Bank Lobbying Regulatory Capture And Beyond
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Bank Lobbying Regulatory Capture And Beyond
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Author : Ms.Deniz O Igan
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-09
Bank Lobbying Regulatory Capture And Beyond written by Ms.Deniz O Igan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-09 with Business & Economics categories.
In this paper, we discuss whether and how bank lobbying can lead to regulatory capture and have real consequences through an overview of the motivations behind bank lobbying and of recent empirical evidence on the subject. Overall, the findings are consistent with regulatory capture, which lessens the support for tighter rules and enforcement. This in turn allows riskier practices and worse economic outcomes. The evidence provides insights into how the rising political power of banks in the early 2000s propelled the financial system and the economy into crisis. While these findings should not be interpreted as a call for an outright ban of lobbying, they point in the direction of a need for rethinking the framework governing interactions between regulators and banks. Enhanced transparency of regulatory decisions as well as strenghtened checks and balances within the decision-making process would go in this direction.
Bank Lobbying Regulatory Capture And Beyond
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Author : Ms.Deniz O Igan
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-09
Bank Lobbying Regulatory Capture And Beyond written by Ms.Deniz O Igan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-09 with Business & Economics categories.
In this paper, we discuss whether and how bank lobbying can lead to regulatory capture and have real consequences through an overview of the motivations behind bank lobbying and of recent empirical evidence on the subject. Overall, the findings are consistent with regulatory capture, which lessens the support for tighter rules and enforcement. This in turn allows riskier practices and worse economic outcomes. The evidence provides insights into how the rising political power of banks in the early 2000s propelled the financial system and the economy into crisis. While these findings should not be interpreted as a call for an outright ban of lobbying, they point in the direction of a need for rethinking the framework governing interactions between regulators and banks. Enhanced transparency of regulatory decisions as well as strenghtened checks and balances within the decision-making process would go in this direction.
Lobbying On Regulatory Enforcement Actions
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Author : Thomas Lambert
language : en
Publisher:
Release Date : 2019
Lobbying On Regulatory Enforcement Actions written by Thomas Lambert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This paper analyzes the relationship between bank lobbying and supervisory decisions of regulators, and documents its moral hazard implications. Exploiting bank-level information on the universe of commercial and savings banks in the United States, I find that regulators are 44.7 percent less likely to initiate enforcement actions against lobbying banks. This result is robust across measures of lobbying, and accounts for endogeneity concerns by employing instrumental variables strategies. In addition, I show that lobbying banks are riskier and reliably underperform their non-lobbying peers. Overall, these results appear rather inconsistent with an information-based explanation of bank lobbying, but consistent with the theory of regulatory capture.
The Political Economy Of Financial Regulation
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Author : Emilios Avgouleas
language : en
Publisher: Cambridge University Press
Release Date : 2019-01-31
The Political Economy Of Financial Regulation written by Emilios Avgouleas and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-31 with Business & Economics categories.
Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.
Lobbying In The 21st Century Transparency Integrity And Access
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2021-05-20
Lobbying In The 21st Century Transparency Integrity And Access written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-20 with categories.
Lobbying, as a way to influence and inform governments, has been part of democracy for at least two centuries, and remains a legitimate tool for influencing public policies. However, it carries risks of undue influence.
Preventing Regulatory Capture
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Author : Daniel Carpenter
language : en
Publisher: Cambridge University Press
Release Date : 2014
Preventing Regulatory Capture written by Daniel Carpenter and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
Leading scholars from across the social sciences present empirical evidence that the obstacle of regulatory capture is more surmountable than previously thought.
A Hacker S Mind How The Powerful Bend Society S Rules And How To Bend Them Back
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Author : Bruce Schneier
language : en
Publisher: W. W. Norton & Company
Release Date : 2023-02-07
A Hacker S Mind How The Powerful Bend Society S Rules And How To Bend Them Back written by Bruce Schneier and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-07 with Computers categories.
