scholarly journals Financial Crisis and Regulatory Challenges

2009 ◽  
Vol 2 (2) ◽  
Author(s):  
Michel Prada
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Financial Services ◽  
Financial Stability ◽  
Emerging Countries ◽  
Regulatory Strategy ◽  
Low Interest Rates ◽  
The Uk ◽  
The International Monetary Fund ◽  
Regulatory Challenges

A number of reports have established a diagnosis of the financial crisis. The first was produced by the Financial Stability Forum, in April 2008 and was the basis for the preparation of the first G 20 meetings in 2008. The International Monetary Fund (IMF) and the G 30 produced updated analysis in 2008 and 2009. More recently, the Larosière Group, although mainly focused on E.U. issues, also addressed global concerns , as well as the Adair Turner report which presented the new regulatory strategy of the UK Financial Services Authority (FSA). The main features of this unprecedented financial crisis are linked to immense and growing global imbalances between the Asian and US economies which provided the world with abundant liquidity, low interest rates together with low inflation (due to low wages in emerging countries) and a geographic mismatch between savings and investment needs and opportunities.

Legal and Conduct Risk in the Financial Markets

2018 ◽  
Author(s):  
McCormick Roger ◽  
Stears Chris
Keyword(s):  
Financial Markets ◽  
Financial Services ◽  
Financial Stability ◽  
Current Approach ◽  
Fiduciary Duty ◽  
Regulatory Change ◽  
Regulatory Structure ◽  
Legal Risk ◽  
The Uk ◽  
Libor Manipulation

This third edition on legal risk has been expanded to include much new material specifically on conduct risk. It has been updated to take into account developments in the law and professional standards concerning such risks and associated values in the context of the financial markets. Significant (and in some cases, endemic) conduct-related scandals, such as the widespread mis-selling of financial products and LIBOR manipulation, exposed by the financial crisis, have resulted in legal and regulatory change in equal measure (and profound effect) to that of the prudential and financial stability concerns captured in the second edition. Consequently this new edition fully examines the current approach to trust, ethics, and conduct within the broader framework of reputational and legal risk. In doing so, it clarifies what constitutes legal risk in contemporary financial markets and how to manage it, drawing on examples and case studies. Other developments in areas such as the resolution/insolvency of banks, the revision of the UK regulatory structure from the Financial Services Authority to the Financial Conduct Authority and Prudential Regulation Authority, and the recently made new crime of reckless management of a bank are all considered in full. There is also discussion of trends in areas ripe for development such as fiduciary duty amongst financial markets participants.

Global investment in aircraft, housing securities up

2017 ◽  
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Institutional Investors ◽  
Sparse Data ◽  
Pension Funds ◽  
Business Climate ◽  
Content Type ◽  
Mortgage Backed Securities ◽  
Rental Property ◽  
Low Interest Rates

Subject Trends in the securitisation market. Significance Investment in securitised assets fell after the financial crisis due to the role played by mortgage-backed securities as well as investor concerns about sparse data and complexity. The search for yield in a world of low interest rates has drawn investors back to securitised investment, particularly in aircraft-backed securities and rental property portfolios. Specific investor concerns have been dealt with, raising confidence, and the sector is meeting the financing shortfall arising from the pressure that traditional lenders have been under since the crisis. Impacts US-based securitisations are likely to become more available to European institutional investors if, as expected, regulation increases. The new US administration is expected to bring in measures to improve the business climate and may reduce regulation. The uptake of aircraft-backed securities will increase, but regulatory bias means that demand will still be dominated by pension funds.

scholarly journals Transformation of Central Banking. Annual Research Conference of the NBU. Key Issues

2016 ◽  
pp. 6-18 ◽  
Author(s):  
Sergiy Nikolaychuk ◽  
Roman Pidvysotskyy
Keyword(s):  
Interest Rates ◽  
Financial Stability ◽  
Transition Process ◽  
Central Banks ◽  
Central Banking ◽  
Academic Community ◽  
Research Conference ◽  
Low Interest Rates ◽  
Key Issues ◽  
Community Issues

In May 2016, the National Bank of Ukraine (NBU) held its Annual Research Conference of the NBU on Transformation of Central Banking for the first time. Over 300 participants shared in the work of the representative international forum, including experts from central banks and international financial organizations, as well as representatives of the Ukrainian and international academic community. Issues discussed during the conference included the recent development trends of in central bankings, ranging from the monetary policy at low interest rates and under the threat of deflation, financial stability and management of capital flows, and the effect of new financial technologies and cultural features on the transition process in central banks.

