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Horst Dreier, Friedrich Wilhelm Graf, Joachim Jens Hesse - Staatswissenschaften und Staatspraxis

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Horst Dreier (ed.), Friedrich Wilhelm Graf (ed.), Joachim Jens Hesse (ed.)

Staatswissenschaften und Staatspraxis

2011

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Harold James The Financial Crisis and the Disciplinary Challenge of Natural Law S. 137-151

„… II. Der Staat im Zeichen der Krise The State in Times of Crisis The Financial Crisis and the …” „… Disciplinary Challenge of Natural Law by Harold James The recent financial crisis displayed apparent deficits …” „… Verschuldung und Inflation zur Anwendung. The current financial crisis has sharpened the tone in a set of …”

Jakob de Haan Is More Regulation Really the Best Answer to the Financial Crisis? S. 235-247

„… Is More Regulation Really the Best Answer to the Financial Crisis? by Jakob de Haan This …” „… some recent research on the relationship between financial liberalisation and banking crisis. Using a …” „… financial sector and banking crisis holds for different dimensions of liberalisation and whether it depends …”

László Csaba Unintended Consequences of Crisis Management S. 151-170

„… financial crisis, triggered by the collapse of the US subprime markets and the ensuing extinction of the …” „… financial crisis should, at least in part, be ascribed to state failure, in terms of the unintended …” „… out of question especially for Europe. The financial crisis has also shown the fragility and …”

Bernd Raffelhüschen, Stefan Moog Ehrbarer Staat? Finanzpolitik in der Krise S. 216-235

„… Times of Crisis 234 Is More Regulation Really the Best Answer to the Financial Crisis? by Jakob de Haan …” „… , welche die öffentlichen Haushalte auf Dauer belasten.1 As a reaction to the global economic crisis, the …” „… . Taking into account the reduced revenues and increased expenditures due to the crisis, the deficit in …”

Joachim Wieland Der Staat als Aktionär der letzten Instanz: zum krisenbedingten Wandel der Staatsaufgaben S. 170-188

„… consequence of the global financial crisis the state has become a banker against its will. How shall the state …” „… spend huge amounts of the taxpayers’ money during the next crisis? The author shows the state’s options …” „… Zeichen der Krise / The State in Times of Crisis 172 An dieser Problemstellung ändert auch der von …”

Titelei/Inhaltsverzeichnis S. 2-12

„… Krise / The State in Times of Crisis Harold James The Financial Crisis and the Disciplinary Challenge of …” „… Regulation Really the Best Answer to the Financial Crisis? 235 Werner Heun Steuerung der Staatsverschuldung …” „… Natural Law 139 László Csaba Unintended Consequences of Crisis Management 151 Joachim Wieland Der Staat …”

Werner Heun Steuerung der Staatsverschuldung durch Verfassungsrecht im Widerstreit S. 247-266

„… been flanked by soaring public deficits in the context of the ongoing economic and financial crisis. In …” „… other countries, this article aims to show that the financial-constitutional provisions of the …” „… , 1980, 1264 ff. Der Staat im Zeichen der Krise / The State in Times of Crisis 248 Intertemporale …”

Uwe Wagschal Die Folgen der Finanzkrise und ihre Bewältigung: Konsolidierungsstrategien für die öffentlichen Haushalte S. 188-216

„… a discussion of the consequences of the financial crisis for the public debt and consolidation …” „… der Krise / The State in Times of Crisis 190 der Staatsschuldenquoten (für das Jahr 2010) als auch …” „… , Princeton, 2009, 224. Der Staat im Zeichen der Krise / The State in Times of Crisis 192 schaftlichen …”

doi.org/10.5771/9783845229256

Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

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The Asian Financial Crisis S. 131-138

„… obligations in full. 5.3.2 The Asian Financial Crisis As in the case of Mexico, the economies of Thailand …” „… . The Asian Financial Crisis: Origins, Implications, and Solutions. Boston, MA: Kluwer Academic …” „… Publishers 132 the Asian financial crisis is best understood in terms of financial excess rather than by …”

Bibliography S. 347-374

„… Mexican Peso Crisis: Implications for the Regulation of Financial Markets. Essays in International …” „… after the Financial Crisis. NBER Working Paper 8330. Cambridge, MA: National Bureau of Economic Research …” „… Hunter et al. 1999. The Asian Financial Crisis: Origins, Implications, and Solutions. Boston, MA: Kluwer …”

Four Types of Currency Crises S. 47-52

„… 47 2. Financial Crisis Theory Financial integration has been accompanied by an unprecedented period …” „… list of casualties of financial crisis. Financial crises not only strike at excessively indebted …” „… plunged into crisis as a consequence of financial panics. The benefits of increased financial integration …”

