Regulators Of Last Resort
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Allocating Bank Regulatory Powers
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Author : Charles M. Kahn
language : en
Publisher:
Release Date : 2013
Allocating Bank Regulatory Powers written by Charles M. Kahn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Bank regulation in most countries encompasses a lender of last resort, deposit insurance and supervision. These functions are interrelated and therefore require coordination among the authorities responsible for them. These authorities, however, are often established with different mandates, some of which are likely to be in conflict. We consider these issues by studying the optimal institutional allocation of such functions. We find that a single regulator will lead to insufficient bank monitoring and suboptimal bank investment in loans. It may also lead to too much forbearance. We consider alternative structures to deal with the problem of excess forbearance both in a full information setting and in settings with asymmetry of information between regulators. We show in the former setting that if it is feasible to prespecify the rates on lending of last resort, then it is useful to make this function the exclusive province of one regulator. By giving the deposit insurer the authority to close banks and by having last resort lending insured, one gives the deposit insurer strong incentives against forbearance. If it is not possible to pre-specify such rates, then a useful arrangement is to have both the central bank and the deposit insurer acting as lenders of last resort. In this structure it is important for the last resort lending to be uninsured in order to reduce temptation to overlend, although this somewhat increases the deposit insurer's temptation to forbear. The final section of the paper analyses asymmetry of information between regulators. We show that regulators may have an incentive not to share gathered information. Since some regulators find it easier to collect particular information, this result suggests that it is important to consider informational advantages in the allocation of bank regulation.
Law As Last Resort
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Author : Keith Hawkins
language : en
Publisher: Oxford University Press, USA
Release Date : 2002
Law As Last Resort written by Keith Hawkins and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Electronic books categories.
This book analyses the attrition of cases by studying decisions made about their creation, handling, disposal, and prosecution."--BOOK JACKET
Regulators Of Last Resort
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Author : Kate Kenny
language : en
Publisher: Cambridge University Press
Release Date : 2024-11-30
Regulators Of Last Resort written by Kate Kenny 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 2024-11-30 with Business & Economics categories.
The Lender Of Last Resort
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Author : Forrest Capie
language : en
Publisher: Psychology Press
Release Date : 2007
The Lender Of Last Resort written by Forrest Capie and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
The capacity of national central banks to 'step in' and bail out an economy is one which has proved to be vitally important over the years. This collection from Wood and Capie brings together important literature for the first time in book form.
Central Banks As Regulators And Lenders Of Last Resort In An International Context A View From The United States
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Author : Henry C. Wallich
language : en
Publisher:
Release Date : 1977
Central Banks As Regulators And Lenders Of Last Resort In An International Context A View From The United States written by Henry C. Wallich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with categories.
The Lender Of Last Resort Function After The Global Financial Crisis
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Author : Marc Dobler
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-22
The Lender Of Last Resort Function After The Global Financial Crisis written by Marc Dobler 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 2016-01-22 with Business & Economics categories.
The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.
The Lender Of Last Resort Function After The Global Financial Crisis
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Author : Marc Dobler
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-22
The Lender Of Last Resort Function After The Global Financial Crisis written by Marc Dobler 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 2016-01-22 with Business & Economics categories.
The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.
Introduction To Central Banking
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Author : Ulrich Bindseil
language : en
Publisher: Springer Nature
Release Date : 2021-05-18
Introduction To Central Banking written by Ulrich Bindseil and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-18 with Business & Economics categories.
This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models.
Prudential Liquidity Regulation And The Insurance Aspect Of Lender Of Last Resort
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Author : Spyros Pagratis
language : en
Publisher:
Release Date : 2005
Prudential Liquidity Regulation And The Insurance Aspect Of Lender Of Last Resort written by Spyros Pagratis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
This article considers prudential liquidity regulation as quid pro quo for emergency liquidity assistance by the central bank. In the presence of bank funding constraints, information-induced bank runs and an objective by the central bank to maintain a balanced budget under its lender of last resort (LOLR) facility, it is shown that prudential liquidity regulation is socially desirable if the banking sector is characterised by sufficient funding constraints, high profit opportunities and a relatively volatile deposit base. Otherwise, liquidity regulation is too costly from a welfare perspective, even after taking into account the social value of LOLR insurance.
Why Do We Need Both Liquidity Regulations And A Lender Of Last Resort A Perspective From Federal Reserve Lending During The 2007 09 U S Financial Crisis
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Author : Federal Reserve Federal Reserve Board
language : en
Publisher: CreateSpace
Release Date : 2015-03-27
Why Do We Need Both Liquidity Regulations And A Lender Of Last Resort A Perspective From Federal Reserve Lending During The 2007 09 U S Financial Crisis written by Federal Reserve Federal Reserve Board and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-27 with categories.
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR), injected extraordinary amounts of liquidity. In the aftermath, lawmakers and regulators have taken steps to reduce the likelihood that such lending would be required in the future, including the introduction of liquidity regulations. These changes were motivated in part by the argument that central bank lending entails extremely high costs and should be made unnecessary by liquidity regulations. By contrast, some have argued that the loss of liquidity was the result of market failures, and that central banks can solve such failures by lending, making liquidity regulations unnecessary. In this paper, we argue that LOLR lending and liquidity regulations are complementary tools. Liquidity shortfalls can arise for two very different reasons: First, sound institutions can face runs or a deterioration in the liquidity of markets they depend on for funding. Second, solvency concerns can cause creditors to pull away from troubled institutions. Using examples from the recent crisis, we argue that central bank lending is the best response in the former situation, while orderly resolution (by the institution as it gets through the problem on its own or via a controlled failure) is the best response in the second situation. We also contend that liquidity regulations are a necessary tool in both situations: They help ensure that the authorities will have time to assess the nature of the shortfall and arrange the appropriate response, and they provide an incentive for banks to internalize the externalities associated with any liquidity risks.