Part A Regulatory Matters, 8 The Market Regulators

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Credit Crunch ◽  
Market Regulation ◽  
European Level ◽  
Banking Market ◽  
Bank Of England ◽  
Regulatory Bodies ◽  
The Uk

This chapter explains the various authorities involved in UK banking market regulation. It first considers the role of the UK Financial Services Authority (FSA), including its statutory objectives and powers under the Financial Services and Markets Act 2000. It then discusses the role of the Bank of England in the fields of financial stability and monetary policy; the role of Her Majesty's Treasury; the development of regulatory bodies at the European level, largely in response to the credit crunch and the problems to which it gave rise; and some recent international initiatives.

The Impact of the Global Financial Crisis on Central Banking

2019 ◽  
pp. 170-192
Author(s):  
Alex Cukierman
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Financial Stability ◽  
Inflation Targeting ◽  
Global Financial Crisis ◽  
The United States ◽  
Central Banking ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Regulatory Reforms

This chapter describes the impacts of the global financial crisis on monetary policy and institutions. It argues that during the crisis, financial stability took precedence over traditional inflation targeting and discusses the emergence of unconventional policy instruments such as quantitative easing (QE), forex market interventions, negative interest rates, and forward guidance. It describes the interaction between the zero lower bound (ZLB) and QE, and proposals, such as raising the inflation target, to alleviate the ZLB constraint. The chapter discusses the consequences of the relative passivity of fiscal policies, “helicopter money,” and 100 percent reserve requirement. The crisis triggered regulatory reforms in which central banks’ objectives were expanded to encompass macroprudential regulation. The chapter evaluates recent regulatory reforms in the United States, the euro area, and the United Kingdom. It presents data on new net credit formation during the crisis and discusses implications for exit policies.

Lehren aus der Krise – Notwendige Änderungen der Finanzmarktregeln und zur Begrenzung systemischer Risiken

2009 ◽  
Vol 58 (3) ◽  
Author(s):  
Otmar Issing ◽  
Stephany Griffith-Jones ◽  
Stefano Pagliari ◽  
Claudia M. Buch ◽  
Katja Neugebauer
Keyword(s):  
Financial Crisis ◽  
Systemic Risk ◽  
Financial Stability ◽  
Market Failure ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Systemic Risks ◽  
State And Market ◽  
Bank For International Settlements ◽  
The International Monetary Fund

AbstractThe latest financial crisis has been caused by a mixture of state and market failure, argues Otmar Issing. To avoid future crises, more transparency is needed - not by gathering more information, but by gathering it systematically and thereby creating “intelligent transparency”. Furthermore, regulation has to be global, he states. The necessary institutions are in place: The International Monetary Fund, the Financial Stability Board and the Bank for International Settlements.Stephany Griffith-Jones and Stefano Pagliari point out, that containing “systemic risk” is one of the most important rationales for regulating financial markets. Our understanding of the sources of systemic risk has repeatedly been challenged by major episodes of financial instability. The crisis that started in the summer of 2007 has been no exception. They discuss how the latest global financial crisis urges analysts and regulators to rethink the origin of systemic risk beyond a narrow focus on the banking sector, beyond the “too big to fail problem”, and beyond a narrow micro-prudential focus. They focus on two regulatory principles: comprehensiveness and countercyclicality.Claudia Buch und Katja Neugebauer review the existing empirical evidence on whether the increase in cross-border activities has allowed banks to diversify risks and to what extent it has increased banks’ exposure to systemic risks.