Evaluation S. 63-66

„… particular importance regarding the most recent type of financial crisis: Therefore lessons and implications …” „… understanding of financial crises the concept of crisis zones as suggested by Cole and Kehoe seems a helpful …” „… financial crisis can yield is to add to a list of factors likely to trigger a crisis under particular …”

The Mexican Peso Crisis S. 129-131

„… concurs that financial turmoil in Asia followed the typical pattern of a domestic banking crisis arising …” „… breed of financial crisis. While various institutions contributed financial resources, the IMF …” „… General Accounting Office. 1996. Mexico’s Financial Crisis: Origins, Awareness, Assistance, and Initial …”

Introduction S. 15-20

„… with some form of financial crisis only 17 times before 1973, but 95 times thereafter. But even in …” „… account; during the Asian Crisis the conditions it attached to its financial assistance included a wide …” „… Crisis produced a vast array of proposals to increase global financial stability. Recommendations range …”

The Setting S. 117-120

„… in the United States, the 1960s Sterling Crisis and the Asian Financial Crisis in 1997–98. On the one …” „… . The crisis of 1907 serves as a showcase not only how financial crises can develop from bank runs but …” „… classic case of financial panic turning into a fully-fledged banking crisis and a lack of liquidity …”

Structure of the Analysis S. 42-46

„… . Chapter 2 attempts to clarify the concept of financial crisis. It indicates that recent emerging market …” „… financial crisis models are introduced and discussed. The discussion is followed by a review of empirical …” „… crisis literature but has been fundamental for the functioning of financial systems for over 150 years …”

Lessons of the Sterling Crisis S. 128-129

„… financial hegemony, during the Franc Crisis in 1968 France drew its USD 100 million swap facility with the …” „… a fundamentally different type of financial crisis: While in 1907 a lack of liquidity endangered the …” „… central institution to respond to the new breed of financial crisis. While various institutions …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… debt levels are at sustainable levels. Mexico’s financial crisis in 1994–95 is a prime example …” „… turn destabilized the financial sector and exacerbated the crisis …” „… Countries.” In Hunter et al. 1999. The Asian Financial Crisis: Origins, Implications, and Solutions. Boston …”

Third Generation Models S. 58-62

„… 34 See Steven Radelet and Jeffrey Sachs. 1998. The East Asian Financial Crisis: Diagnosis, Remedies …” „… Onset of the East Asian Financial Crisis. NBER Working Paper No. 6680. Cambridge, MA: National Bureau of …” „… crisis zone in describing the conditions under which financial crises are most likely to occur. In the …”

Titelei/Inhaltsverzeichnis S. 2-12

„… .......................................................................... 42 2. Financial Crisis Theory …” „… ......................................................................... 52 2.2 Three Generations of Financial Crisis Models ...................................... 53 2.2.1 …” „… .......................................................................... 130 5.3.2 The Asian Financial Crisis …”

Walter Bagehot (1826–1877) S. 98-104

„… overriding principle in efforts to prevent financial crisis from deepening; it was not the issue whether …” „… Overend Gurney Crisis in 1866, the following decades saw a period of financial stability that lasted until …” „… interfere and provide liquidity in times of crisis—a central point of Bagehot’s critique on the institution …”

Transparency Criteria S. 206-211

„… prominently in financial reform reports issued by both G-10 and G-22. Following the Asian Crisis the IMF …” „… Asian Crisis. Reported capital in financial statements 8 …” „… et al. 1999. The Asian Financial Crisis: Origins, Implications, and Solutions. Boston, MA: Kluwer …”

The Köhler Approach: Procedural Changes S. 86-88

„… community to mitigate financial crises once they are under way; their focus is on crisis management rather …” „… than crisis prevention. The majority of proposals for a new international financial architecture …” „… central aspect of crisis management is the provision of emergency loans during financial crises because …”

Lessons and Implications S. 66-67

„… regarding policy prescriptions to increase global financial stability. 2.3.3 Lessons and Implications A …” „… regarding the problem of financial crises. Not surprisingly, each approach to explain how financial crises …” „… developed with a particular type of crisis in mind suggests policies fitting to those particular experiences …”

Advantages of Pre-qualification S. 203-206

„… liquidity assistance would be an effective instrument to address individual financial crises exante. It …” „… liquidity rather than a solvency crisis. Regarding the lending practice of an international lender of last …” „… financial sectors. In this respect prequalification can serve as a substitute for the regulatory powers …”

