Axel Weber, 02 October 2009

Axel Weber, President of the Deutsche Bundesbank, talks to Romesh Vaitilingam about the need to rebalance between risk-taking and regulation in financial markets. They discuss the opportunity for central bankers and other G20 players to design and implement new regulation, and the likely future size of the financial sector in the overall economy. The interview was recorded at the Global Economic Symposium in Schleswig-Holstein in September 2009.

Viral Acharya, 04 September 2009

Financial institutions enjoy a large number of government guarantees. This column says that we ought to be charging banks for such subsidies and doing so in a way that promotes financial stability. It uses the example of demand deposit insurance in the US to explore the poor design of funding for such guarantees.

Marc Flandreau, Norbert Gaillard, 26 June 2009

How did the rating agencies come to have such a prominent role in the regulation of securities? This column traces their history back to the Great Depression. Ironically, the agencies became a regulatory instrument to address concerns about securities originators’ conflicts of interest, the very problem plaguing the agencies today. The lesson may be that no fixed regulatory solution is durable in the long run.

Giuseppe Bertola, 26 May 2009

In Europe, unemployment is increasing more rapidly than in earlier comparable crises. This column attributes that to the severity of the recession and the flexibility-oriented reforms that only recently brought European unemployment down. But that does not mean that the answer is re-regulation of labour markets.

Jon Danielsson, Hyun Song Shin, Jean-Pierre Zigrand, 11 March 2009

By incorporating endogenous risk into a standard asset-pricing model, this column shows how banks’ capacity to bear risk seemingly evaporates in the face of market turmoil, pushing the financial system further into a tailspin. It suggests that risk-sensitive prudential regulation, in the spirit of Basel II, makes systemic financial crises sharper, larger, and more costly.

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The MSc in Competition and Market Regulation provides participants with a rigorous training in competition policy and regulatory issues. A full understanding of how markets work and how they are regulated will be acquired through an in-depth analysis of the functioning of legal and economic institutions and an empirical preparation. Competition policy cases and regulation policy in specific sectors, such as telecommunications, energy, transportation and financial markets will be covered. For more information, please visit www.barcelonagse.eu/MCR.html

Axel Leijonhufvud, 13 January 2009

Following the analysis of the crisis’s causes in the yesterday’s column, this column suggests that the new financial regulatory system should impose effective reserve requirements on deposit-taking banks, and impose capital requirements for virtually all financial institutions with these requirements being counter-cyclical to dampen the boom-bust cycle.

Alan Ahearne, Juan Delgado, Jakob von Weizsäcker, 27 June 2008

Housing booms associated with credit booms are particularly damaging, but the ECB’s one-size-fits-all monetary policy is useless in pricking national bubbles. Euro area governments should use national banking regulations to dampen national bubbles and countercyclical housing taxes to prick bubbles that arise.

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