By Stuart Sayer
Issues in Finance: credits, Crises and Policies offers a suite of surveys on key matters surrounding the connection among credits, finance, and the macro-economy which are associated with the hot international monetary crisis.
- Presents a well timed selection of surveys that make clear the new monetary crisis
- Offers insights for economists in govt, enterprise, and finance
- Shows how the mainstream economics literature used to be no longer ignorant of the aptitude difficulties of the monetary framework and its interaction with the macro-economy
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Additional info for Issues in Finance: Credit, Crises and Policies
Example text
Gorton and Winton (2000) also suggest that national regulators have consistently weakened the 1988 Basel agreement both by applying capital guidelines selectively and by redefining what is meant by ‘capital’. g. the statement issued by the Basel Committee on ‘Instruments Eligible for Inclusion in Tier 1 Capital’), ‘the national regulators have successfully lobbied to weaken these standards by broadening the definition of capital’ (Gorton and Winton, 2000, p. 2). This issue still applies to the new Basel Accord and further work by the BCBS on the quality of capital is under way.
Journal of Economic Theory 57(1): 197–221. Lind, G. (2005) Basel II – the new framework for bank capital. Sveriges Riksbank Economic Review 2: 22–38. 36 DRUMOND Lowe, P. (2002) Credit risk measurement and procyclicality. BIS Working Paper no. 116. Markovic, B. (2006) Bank capital channels in the monetary transmission mechanism. Bank of England Working Paper no. 313. Meh, C. and Moran, K. (2007) Bank capital in a quantitative model with financial frictions. Mimeo, Bank of Canada. S. (2006) The Economics of Money, Banking, and Financial Markets (7th edn).
The other being the risk of a systemic crisis, which will be analysed below. 6. To ensure that there is better public information, regulators can also require banks to follow certain standard accounting principles and to disclose a wide range of information that helps to assess the quality of a bank’s portfolio (Mishkin, 2006, p. 268). 7. Overall, among the proposals to avoid bank runs are the development of narrow banks (banks that invest the deposits of the public in traded securities), the development of banks that finance loans entirely with equity, the suspension of convertibility, the central bank’s role as lender of last resort and the development of deposit insurance.
