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Regulating Capital

Author: David Andrew Singer

Publisher: Cornell University Press

Published: 2015-11-15

Total Pages: 231

ISBN-13: 1501702297

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Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators. In Regulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.

Book Synopsis Regulating Capital by : David Andrew Singer

Download or read book Regulating Capital written by David Andrew Singer and published by Cornell University Press. This book was released on 2015-11-15 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators. In Regulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.

International Convergence of Capital Measurement and Capital Standards

Author:

Publisher: Lulu.com

Published: 2004

Total Pages: 294

ISBN-13: 9291316695

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Book Synopsis International Convergence of Capital Measurement and Capital Standards by :

Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulating Capital

Author: David Andrew Singer

Publisher: Cornell University Press

Published: 2007-07-12

Total Pages: 184

ISBN-13: 9780801445255

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Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance.

Book Synopsis Regulating Capital by : David Andrew Singer

Download or read book Regulating Capital written by David Andrew Singer and published by Cornell University Press. This book was released on 2007-07-12 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance.

Capital Rules

Author: Rawi Abdelal

Publisher: Harvard University Press

Published: 2009-09-30

Total Pages: 250

ISBN-13: 0674034554

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"The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, “managed” globalization. This contest over the character of globalization continues today."

Book Synopsis Capital Rules by : Rawi Abdelal

Download or read book Capital Rules written by Rawi Abdelal and published by Harvard University Press. This book was released on 2009-09-30 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, “managed” globalization. This contest over the character of globalization continues today."

Back to the Future: The Nature of Regulatory Capital Requirements

Author: Mr.Ralph Chami

Publisher: International Monetary Fund

Published: 2017-08-04

Total Pages: 20

ISBN-13: 148431381X

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This paper compares the current regulatory capital requirements under the Dodd-Frank Act (DFA) and the 10-percent leverage ratio, as proposed by the U.S. Treasury and the U.S. House of Representatives' Financial CHOICE Act (FCA). We find that the majority of U.S. banks would not qualify for an "off-ramp"option—where regulatory relief is offered to FCA qualifying banks (QBOs)—unless considerable amounts of capital are added, and that large banks are much closer to the proposed leverage threshold and, therefore, are more likely to stand to gain from regulatory relief. The paper identifies an important moral hazard problem that arises due to the QBO optionality, where banks are likely to increase the riskiness of their asset portfolio and qualify for the FCA “off-ramp” relief with unintended effects on financial stability.

Book Synopsis Back to the Future: The Nature of Regulatory Capital Requirements by : Mr.Ralph Chami

Download or read book Back to the Future: The Nature of Regulatory Capital Requirements written by Mr.Ralph Chami and published by International Monetary Fund. This book was released on 2017-08-04 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the current regulatory capital requirements under the Dodd-Frank Act (DFA) and the 10-percent leverage ratio, as proposed by the U.S. Treasury and the U.S. House of Representatives' Financial CHOICE Act (FCA). We find that the majority of U.S. banks would not qualify for an "off-ramp"option—where regulatory relief is offered to FCA qualifying banks (QBOs)—unless considerable amounts of capital are added, and that large banks are much closer to the proposed leverage threshold and, therefore, are more likely to stand to gain from regulatory relief. The paper identifies an important moral hazard problem that arises due to the QBO optionality, where banks are likely to increase the riskiness of their asset portfolio and qualify for the FCA “off-ramp” relief with unintended effects on financial stability.

Riskbased capital regulatory and industry approaches to capital and risk : report to the Chairman, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, and the chairman, Committee on Banking and Financial Services, House of Representatives

Author:

Publisher: DIANE Publishing

Published:

Total Pages: 190

ISBN-13: 1428976876

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Book Synopsis Riskbased capital regulatory and industry approaches to capital and risk : report to the Chairman, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, and the chairman, Committee on Banking and Financial Services, House of Representatives by :

Download or read book Riskbased capital regulatory and industry approaches to capital and risk : report to the Chairman, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, and the chairman, Committee on Banking and Financial Services, House of Representatives written by and published by DIANE Publishing. This book was released on with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulating Capital Flows at Both Ends

Author: Mr.Atish R. Ghosh

Publisher: International Monetary Fund

Published: 2014-10-17

Total Pages: 46

ISBN-13: 1484357876

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This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and Harry Dexter White. To this end, we use data on bilateral cross-border bank flows from 31 source to 76 recipient (advanced and emerging market) countries over 1995–2012, and combine this information with a new and comprehensive dataset on various outflow and inflow related capital controls and prudential measures in these countries. Our findings suggest that CARs at either end can significantly influence the volume of cross-border bank flows, with restrictions at both ends associated with a larger reduction in flows. We also find evidence of cross-border spillovers whereby inflow restrictions imposed by countries are associated with larger flows to other countries. These findings suggest a useful scope for policy coordination between source and recipient countries, as well as among recipient countries, to better manage potentially disruptive flows.

