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Leading academics and policymakers address the theory of market discipline and consider evidence across different industries and countries.The effectiveness of market discipline--the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently--commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems to grows less effective as the banking industry and financial markets grow more complex, the role of market discipline becomes increasingly important. In this collection, which grew out of a conference cosponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, a diverse group of academics and policymakers address different aspects of the ability of market discipline to affect corporate behavior and performance. A major purpose of the book is to develop evidence on how market discipline operates across non-government regulated industries and in different countries, how successful it has been, and how it may transfer to a regulated industry. The chapters examine such topics as the theory of market discipline, evidence of market discipline in banking and other industries, evidence of market discipline for countries, the current state of corporate governance, and the interaction of market discipline and public policy.

Capital market --- International finance --- Banks and banking, International --- Risk management --- ECONOMICS/Finance --- 333.109 --- 333.132 --- 333.601 --- 657.30 --- 657.33 --- AA / International- internationaal --- Veiligheid. Bankovervallen. Bankrisico's --- Investeringsbanken, depositobanken, gemengde banken --- Organisatie van de financiële markten --- Boekingsverrichtingen: algemeenheden --- Balansen --- Conferences - Meetings

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International business enterprises --- -Corporations, American --- -Financial leverage --- Finance

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This book explores the past and future of central bank cooperation. In today's global economy, the cooperation between central banks is a key element in maintaining or restoring monetary and financial stability, thereby ensuring a smooth functioning of the international financial system. In this book, economists, historians, and political scientists look back at the experience of central bank cooperation during the past century - at its goals, nature, and processes and at its successes and failures - and draw lessons for the future. Particular attention is devoted to the role played by central bank cooperation in the formulation of minimum capital standards for internationally active banks (the Basel Capital Accord, Basel II), and in the process of European monetary unification and the introduction of the Euro.

AA / International- internationaal --- 333.432.8 --- 333.430 --- 331.150 --- 333.162 --- 334.151.20 --- 336.71 --- Banks and banking, Central --- 332.11 --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Internationale monetaire unies, conventies en akkoorden: algemeen. --- Geschiedenis van het geldwezen: algemeenheden. --- Bank voor Internationale Betalingen. --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden. --- Bankwezen --- 336.71 Bankwezen --- International cooperation --- Geschiedenis van het geldwezen: algemeenheden --- Bank voor Internationale Betalingen --- Internationale monetaire unies, conventies en akkoorden: algemeen --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Banks and banking [Central ] --- BUSINESS & ECONOMICS --- Banks & Banking --- E-books --- Banks and banking. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- International cooperation. --- Business, Economy and Management --- Economics

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Global current account imbalances have been at the forefront of policy debates over the past few years. Many observers have recently singled them out as a key factor contributing to the global financial crisis. Current account surpluses in several emerging market economies are said to have helped fuel the credit booms and risk-taking in the major advanced deficit countries at the core of the crisis, by putting significant downward pressure on world interest rates and/or by simply financing the booms in those countries (the “excess saving” view). We argue that this perspective on global imbalances bears reconsideration. We highlight two conceptual problems: (i) drawing inferences about a country’s cross-border financing activity based on observations of net capital flows; and (ii) explaining market interest rates through the saving-investment framework. We trace the shortcomings of this perspective to a failure to consider the distinguishing characteristics of a monetary economy. We conjecture that the main contributing factor to the financial crisis was not “excess saving” but the “excess elasticity” of the international monetary and financial system: the monetary and financial regimes in place failed to restrain the build-up of unsustainable credit and asset price booms (“financial imbalances”). Credit creation, a defining feature of a monetary economy, plays a key role in this story.