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“In a speech in New York, Federal Reserve Bank of Boston President Eric Rosengren called for a comprehensive re-evaluation of the regulation of broker-dealers (intermediaries that effect transactions in securities), given the lessons of the financial crisis. “Broker-dealers played a dramatic role during the crisis,” said Rosengren. Given their dependence on unstable, short-term funding, “broker-dealers can …
Macroprudential frameworks: (too) great expectations? Contribution by Mr Claudio Borio, Head of the Monetary and Economic Department of the Bank for International Settlements, to the 25th anniversary edition of Central Banking Journal, originally published on 5 August 2014. “Macroprudential frameworks are a welcome response to the Great Financial Crisis. As long argued by the BIS, a stronger …
Reducing the Budget Deficit: Overview of Policy Issues. Marc Labonte, Specialist in Macroeconomic Policy. August 7, 2014. “The federal budget has been in deficit (i.e., spending has exceeded revenues) since 2002, and deficits were significantly larger from 2009 to 2012 than in any other year since World War II. As a result, the federal debt held by the …
Northern America, former Soviet Union lead in Payroll to Population: “About one in four adults worldwide — or roughly 1.3 billion people — worked full time for an employer in 2013. Gallup’s Payroll to Population (P2P) rate, which reports the percentage of the total adult population that works at least 30 hours per week for …
Raviv, Alon and Savaser, Tanseli and Sisli Ciamarra, Elif, Managerial Performance Incentives and Firm Risk During Economic Expansions and Recessions (August 6, 2014). Available for download at SSRN: http://ssrn.com/abstract=2476964 “In this paper, we argue that the relationship between managerial pay-for-performance incentives and risk taking is procyclical. We study the relationship between incentives provided by stock-based compensation …
The Regulatory Price-Tag: Cost Implications of Post-Crisis Regulatory Reform. Federal Financial Analytics, Inc. July 30, 2014. “The total cost of all of the rules that can be reliably and comparably correlated across the six U.S. global systemically-important banks (G-SIBs) assessed in this study is $70.2 billion. The increase in the cost of regulation under these rules for …
Pamela Lee – Urban Institute, August 4, 2014: “Following the crisis, nonbank specialty servicers rapidly expanded their portfolios of distressed loans. This has contributed to a significant market change: in 2011, the 10 largest mortgage servicers were all banks; by 2013, only five of the top 10 were banks, and the other five were nonbank servicers. The …
Frolik, Lawrence A., Rethinking ERISA’s Promise of Income Security in a World of 401(k) Plans (July 22, 2014). Connecticut Insurance Law Journal, Vol. 20, p. 371, 2014; U. of Pittsburgh Legal Studies Research Paper No. 2014-26. Available for download at SSRN: http://ssrn.com/abstract=2470019 “This article discusses the evolution of retirement income funds from defined benefit packages to …
“The recession that began in the United States in December 2007 ended in June 2009. But the Great Recession is a near-worldwide phenomenon, with the consequences of which many advanced economies–among them Sweden–continue to struggle. Its depth and breadth appear to have changed the economic environment in many ways and to have left the road …
Ann Rutledge and Robert E. Litan: “The failure of credit ratings agencies to do their job – warn investors of the true risks entailed by the subprime mortgage securities they rated – was at the heart of the financial crisis. Policy makers since have wrestled with how to “fix” the ratings process going forward. Although the Securities …
Research Paper. Chatham House. Tim Summers. Asia Programme | June 2014. China’s Global Personality “China’s ‘global personality’the interaction between its identity and foreign and security policy approaches–cannot be reduced to any single overriding concept. It is complex and dynamic, and features multiple layers. It is also in a period of flux, magnified by a sense (especially among Chinese elites) of global …
Admati, Anat R., The Compelling Case for Stronger and More Effective Leverage Regulation in Banking (June 9, 2014). Journal of Legal Studies, Forthcoming; Rock Center for Corporate Governance at Stanford University Working Paper No. 159. Available for download at SSRN: http://ssrn.com/abstract=2344831 orhttp://dx.doi.org/10.2139/ssrn.2344831 “Society stands to benefit substantially if banks and other financial institutions were required to rely …
