Prudential bank regulation: a post-Keynesian perspective

2020 ◽  
Vol 17 (3) ◽  
pp. 399-412
Author(s):  
Peter Docherty
Keyword(s):  
Systemic Risk ◽  
Conventional Treatment ◽  
Bank Regulation ◽  
Capital Requirements ◽  
Significant Modification ◽  
Prudential Regulation ◽  
Keynesian Theory ◽  
Endogenous Money ◽  
The Way

Banks play an important role in the post-Keynesian theory of endogenous money but post-Keynesians have not paid much attention to the prudential regulation of banks. Do post-Keynesian insights into the role of banks cast any light on the way they ought to be regulated, or can the conventional treatment of prudential bank regulation be grafted onto post-Keynesian theory without any significant modification? This paper begins a process of reflection on these questions. It argues that conventional prudential regulation theory can be utilised by post-Keynesians but with important modifications including a renewed emphasis on liquidity and greater recognition of endogenously generated systemic risk. A post-Keynesian approach to prudential bank regulation is shown to be characterised by both liquidity and capital requirements, as well as by a macroprudential framework that facilitates the counter-cyclical adjustment of these requirements in response to endogenous variations in systemic risk.

scholarly journals Systemic Risk and Insurance Regulation †

Risks ◽  
2018 ◽  
Vol 6 (3) ◽  
pp. 74 ◽  
Author(s):  
Fabiana Gómez ◽  
Jorge Ponce
Keyword(s):  
Systemic Risk ◽  
Formal Model ◽  
Public Support ◽  
Solvency Ii ◽  
Capital Requirements ◽  
Insurance Companies ◽  
Prudential Regulation ◽  
High Exposure ◽  
Insurance Firms ◽  
Low Exposure

This paper provides a rationale for the macro-prudential regulation of insurance companies, where capital requirements increase in their contribution to systemic risk. In the absence of systemic risk, the formal model in this paper predicts that optimal regulation may be implemented by capital regulation (similar to that observed in practice, e.g., Solvency II ) and by actuarially fair technical reserve. However, these instruments are not sufficient when insurance companies are exposed to systemic risk: prudential regulation should also add a systemic component to capital requirements that is non-decreasing in the firm’s exposure to systemic risk. Implementing the optimal policy implies separating insurance firms into two categories according to their exposure to systemic risk: those with relatively low exposure should be eligible for bailouts, while those with high exposure should not benefit from public support if a systemic event occurs.

Is a Less Pro-Cyclical Financial System an Achievable Goal?

2010 ◽  
Vol 211 ◽  
pp. R17-R26 ◽  
Author(s):  
Charles Goodhart
Keyword(s):  
Systemic Risk ◽  
Financial System ◽  
Limited Liability ◽  
Bank Regulation ◽  
Basel Ii ◽  
Prudential Regulation ◽  
Public Companies ◽  
Banking And Finance ◽  
The Future ◽  
Achievable Goal

Banking and finance are inherently pro-cyclical, a condition exacerbated by a combination of Basel II and mark-to-market accounting. But these latter measures have many advantages, so the need is to devise other counter-cyclical macro-prudential policies. This fragility was further enhanced by a decline in bank liquidity (reliance on wholesale funding) and a shift in govenance from partnerships to limited liability public companies. Some commentators have seen the solution to such pro-cyclicality in the guise of direct constraints on bank activity, such as the promotion of ‘narrow banking’ or limits on bank size. While there are arguments for toughening regulation as systemic risk increases, direct constraints are simplistic; more sensible ideas involve the adoption of better designed macro-prudential regulation, perhaps with some version of banking self-insurance. Quite what the future holds for bank regulation remains, however, to be decided.

MANUSCRIPT EVIDENCE FOR ALPHABET-SWITCHING IN THE WORKS OF CICERO: COMMON NOUNS AND ADJECTIVES

2018 ◽  
Vol 68 (2) ◽  
pp. 498-516
Author(s):  
Neil O'Sullivan
Keyword(s):  
Recent Work ◽  
Code Switching ◽  
Consistent Pattern ◽  
Current Interest ◽  
Reliable Transmission ◽  
Accurate Record ◽  
The Way

Of the hundreds of Greek common nouns and adjectives preserved in our MSS of Cicero, about three dozen are found written in the Latin alphabet as well as in the Greek. So we find, alongside συμπάθεια, also sympathia, and ἱστορικός as well as historicus. This sort of variation has been termed alphabet-switching; it has received little attention in connection with Cicero, even though it is relevant to subjects of current interest such as his bilingualism and the role of code-switching and loanwords in his works. Rather than addressing these issues directly, this discussion sets out information about the way in which the words are written in our surviving MSS of Cicero and takes further some recent work on the presentation of Greek words in Latin texts. It argues that, for the most part, coherent patterns and explanations can be found in the alphabetic choices exhibited by them, or at least by the earliest of them when there is conflict in the paradosis, and that this coherence is evidence for a generally reliable transmission of Cicero's original choices. While a lack of coherence might indicate unreliable transmission, or even an indifference on Cicero's part, a consistent pattern can only really be explained as an accurate record of coherent alphabet choice made by Cicero when writing Greek words.