Book Synopsis Regulating Capital Flows at Both Ends by : Mr.Atish R. Ghosh

Download or read book Regulating Capital Flows at Both Ends written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2014-10-17 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and Harry Dexter White. To this end, we use data on bilateral cross-border bank flows from 31 source to 76 recipient (advanced and emerging market) countries over 1995–2012, and combine this information with a new and comprehensive dataset on various outflow and inflow related capital controls and prudential measures in these countries. Our findings suggest that CARs at either end can significantly influence the volume of cross-border bank flows, with restrictions at both ends associated with a larger reduction in flows. We also find evidence of cross-border spillovers whereby inflow restrictions imposed by countries are associated with larger flows to other countries. These findings suggest a useful scope for policy coordination between source and recipient countries, as well as among recipient countries, to better manage potentially disruptive flows.

Risk-Based Capital

Author: Lawrence D. Cluff

Publisher: DIANE Publishing

Published: 2000

Total Pages: 187

ISBN-13: 0788186701

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Book Synopsis Risk-Based Capital by : Lawrence D. Cluff

Download or read book Risk-Based Capital written by Lawrence D. Cluff and published by DIANE Publishing. This book was released on 2000 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Should Capital Flows Be Regulated?

Author: Roumeen Islam

Publisher: World Bank Publications

Published: 2000

Total Pages: 42

ISBN-13: 0308053125

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Book Synopsis Should Capital Flows Be Regulated? by : Roumeen Islam

Download or read book Should Capital Flows Be Regulated? written by Roumeen Islam and published by World Bank Publications. This book was released on 2000 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulating Capital

Author: Prasad Krishnamurthy

Publisher:

Published: 2014

Total Pages: 52

ISBN-13:

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Most observers agree that the excessive debt or leverage of systemically important financial institutions (SIFIs) was a central reason why the housing crash of 2007-2009 led to a recession. The Dodd-Frank Act authorizes the Financial Stability Oversight Council and the Federal Reserve to adopt new prudential standards for regulating these institutions. A fundamental challenge for these standards is how to restrain the leverage of SIFIs by prescribing a minimum amount of capital or equity they must hold relative to their assets. This Article develops a framework for the regulation of capital in SIFIs that departs from current regulatory practice. Starting from the assumption of perfect capital markets, it first shows that a limit on leverage is an optimal regulatory policy when capital markets are perfect, but bank failures entail an external social cost. It then argues that capital regulation can be effectively adapted to the imperfections that exist in real financial markets such as taxes, transaction costs, and incomplete information. Many of these imperfections strengthen the argument for capital regulation. In cases where capital regulation may inefficiently reduce lending, suitable regulatory design can mitigate this effect. This Article proposes a security design -- automatic convertibles -- to mitigate the cost of issuing capital; considers the strategic responses of SIFIs to regulation; and critiques current regulations as well as other market-based proposals in this literature.

Book Synopsis Regulating Capital by : Prasad Krishnamurthy

Download or read book Regulating Capital written by Prasad Krishnamurthy and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most observers agree that the excessive debt or leverage of systemically important financial institutions (SIFIs) was a central reason why the housing crash of 2007-2009 led to a recession. The Dodd-Frank Act authorizes the Financial Stability Oversight Council and the Federal Reserve to adopt new prudential standards for regulating these institutions. A fundamental challenge for these standards is how to restrain the leverage of SIFIs by prescribing a minimum amount of capital or equity they must hold relative to their assets. This Article develops a framework for the regulation of capital in SIFIs that departs from current regulatory practice. Starting from the assumption of perfect capital markets, it first shows that a limit on leverage is an optimal regulatory policy when capital markets are perfect, but bank failures entail an external social cost. It then argues that capital regulation can be effectively adapted to the imperfections that exist in real financial markets such as taxes, transaction costs, and incomplete information. Many of these imperfections strengthen the argument for capital regulation. In cases where capital regulation may inefficiently reduce lending, suitable regulatory design can mitigate this effect. This Article proposes a security design -- automatic convertibles -- to mitigate the cost of issuing capital; considers the strategic responses of SIFIs to regulation; and critiques current regulations as well as other market-based proposals in this literature.