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Financial system

This category contains 25 posts

Banks’ Lobbyists Help in Drafting Financial Bills

27 May. Banks’ Lobbyists Help in Drafting Financial Bills. By ERIC LIPTON and BEN PROTESS WASHINGTON — Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations . Instead, the lobbyists are helping to write it themselves. One bill that sailed through the House Financial Services Committee this month — [...]

The Next Round of Derivatives Regulation

In the weeks ahead, federal regulators will finalize rules that, done right, will bring long-overdue transparency and oversight to the multitrillion-dollar derivatives market. The big banks that control derivatives trading, however, are lobbying to dilute the rules. To grasp what is at stake, recall that the $182 billion taxpayer bailout of American International Group during [...]

The yuan is displacing the dollar as a key currency

The rise of the yuan: Turning from green to red. In Tokyo last week the bigwigs of international finance paid close attention to a speech by Ben Bernanke, chairman of America’s Federal Reserve. His speech urged them, in effect, to pay less attention. Many policymakers in emerging markets complain that Fed easing destabilises their economies, [...]

Too Big To Handle

By Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics. In the discussion of whether America’s largest financial institutions have become too big, a sea change in opinion is underway. Two years ago, during the debate about the Dodd-Frank financial-reform [...]

Financial education

Speech by Mr Ben S Bernanke, Chairman of the Board of Governors of the Federal Reserve System: Financial education, August 2012. Good afternoon and welcome. I am delighted to have the opportunity to speak today with educators throughout the country on the topic of financial education. Thank you for your participation and for the important work [...]

Libor, Naked and Exposed

By GARY GENSLER* Americans who save for the future, use credit cards or borrow money for tuition, cars and homes deserve assurance that the interest rates on their savings and loans are set in a reliable and honest way. That’s why the revelation that the British bank Barclays attempted to manipulate the London interbank offered [...]

Three principles for successful financial sector reform

Speech by BoE’s Chris Salmon: Three principles for successful financial sector reform. In a speech delivered at City Week 2012, Chris Salmon, Executive Director for Banking Services and Chief Cashier, at the Bank of England, reviews the regulatory response to the financial crisis. Salmon begins by recapping the objectives of the response and the key [...]

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 [...]

Britain’s financial industry: Death by a thousand cuts

The City is one of Britain’s great export industries. Yet its continued success is far from certain. From high up in their towers some 90,000 bankers look down on the Thames as it meanders past what was, in living memory, the world’s busiest port. Six decades ago these shores saw a daily tide of vessels [...]

Reform of the International Monetary and Financial System

Bank of England Paper: Reform of the International Monetary and Financial System. By Oliver Bush, Katie Farrant and Michelle Wright The financial crisis has imposed large costs on the global economy and revealed deficiencies in policy frameworks around the world. While the ongoing reforms to financial regulation aim to make the financial system more resilient, [...]

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