The adaptation of design thinking in auditing

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Linda MEIJER-WASSENAAR ◽  
Diny VAN EST
Keyword(s):  
The Netherlands ◽  
Design Thinking ◽  
Public Organizations ◽  
Design Framework ◽  
The Right ◽  
The Way

How can a supreme audit institution (SAI) use design thinking in auditing? SAIs audit the way taxpayers’ money is collected and spent. Adding design thinking to their activities is not to be taken lightly. SAIs independently check whether public organizations have done the right things in the right way, but the organizations might not be willing to act upon a SAI’s recommendations. Can you imagine the role of design in audits? In this paper we share our experiences of some design approaches in the work of one SAI: the Netherlands Court of Audit (NCA). Design thinking needs to be adapted (Dorst, 2015a) before it can be used by SAIs such as the NCA in order to reflect their independent, autonomous status. To dive deeper into design thinking, Buchanan’s design framework (2015) and different ways of reasoning (Dorst, 2015b) are used to explore how design thinking can be adapted for audits.

Bad Dreams and Secret Artists: Translating Freud into Literature

2002 ◽  
Vol 4 (2) ◽  
pp. 127-139 ◽  
Author(s):  
Ian Patterson
Keyword(s):  
Sigmund Freud ◽  
Ordinary Language ◽  
Close Reading ◽  
Careful Attention ◽  
Popular Approach ◽  
English Reader ◽  
Creative Writer ◽  
The Many ◽  
The Way

This article addresses the increasingly popular approach to Freud and his work which sees him primarily as a literary writer rather than a psychologist, and takes this as the context for an examination of Joyce Crick's recent translation of The Interpretation of Dreams. It claims that translation lies at the heart of psychoanalysis, and that the many interlocking and overlapping implications of the word need to be granted a greater degree of complexity. Those who argue that Freud is really a creative writer are themselves doing a work of translation, and one which fails to pay sufficiently careful attention to the role of translation in writing itself (including the notion of repression itself as a failure to translate). Lesley Chamberlain's The Secret Artist: A Close Reading of Sigmund Freud is taken as an example of the way Freud gets translated into a novelist or an artist, and her claims for his ‘bizarre poems' are criticized. The rest of the article looks closely at Crick's new translation and its claim to be restoring Freud the stylist, an ordinary language Freud, to the English reader. The experience of reading Crick's translation is compared with that of reading Strachey's, rather to the latter's advantage.

Prawne aspekty eutanazji w Holandii

2016 ◽  
Vol 14 (3) ◽  
pp. 243-253
Author(s):  
Grzegorz Stefanowicz
Keyword(s):  
The Netherlands ◽  
Assisted Suicide ◽  
Public Authority ◽  
Dutch Society ◽  
On Demand ◽  
Limited Length ◽  
The Law ◽  
Death On Demand ◽  
The Way

This article undertakes to show the way that has led to the statutory decriminalization of euthanasia-related murder and assisted suicide in the Kingdom of the Netherlands. It presents the evolution of the views held by Dutch society on the euthanasia related practice, in the consequence of which death on demand has become legal after less than thirty years. Due attention is paid to the role of organs of public authority in these changes, with a particular emphasis put on the role of the Dutch Parliament – the States General. Because of scarcity of space and limited length of the article, the change in the attitudes toward euthanasia, which has taken place in the Netherlands, is presented in a synthetic way – from the first discussions on admissibility of a euthanasia-related murder carried out in the 1970s, through the practice of killing patients at their request, which was against the law at that time, but with years began more and more acceptable, up to the statutory decriminalization of euthanasia by the Dutch Parliament, made with the support of the majority of society.

The Role of Music and Allied Arts in Public Writings on Cultural Diversity: “People of Sri Lanka”

2020 ◽  
Vol 6 ◽  
pp. 93-100
Author(s):  
Gisa Jähnichen
Keyword(s):  
Sri Lanka ◽  
Cultural Diversity ◽  
South Asia ◽  
Case Studies ◽  
Sri Lankan ◽  
Culturally Different ◽  
The World ◽  
Official Languages ◽  
The Way

The Sri Lankan Ministry of National Coexistence, Dialogue, and Official Languages published the work “People of Sri Lanka” in 2017. In this comprehensive publication, 21 invited Sri Lankan scholars introduced 19 different people’s groups to public readers in English, mainly targeted at a growing number of foreign visitors in need of understanding the cultural diversity Sri Lanka has to offer. This paper will observe the presentation of these different groups of people, the role music and allied arts play in this context. Considering the non-scholarly design of the publication, a discussion of the role of music and allied arts has to be supplemented through additional analyses based on sources mentioned by the 21 participating scholars and their fragmented application of available knowledge. In result, this paper might help improve the way facts about groups of people, the way of grouping people, and the way of presenting these groupings are displayed to the world beyond South Asia. This fieldwork and literature guided investigation should also lead to suggestions for ethical principles in teaching and presenting of culturally different music practices within Sri Lanka, thus adding an example for other case studies.

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