It’s not just computers—hacking is everywhere. Legendary cybersecurity expert and New York Times best-selling author Bruce Schneier reveals how using a hacker’s mindset can change how you think about your life and the world. A hack is any means of subverting a system’s rules in unintended ways. The tax code isn’t computer code, but a series of complex formulas. It has vulnerabilities; we call them “loopholes.” We call exploits “tax avoidance strategies.” And there is an entire industry of “black hat” hackers intent on finding exploitable loopholes in the tax code. We call them accountants and tax attorneys. In A Hacker’s Mind, Bruce Schneier takes hacking out of the world of computing and uses it to analyze the systems that underpin our society: from tax laws to financial markets to politics. He reveals an array of powerful actors whose hacks bend our economic, political, and legal systems to their advantage, at the expense of everyone else. Once you learn how to notice hacks, you’ll start seeing them everywhere—and you’ll never look at the world the same way again. Almost all systems have loopholes, and this is by design. Because if you can take advantage of them, the rules no longer apply to you. Unchecked, these hacks threaten to upend our financial markets, weaken our democracy, and even affect the way we think. And when artificial intelligence starts thinking like a hacker—at inhuman speed and scale—the results could be catastrophic. But for those who would don the “white hat,” we can understand the hacking mindset and rebuild our economic, political, and legal systems to counter those who would exploit our society. And we can harness artificial intelligence to improve existing systems, predict and defend against hacks, and realize a more equitable world.
The Regulation Of Megabanks
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Author : Katarzyna Parchimowicz
language : en
Publisher: Taylor & Francis
Release Date : 2022-11-22
The Regulation Of Megabanks written by Katarzyna Parchimowicz and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-22 with Law categories.
Global systemically important banks (G-SIBs) are the largest, most complex and, in the event of their potential failure, most threatening banking institutions in the world. The Global Financial Crisis (GFC) was a turning point for G-SIBs, many of which contributed to the outbreak and severity of this downturn. The unfolding of the GFC also revealed flaws and omissions in the legal framework applying to financial entities. In the context of G-SIBs, it clearly demonstrated that the legal regimes, both in the USA and in the EU, grossly ignored the specific character of these institutions and their systemic importance, complexity, and individualism. As a result of this omission, these megabanks were long treated like any other smaller banking institutions. Since the GFC, legal systems have changed a lot on both sides of the Atlantic, and global and national lawmakers have adopted new rules applying specifically to G-SIBs to reduce their threat to financial stability. This book explores whether the G-SIB-specific regulatory frameworks are adequately tailored to their individualism in order to prevent them from exploiting overly general rules, as they did during the GFC. Analyzing the specific character and individualism of G-SIBs, in relation to their history, normal functioning, as well as their operations during the GFC, this book discusses transformation of banking systems and the challenges and opportunities G-SIBs face, such as Big Tech competitors, climate-related requirements, and the COVID-19 pandemic. Taking a multidisciplinary approach which combines financial aspects of operations of G- SIBs and legal analysis, the book describes G-SIB-oriented legal frameworks of the EU and the USA and assesses whether G-SIB individualism is adequately reflected, analyzing trends in supervisory action when it comes to discretion in the G-SIB context, all in order to contribute to the ongoing discussions about international banking law, its problems, and potential remedies to such persistent flaws.
Regulating Financial Innovation
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Author : Christopher Ruof
language : en
Publisher: Springer Nature
Release Date : 2023-10-01
Regulating Financial Innovation written by Christopher Ruof and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-01 with Business & Economics categories.
This book explores the impact of 'Fintech' on the information asymmetry between the financial regulator and the markets. It details the growing regulatory mismatch and how Fintech exacerbates the “pacing problem”, where the regulator struggles to keep up with innovation. With information as a point of reference, the book adds a new perspective on the latest phenomenon in financial innovation and presents a novel framework for navigating structural changes in the financial sector. Based on this analysis, a number of proposals to reduce the information gap and avoid regulatory mismatch are discussed. Thereby, new and promising regulatory concepts, such as regulatory sandboxes and SupTech applications are also covered. This book provides a practical framework for regulatory responses to financial innovation. It will be relevant to researchers and practitioners interested in financial technology and regulation.
Politically Robust Financial Regulation
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Author : Mr.Itai Agur
language : en
Publisher: International Monetary Fund
Release Date : 2021-01-08
Politically Robust Financial Regulation written by Mr.Itai Agur and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-08 with Business & Economics categories.
The deferred recognition of COVID-induced losses at banks in many countries has reignited the debate on regulatory forbearance. This paper presents a model where the public's own political pressure drives regulatory policy astray, because the public is poorly informed. Using probabilistic game stages, the model parameterizes how time consistent policy is. The interaction between political motivations and time consistency is novel and complex: increased policy credibility can entice the politically-motivated regulator to act in the public's best interest, or instead repel it from doing so. Considering several regulatory instruments, the paper probes the nexus of political pressure, perverse bank incentives and time inconsistent policy.