A speech from the Deputy Governor of the Bank of Canada titled, "Curbing Contagion: Options and Challenges for Building More Robust Financial Market Infrastructure".
....The Federal Reserve Bank of San Francisco (FRBSF) write on how the recent financial crisis showed that a financial institution’s equity may be sufficient to absorb losses during normal times, but insufficient during periods of systemic distress. In recognition of this risk, the Basel III agreement last year introduced a new element of macroprudential regulation called countercyclical buffers, variable capital requirements that shift based on credit growth. These buffers raise the classic regulatory dilemma of safety versus economic growth, but may provide protection against financial calamity at an acceptable cost. In this 2011 International Monetary Fund working paper, Senior Economist with the IMF European Office, Scott Roger and co-author Jan Vlček examine the transitional macroeconomic effects of introducing higher capital and liquidity requirements for banks. A key finding is that the costs of raising capital and liquidity requirements are likely to be quite moderate, particularly if phased in over an extended period.
Bankruptcy: Is It Enough to Forgive or Must We Also Forget?
In this 2011 article, Senior Economist of the Federal Reserve Bank of Philadelphia, Ronel Elul and co-author Professor of Economics at the European University Institute, Piero Gottardi test the proposition that lenders are only given limited information about borrower's past performance.
Mortgages and Housing in the Near and Long Term
In this 2011 Bank of England speech, David Miles (Economist, Visiting Professor at Imperial College London, former Chief UK Economist of Morgan Stanley and External Member of the Monetary Policy Committee), examines some of the dynamics in the mortgage and housing markets that make him optimistic about eventual recovery, over long term structural decline.
In this 2011 speech by Bank of Japan Governor Masaaki Shirakawa, he identifies four key "innovations" in monetary control, from the creation of central banks to the introduction of the concept of central bank independence. He goes on to discuss various unconventional policy measures that major central banks took during the Global Financial Crisis and then examines the response by the Bank of Japan to the bursting of Japan's asset bubble. He concludes that with further globalisation in the future, cooperation between central banks will become essential.
Bank Ownership and the Effects of Financial Liberalisation: Evidence from India
In this 2011 International Monetary Fund working paper, Economist and Professor at the Indian Council for Research on International Economic Relations (ICRIER), Poonam Gupta et al. examines to what extent public and private banks increased their credit to the private sector following liberalisation of the financial sector in India 1991-2007.
Lessons on Unconventional Monetary Policy from the United Kingdom
In this 2011 Bank of England speech by former Chief Economist and now Deputy Governor of the Bank of England, Charles Bean discusses the pros and cons of various "unconventional" monetary Policy options available to central banks.
Subprime Mortgages and the Housing Bubble
In this 2011 working paper of the Federal Reserve Bank of Philadelphia, Economics Professor at California University-Irvine, Jan K. Brueckner et al. explore the link between house-price expectations of mortgage lenders and the extent of subprime lending. Not surprisingly, the link exists and leads to a vicious circle where more funding is offered to subprime lenders, which in turn inflates the housing bubble further, which further reassures mortgage lenders that house prices will continue to rise, enticing them to lend even more.
Competition in the Canadian Mortgage Market
In this 2010 Bank of Canada Review article, Jason Allen (Principal Researcher of the Financial Stability Department at the Bank of Canada), looks at changes in the Canadian mortgage market over the last 20 years. This paper looks at consumer preferences and competition in the mortgage market and the implications this has for the central bank.
Curbing the Credit Cycle
In this 2010 paper by David Aikman (Economist and Senior Manager in the Financial Stability directorate of the Bank of England) et al., they conclude that to curb the credit cycle, some new policy apparatus might be needed to target bank balance sheets directly and systematically. This direct approach is preferred over applying ineffective monetary or micro-prudential policy.
The Case For Doing More
In this 2010 speech by Adam S. Posen (US Economist and External Member of the Monetary Policy Committee of the Bank of England), argues that further monetary easing by central banks is needed. The danger of doing too little is not merely a slightly painful break in getting back to growth, but rather runs the risk of permanent damage being done to the nation's workforce and creating a potential threat to the entire economic and political system. The scenario may be akin to the rise of extremist intolerant parties in pre-war Europe, when the populations endured sustained high unemployment and austerity and perceived their governments to be unresponsive to their dire economic conditions.
Australian Banking System Resilience: What Should Be Expected Looking Forward? An International Perspective
http://www.imf.org/external/pubs/ft/wp/2010/wp10228.pdf In this 2010 International Monetary Fund working paper, Pierluigi Bologna (Economist and Technical Assistance Advisor for the Monetary and Capital Markets Department at the International Monetary Fund) examines how the Australian banking system fared during the Global Financial Crisis. He assesses how they are currently positioned and then considers how the proposed new liquidity rules by the Basel Committee on Banking Supervision would affect the Australian banks.
In this 2010 speech by the Governor of the Bank of England, Mervyn King, he explains how the size, concentration and riskiness of banks has grown markedly. Banks are inherently fragile since they use short-term debt to fund long term, illiquid investments. He then considers a number of proposals designed to offer a solution to this problem.
The Role of Bank Capital in the Propagation of Shocks
In this 2008 Bank of Canada working paper, Césaire Meh (Economist and Research Director at the Economic Analysis Department of the Bank of Canada) and co-author Kevin Moran (Economist and Assistant Professor at the Department of Economics of the University Laval) highlight the importance of adequate bank capital in mitigating moral hazard between banks and suppliers of loanable funds and how bank capital increases an economy's ability to absorb shocks.
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