The New International Financial System: Analyzing the Cumulative Impact of Regulatory Reform
by Douglas D Evanoff (Editor), Andrew G Haldane (Editor), George G Kaufman (Editor)

About the Author
Douglas D. Evanoff, Federal Reserve Bank of Chicago, USA.
Andrew G. Haldane, Bank of England, UK.
George G. Kaufman, Loyola University Chicago, USA.

About this book
Ever since the Great Recession, the global financial regulatory system has undergone significant changes. But have these changes been sufficient? Have they created a new problem of over-regulation? Is the system currently in a better position than in the pre-Recession years, or have we not adequately addressed the basic causes of the financial crisis and resulting Great Recession?These were the questions and issues addressed in the seventeenth annual international banking conference held at the Federal Reserve Bank of Chicago in November 2014. In collaboration with the Bank of England, the theme of the conference was to examine the state of the new global financial system as it has evolved in response to significant market changes and regulatory reforms triggered by the global financial crisis. The papers from that conference are collected in this volume, with contributions from an international array of government officials, regulators, industry practitioners and academics.

Brief contents
Part I Special Addresses 1
Chapter 1 Financial Entropy and the Optimality of Over-regulation 3
Chapter 2 Implementing the Regulatory Reform Agenda: The Pitfall of Myopia 37
Chapter 3 A Financial System Perspective on Central Clearing of Derivatives 47
Part II Regulatory and Market Response to the Financial Crisis — Banking 61
Chapter 4 Shadow Banking in China 63
Chapter 5 Fed Liquidity Policy During the Financial Crisis: Playing For Time 79
Chapter 6 Europe’s Banking Union: Status and Prospects 131
Part III Regulatory and Market Response to the Financial Crisis — Capital Markets 163
Chapter 7 Capital Market Regulation in Japan after the Global Financial Crisis 165
Chapter 8 Systemic Risk and Public Institutions: Evolving Perspectives from the Financial Crisis 197
Chapter 9 Securities Regulation During and After the 2008 Financial Crisis 215
Chapter 10 Regulatory Reform, its Possible Market Consequences and the Case of Securities Financing 253
Part IV. Resolving Systemically Important Financial Institutions and Markets 265
Chapter 11 A Critical Evaluation of Bail-in as a Bank Recapitalization Mechanism 267
Chapter 12 Resolving Systemically Important Financial Institutions and Markets 307
Chapter 13 The Role of Bankruptcy in Resolutions 315
Chapter 14 The Single Point of Entry Resolution Strategy and Market Incentives 323
Part V Transitional Impact of the Reforms on the Financial Sector 337
Chapter 15 Model Risk and the Great Financial Crisis: The Rise of Modern Model Risk Management 339
Chapter 16 Banking in a Re-regulated World 355
Chapter 17 Financial Reform in Transition 371
Part VI Transitional Impact of the Reforms on the Real Sector 405
Chapter 18 The Jury Is In 407
Chapter 19 Regulations, Reforms, and the Real Sector 425
Chapter 20 Financial Fragmentation, Real-sector Lending, and the European Banking Union 459
Chapter 21 New Capital and Liquidity Requirements: Transitional Effects on the Economy 473
Part VII Long-term Cumulative Steady State Outcome of Reforms — Future Concerns? 493
Chapter 22 Some Effects of Capital Regulation When There are Competing, Nonbank Lenders 495
Chapter 23 The Steady State of the Banking Union 511
Chapter 24 Resolving Systemically Important Entities: Lessons from the Government Sponsored Enterprises 529
Part VIII Policy Panel — Where to from Here? 547
Chapter 25 Assessing the Overall Impact of Financial Reforms 549
Chapter 26 Financial Regulation: Where to From Here? 559
Chapter 27 Where To From Here?: Financial Regulation 2.0 569
Chapter 28 Key Fragilities of the Financial System 579
Chapter 29 Where to From Here for Financial Regulatory Policy?: Analyzing Housing Finance 589
Index 595

Series: World Scientific Studies in International Economics (Book 48)
Length: 612 pages
Publisher: World Scientific Pub Co Inc (December 27, 2015)
Language: English
ISBN-10: 9814678325
ISBN-13: 978-9814678322

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