondly through the demand for intentional neutrality. This interpretation caused important roots in occult-esoteric traditions to be repressed. This process of “purification” (Latour) is not to be equated with the origin of the academic studies. De facto, the elimination of idealistic theories took time and only happened later. One example concerning the early entanglement is Tibetology, where many researchers ...
American Environmentalism
Protecting the natural environment and promoting sustainability have become important objectives, but achieving such goals presents myriad challenges for even the most committed environmentalist. American Environmentalism: Philosophy, History, and Public Policy examines whether competing interests can be reconciled while developing consistent, coherent, effective public policy to regulate uses and protection of the natural environment without destroying the national economy. It then reviews a range of possible solutions. The book delves into key normative concepts that undergird American perspectives on nature by providing an overview of philosophical concepts found in the western intellectu...
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