International Financial Instability: Global Banking and National Regulation
This book explores the potential and problems of bank safety and efficiency arising from the rapidly growing area of cross-border banking in the form of branches or subsidiaries with primarily only national prudential regulation. There are likely to be differences in the treatment of the same bank operating in different countries or of different banks from different home countries operating in the same country with respect to deposit insurance provisions, declaration of insolvency, resolution...
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This book explores the potential and problems of bank safety and efficiency arising from the rapidly growing area of cross-border banking in the form of branches or subsidiaries with primarily only national prudential regulation. There are likely to be differences in the treatment of the same bank operating in different countries or of different banks from different home countries operating in the same country with respect to deposit insurance provisions, declaration of insolvency, resolution of insolvencies, and lender of last resort protection. The book identifies these protection problems and discusses possible solutions, such as greater cross-border cooperation, harmonization and organizations.The contributors to this book include experts from different countries and from a wide range of affiliations, including academia, regulators, practitioners, and international organizations.
Acknowledgements vPreface viiSpecial Addresses 1Cross-Border Banking Regulation - A Way Forward: The European Case Stefan Ingves 3Remarks before the Conference on International Financial Instability Sheila C. Bair 13Benign Financial Conditions, Asset Management, and Political Risks: Trying to Make Sense of Our Times Raghuram G. Rajan 19International Financial Instability: Cross-Border Banking and National Regulation Chicago - Dinner Remarks Jean Pierre Sabourin 29Landscape of International Banking and Financial Crises 37Current State of Cross-Border Banking Dirk Schoenmaker Christiaan van Laecke 39Actual and Near-Miss Cross-Border Crises Carl-Johan Lindgren 65A Review of Financial Stability Reports Sander Oosterloo Jakob de Haan Richard Jong-A-Pin 77Discussion of Landscape of International Banking and Financial Crises Luc Laeven 97Causes and Conditions for Cross-Border Instability Transmission and Threats to Stability 107Cross-Border Contagion Links and Banking Problems in the Nordic Countries Bent Vale 109Currency Crises, (Hidden)Linkages, and Volume Max Bruche Jon Danielsson Gabriele Galati 125What Do We Know about the Performance and Risk of Hedge Funds? Triphon Phumiwasana Tong Li James R. Barth Glenn Yago 139Remarks on Causes and Conditions of Financial Instability Panel Garry Schinasi 167Prudential Supervision 179Home Country versus Cross-Border Negative Externalities in Large Banking Organization Failures and How to Avoid Them Robert A. Eisenbeis 181Conflicts between Home and Host Country Prudential Supervisors Richard J. Herring 201Cross-Border Nonbank Risks and Regulatory Cooperation Paul Wright 221Challenges in Cross-Border Supervision and Regulation Eric Rosengren 233Government Safety Net 239Bagehot and Coase Meet the Single European Market Vitor Gaspar 241Banking in a Changing World: Issues and Questions in the Resolution of Cross-Border Banks Michael Krimminger 257International Banks, Cross-Border Guarantees, and Regulation Andrew Powell Giovanni Majnoni 279Deposit Insurance, Bank Resolution, and Lender of Last Resort - Putting the Pieces Together Thorsten Beck 299Insolvency Resolution 309Cross-Border Resolution of Banking Crises Rosa Maria Lastra 311Bridge Banks and Too Big to Fail: Systemic Risk Exemption David G. Mayes 331Prompt Corrective Action: Is There a Case for an International Banking Standard? Maria J. Nieto Larry D. Wall 355Insolvency Resolution: Key Issues Raised by the Papers Peter G. Brierley 373Cross-Border Crisis Prevention: Public and Private Strategies 385Supervisory Arrangements, LOLR, and Crisis Management in a Single European Banking Market Arnoud W. A. Boot 387Regulation and Crisis Prevention in the Evolving Global Market David S. Hoelscher David C. Parker 407Derivatives Governance and Financial Stability David Mengle 423Cross-Border Crisis Prevention: Public and Private Strategies Gerard Caprio, Jr. 439Where to from Here: Policy Panel 443Cross-Border Banking: Where to from Here? Mutsuo Hatano 445Remarks on Deposit Insurance Policy Andrey Melnikov 449The Importance of Planning for Large Bank Insolvencies Arthur J. Murton 453Where to from Here: Policy Panel Guy Saint-Pierre 459Some Private-Sector Thoughts on Home/Host-Country Supervisory Issues Lawrence R. Uhlick 463Conference Agenda 471Index 477
