Deep Crises and Reform

Deep Crises and Reform PDF

Author: Michael Bruno

Publisher: World Bank Publications

Published: 1996-01-01

Total Pages: 44

ISBN-13: 9780821336977

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This paper was first presented as my address, as president, to the 1995 Congress of the International Economic Association in Tunis.

Global Financial Crises and Reforms

Global Financial Crises and Reforms PDF

Author: B. N. Ghosh

Publisher: Routledge

Published: 2000-12-14

Total Pages: 438

ISBN-13: 1134543174

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This book is a collection of papers that provides deeper insight into the financial crises of the 1990's in Asia and Latin America and explores the possibilities for their solution.

Financial Crises and the Limits of Bank Reform

Financial Crises and the Limits of Bank Reform PDF

Author: Eileen Keller

Publisher: Oxford University Press

Published: 2021-05-28

Total Pages: 272

ISBN-13: 0192643746

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Financial Crises and the Limits of Bank Reform examines the responses that were implemented in France and Germany, two comparable European economies, in the aftermath of the global financial crisis from 2007/2008 with respect to the future economic role of the banks. While France pushed for greater independence from the banks by strengthening financial disintermediation and non-bank intermediation, Germany supported classic bank intermediation. Analysing the reasons for this puzzling difference, this book shows that the main lessons drawn from the crisis were the consequence of differing patterns of social learning, leading to changes in widely shared beliefs of specific aspects of banking. While these were related to the conditions of bank lending and the limits of bank intermediation in France, in Germany they were linked to the risks of financial innovation and financial sector concentration. The book draws on an in-depth analysis of French and German banking and financial sector reforms in the decades prior to the crisis, crisis management, and the responses implemented in the aftermath, featuring extensive interview data with over 70 professionals in addition to profound document and data analysis. It discusses alternative theoretical approaches and spells out the ontological foundations and behavioural implications of the social learning approach to policy change. Contrary to other accounts of the post-crisis reforms concentrating on regulatory change, the author focuses on how evolving financial practices and reform priorities mutually condition each other over time, forming distinctive developmental paths. As this book shows, it is only once we embed the reform options chosen in their specific institutional and socio-economic context that we fully understand the driving forces behind the post-crisis reforms.

Financial Sector Crisis and Restructuring

Financial Sector Crisis and Restructuring PDF

Author: Carl-Johan Lindgren

Publisher:

Published: 1999

Total Pages: 103

ISBN-13: 9781557758712

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An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.

Evangelical Catholicism

Evangelical Catholicism PDF

Author: George Weigel

Publisher: Basic Books

Published: 2014-04-22

Total Pages: 307

ISBN-13: 0465038913

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The Catholic Church is on the threshold of a bold new era in its two-thousand year history. As the curtain comes down on the Church defined by the 16th-century Counter-Reformation, the curtain is rising on the Evangelical Catholicism of the third millennium: a way of being Catholic that comes from over a century of Catholic reform; a mission-centered renewal honed by the Second Vatican Council and given compelling expression by Blessed John Paul II and Pope Benedict XVI. The Gospel-centered Evangelical Catholicism of the future will send all the people of the Church into mission territory every day -- a territory increasingly defined in the West by spiritual boredom and aggressive secularism. Confronting both these cultural challenges and the shadows cast by recent Catholic history, Evangelical Catholicism unapologetically proclaims the Gospel of Jesus Christ as the truth of the world. It also molds disciples who witness to faith, hope, and love by the quality of their lives and the nobility of their aspirations. Thus the Catholicism of the 21st century and beyond will be a culture-forming counterculture, offering all men and women of good will a deeply humane alternative to the soul-stifling self-absorption of postmodernity. Drawing on thirty years of experience throughout the Catholic world, from its humblest parishes to its highest levels of authority, George Weigel proposes a deepening of faith-based and mission-driven Catholic reform that touches every facet of Catholic life -- from the episcopate and the papacy to the priesthood and the consecrated life; from the renewal of the lay vocation in the world to the redefinition of the Church's engagement with public life; from the liturgy to the Church's intellectual life. Lay Catholics and clergy alike should welcome the challenge of this unique moment in the Church's history, Weigel urges. Mediocrity is not an option, and all Catholics, no matter what their station in life, are called to live the evangelical vocation into which they were baptized: without compromise, but with the joy, courage, and confidence that comes from living this side of the Resurrection.

Central Bank Governance and Oversight Reform

Central Bank Governance and Oversight Reform PDF

Author: John Cochrane

Publisher: Hoover Press

Published: 2016-05-01

Total Pages: 377

ISBN-13: 0817919260

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A central bank needs authority and a sphere of independent action. But a central bank cannot become an unelected czar with sweeping, unaccountable discretionary power. How can we balance the central bank's authority and independence with needed accountability and constraints? Drawn from a 2015 Hoover Institution conference, this book features distinguished scholars and policy makers' discussing this and other key questions about the Fed. Going beyond the widely talked about decision of whether to raise interest rates, they focus on a deeper set of questions, including, among others, How should the Fed make decisions? How should the Fed govern its internal decision-making processes? What is the trade-off between greater Fed power and less Fed independence? And how should Congress, from which the Fed ultimately receives its authority, oversee the Fed? The contributors discuss whether central banks can both follow rule-based policy in normal times but then implement a discretionary do-what-it-takes approach to stopping financial crises. They evaluate legislation, recently proposed in the US House and Senate, that would require the Fed to describe its monetary policy rule and, if and when it changed or deviated from its rule, explain the reasons. And they discuss to best ways to structure a committee—like the Federal Open Market Committee, which sets interest rates—to make good decisions, as well as offer historical reflections on the governance of the Fed and much more.

The Stiglitz Report

The Stiglitz Report PDF

Author: Joseph E. Stiglitz

Publisher: The New Press

Published: 2010

Total Pages: 241

ISBN-13: 1595585206

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The fact that the global economy is broken may be widely accepted, but what precisely needs to be fixed has become the subject of enormous controversy. In 2008, the President of the United Nations General Assembly convened an international panel, chaired by Nobel Prize-winning economist Joseph Stiglitz and including 20 leading experts on the international monetary system, to address this crucial issue. This report controversially establishes a bold agenda for policy change, both broad in scope and profound in its ambitions.

Regulatory Cycles: Revisiting the Political Economy of Financial Crises

Regulatory Cycles: Revisiting the Political Economy of Financial Crises PDF

Author: Jihad Dagher

Publisher: International Monetary Fund

Published: 2018-01-15

Total Pages: 89

ISBN-13: 1484337743

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Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.

Corruption, Contention and Reform

Corruption, Contention and Reform PDF

Author: Michael Johnston

Publisher: Cambridge University Press

Published: 2014

Total Pages: 313

ISBN-13: 1107034744

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Explores four types of corruption and the implications for reform, emphasizing practical ways to check abuses of wealth and power.

Financial Crises

Financial Crises PDF

Author: Mr.Stijn Claessens

Publisher: International Monetary Fund

Published: 2014-02-19

Total Pages: 754

ISBN-13: 1484355261

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The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.