Part I International Capital Markets in Context, 3 International Organizations and the Capital Markets

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Focal Point ◽  
International Capital ◽  
International Capital Markets ◽  
The World Bank ◽  
The Global Financial Crisis ◽  
The International Monetary Fund

This chapter examines the International Organization of Securities Commissions (IOSCO). Over the nearly four decades of its existence, as its composition and roles evolved, and in the absence of any other body, IOSCO became a focal point for oversight of international capital markets. Crises, first the regional Asian financial crisis of 1997–98 and then the global financial crisis, have dramatically changed IOSCO. Crises have also thrust capital markets into the international limelight, and led to the appearance of new international institutions, including the Financial Stability Forum (FSF) and the Financial Stability Board (FSB). Unlike IOSCO, both the FSF and the FSB were political initiatives. As such, they also drew into their orbit formal treaty organizations such as the International Monetary Fund (IMF) and The World Bank, among others. The chapter then looks at international financial institutions and the Financial Sector Assessment Program (FSAP).

Protecting Public Interest in Financial Crisis

2016 ◽  
Vol 14 (1) ◽  
pp. 19-32
Author(s):  
Bojan Škof ◽  
Matej Pollick ◽  
Aleš Kobal
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Public Interest ◽  
Financial Services ◽  
The European Union ◽  
International Organisations ◽  
Social Reforms ◽  
The Public ◽  
Definition Of ◽  
The International Monetary Fund

The financial crisis has been ongoing from beginning of year 2008 and we still have not reached a point of recovery throughout the European Union. Many European countries, such as Greece, Portugal, Ireland, Spain and Cyprus, received the financial help of international organisations (notably the International Monetary Fund, the European Central bank and the European Commission). Taking into account the public interest as the ultimate goal and objective of the system-wide reforms arising from the start from the financial institutions, namely banks and other financial institutions, it is important to analyse whether the wide economic and social reforms which are still reshaping the democratic setup of these countries really met the public interest objectives. Thus, this article deals with first and foremost the definition of public interest in financial services.

scholarly journals Lost diversity: Business lending in the centralised banking system of the UK

2018 ◽  
Vol 87 (4) ◽  
pp. 67-85
Author(s):  
Franz Flögel ◽  
Stefan Gärtner
Keyword(s):  
Interest Rates ◽  
Short Distance ◽  
Banking System ◽  
Expert Interviews ◽  
Bottom Line ◽  
Low Interest Rates ◽  
The Uk ◽  
Regional Banks ◽  
Desk Research

Zusammenfassung: Aufbauend auf der Klassifikation vom dezentralen und zentralen Banking untersucht dieser Beitrag die Diversität in der Unternehmenskreditvergabe des Vereinigten Königreichs. Anhand von Experteninterviews und Literaturrecherche wurde die Distanz in den Kreditvergabeentscheidungen an KMU für verschiedene Typen von Banken und anderen Finanzintermediären klassifiziert. Aufgrund des frühen Ausscheidens von regionalen und nicht rein profitorientierten Banken (Sparkassen und Genossenschaftsbanken) existieren heute kaum noch Finanzintermediäre, die Kredite dezentral, das heißt in räumlicher Nähe zum KMU-Kunden, vergeben. Drei unterschiedliche Ansätze wurden identifiziert, wie dezentrale Kreditvergabe auf der Insel wiedereingeführt werden kann. Aufgrund der Niedrigzinsphase und der verschärften Bankenregulierung ist es jedoch gegenwärtig herausfordernd, regionale Banken wirtschaftlich zu betreiben. Summary: Based on the classification of decentralised and centralised banking, this paper investigates diversity in business lending in the UK. Using expert interviews and desk research, the distance between lenders and SMEs in credit decisions for the identified types of lenders is classified. Due to the early disappearance of regional and dual bottom-line banks, today hardly any short-distance lender remains in the UK. Three different approaches have been identified to re-introduce decentralised lending to the island, though running regional banks is challenging in times of low interest rates and tightened bank regulation.

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