The Financial Regulation Forum
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State capitalism is a viable alternative to liberal capitalism
The Economist Debate: This house believes that state capitalism is a viable alternative to liberal capitalism. The moderator’s, Adrian Wooldridge, rebuttal remarks. I’m writing my contribution to this debate from Davos, where, I’m intrigued to note, state capitalism is well represented, despite the low profile of the Chinese delegation. I received a free copy of [...]
Does macropru leak?
Does macropru leak? Evidence from a UK policy experiment. Working Paper No 445 by Shekhar Aiyar, Charles W Calomiris and Tomasz Wieladek. The regulation of bank capital to improve the resilience of the financial system and, related to this aim, as a means of smoothing the credit cycle are central elements of forthcoming macroprudential regimes [...]
France plans Tobin tax on financial transactions
French president Nicolas Sarkozy has announced plans to impose a tax on financial transactions, he said he hoped his move would push other countries into taking action. French president Nicolas Sarkozy says measures he has taken have helped stabilise the economic crisis in France (Link to this video) The French president said a new 0.1% [...]
Cameron criticises European financial tax
David Cameron, UK prime minister, reopened tensions on Thursday with Paris and Berlin, after he said the economic design of the eurozone was seriously flawed and described as “madness” plans for a European tax on financial transactions. The prime minister also made pointed – if indirect – criticisms of Germany, insisting some countries must allow [...]
Towards a new architecture for payment arrangements
Speech by Chris Salmon, Executive Director, Bank of England. In a speech delivered at the BAFT-IFSA Global Annual Meeting on 24 January 2012, Chris Salmon, Executive Director for Banking Services and Chief Cashier, describes how the financial crisis has influenced the perspective of financial stability policymakers towards payment operations. He argues that this will impact [...]
IMF Global Financial Stability Report Update
IMF Global Financial Stability Report GFSR Market Update. Since the last Global Financial Stability Report (GFSR), risks to stability have increased, despite various policy steps to contain the euro area debt crisis and banking problems. European policymakers have outlined significant policy measures to address the medium-term issues contributing to the crisis, and some of these [...]
Accountability of the Bank of England
Response from the Court of the Bank of England to the recommendations made by the Treasury Committee and Joint Committee on the draft financial services bill on the accountability of the Bank of England. On 8 November 2011, the Treasury Select Committee of the House of Commons published a Report on the “Accountability of the [...]
Keep financial regulation simple
By Joe Nocera. What if, Jamie Dimon, the chief executive of JPMorgan Chase is not just blowing smoke when he complains that the country — and, indeed, the world — has imposed so many new rules on the banking industry, some of them overlapping, others seeming to contradict each other, yet others whose sole purpose [...]
Basel III liquidity standard and oversight
Basel III liquidity standard and strategy for assessing implementation of standards endorsed by Group of Governors and Heads of Supervision. The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 8 January 2012. The main items of discussion were the Basel Committee’s proposals on [...]
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