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Handbook of Central Banking, Financial Regulation and Supervision: After the Financial Crisis

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Edited by: Sylvester C. W. Eijffinger, Donato Masciandaro

ISBN13: 9781849803137
Published: December 2011
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £193.00
Paperback edition , ISBN13 9780857937704



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This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policymakers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.

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Subjects:
Banking and Finance
Contents:
Introduction Sylvester Eijffinger and Donato Masciandaro PART I: CENTRAL BANKING, REGULATION AND SUPERVISION 1. Central Banks and the Financial System Francesco Giavazzi and Alberto Giovannini 2. Monetary Policy Lessons from the Crisis Athanasios Orphanides 3. Reflections on the Crisis and on its Lessons for Regulatory and for Central Bank Policies Alex Cukierman 4. The Lender of Last Resort: Liquidity Provision versus the Possibility of Bailout Rob Nijskens and Sylvester Eijffinger 5. Transparency is Not Enough: Central Bank Governance as the Next Frontier Pierre Siklos 6. Central Banks and Banking Supervision Reform Pierre Boyer and Jorge Ponce 7. Institutional Structure and Effectiveness of Central Banks during the Financial Crisis: An Empirical Analysis Yiwei Fang, Iftekhar Hasan and Loretta Mester 8. New Advantages in Tying One's Hands: Banking Supervision, Monetary Policy and Central Bank Independence Lucia Dalla Pellegrina, Donato Masciandaro and Rosaria Vega Pansini 9. How Should Central Bank Deal with Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument Benjamin Born, Michael Ehrmann and Marcel Fratzscher 10. Time Varying Monetary Policy Rules and Financial Stress Jaromir Baxa Nieto, Roman Horvath and Borek Vasicek PART II: THE ARCHITECTURE OF REGULATION AND SUPERVISION 11. Defining and Measuring Systemic Risk Sylvester Eijffinger 12. Financial Regulation Charles Goodhart 13. Out-of-the-Box Thoughts about the International Financial Architecture Barry Eichengreen 14. Safe and Sound Banking: a Role for Countercyclical Regulatory Requirements Gerard Caprio 15. Quality of Financial Sector Regulation and Supervision Around the World Martin Cihak and Alexander Tieman 16. Regulating the Regulators: the Changing Face of Financial Supervision Architecture Before and After the Financial Crisis Donato Masciandaro and Marc Quintyn 17. Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Regulation Donato Masciandaro, Maria Nieto and Marc Quintyn 18. How Do Joint Supervisors Examine Financial Institutions? Marcelo Rezende 19. Credit Rating Agencies Jakob De Haan and Fabian Amtenbrink Index