Regional Monetary Cooperation S. 337-341

„… International Monetary Fund. 338 13.2.1 Regional Monetary Cooperation Following the Asian Financial Crisis …” „… International Financial System and Institutions in Light of the Asian Financial Crisis. G-24 Discussion Paper …” „… financial stability, interests of industrial countries are far more aligned than those of developing …”

The Problem of Contagion S. 52-53

„… markets. Accordingly, the Thai financial crisis in 1997 alerted the market to problems of weak financial …” „… Goldstein. 1998. The Asian Financial Crisis: Causes, Cures, and Systematic Implications. Policy Analysis in …” „… transmission channels in order to reduce vulnerability to contagion. 2.2 Three Generations of Financial Crisis …”

Liquidity Gaps in the Past S. 166-170

„… Future. What Should It Be?” In Hunter et al. 1999. The Asian Financial Crisis: Origins, Implications, and …” „… the risk of financial crisis for those economies alone, stability of the global financial system would …” „… assistance in case financial panic develops. The resources necessary for an international lender of last …”

Conclusion: Pre-qualification Is the Way Forward S. 228-229

„… solving its financial crisis. Their fulfilment indicates that the crisis is likely to be a temporary …” „… liquidity problem rather than a solvency crisis. Implementation of capital adequacy and reserve requirements …” „… and the internationalisation of the financial sector signal that liquidity assistance would not be …”

Lending Rules Governing ELA Facilities S. 323-327

„… to 6 months. If a financial crisis results from asymmetric information or herd behaviour, within six …” „… domestic financial sectors and governments. Its effectiveness in doing so depends on several factors and …” „… Assistance: Sovereign indebtedness is at sustainable levels and the financial sector is fundamentally healthy …”

First Generation Models S. 53-56

„… transmission channels in order to reduce vulnerability to contagion. 2.2 Three Generations of Financial Crisis …” „… Currency and Financial Crisis. Part I and Part II. NBER Working Papers No. 6833 and 6844. Cambridge, MA …” „… . Corsetti, Pesenti and Roubini describe the Asian financial crisis as a consequence of fundamental problems …”

Conclusion S. 88-89

„… community to mitigate financial crises once they are under way; their focus is on crisis management rather …” „… than crisis prevention. The majority of proposals for a new international financial architecture …” „… central aspect of crisis management is the provision of emergency loans during financial crises because …”

The Fund’s Record as Crisis Manger S. 113-116

„… that financial panics develop in the first place. While moral hazard considerations partly justify …” „… time it increased uncertainty and thus the fragility of the global financial system. 4.3.5 The Fund’s …” „… Record as Crisis Manger Although the IMF does not operate as a lender of last resort to the global …”

Lessons of 1907 S. 123-124

„… crisis: it shows how panic can develop into crisis in a vulnerable financial system as a consequence of …” „… provision of sufficient amounts of liquidity is the only way to resolve a financial crisis once it has …” „… 123 5.1.4 Lessons of 1907 The panic of 1907 can serve as a prime example for a typical financial …”

Improved Transparency and Higher Regulatory Standards S. 68-71

„… Financial Crisis.” The Washington Post. January 28, 1998 4 Group of 22. 1998. Report of the Working Group …” „… : Asia’s Crisis Demands a Rethink of International Regulation.” The Financial Times. December 31, 1997 8 …” „… 68 3. Selected Proposals to Increase Global Financial Stability As both character and origin of …”

Financial Market Theory S. 33-42

„… concept of financial crisis. It indicates that recent emerging market crises are a negative consequence of …” „… distinguishing four types of currency crises, three generations of financial crisis models are introduced and …” „… financial instability as a common agency problem between international investors and emerging market …”

The Asian Crisis’ Aftermath S. 138-143

„… Argentina Argentina’s financial crisis resulted from excessive indebtedness and weak fundamentals. Despite …” „… financial crises experienced since the Mexican Crisis in 1995. While stability programs arranged by the IMF …” „… 138 5.3.3 The Asian Crisis’ Aftermath The 1990s emerging market crises did not end with the Asian …”

Evidence on Creditor-side Moral Hazard S. 233-241

„… countries increased significantly after the Russian crisis indicating that international financial markets …” „… 233 these countries. In addition the anticipation of crisis lending may decrease the domestic …” „… efforts to avoid a crisis. However, the IMF does not generate Moral Hazard stricto sensu. The expectation …”

Pressure on Money, Stock and Call Loan Markets S. 121-123

„… a typical financial crisis: it shows how panic can develop into crisis in a vulnerable financial …” „… strained financial environment provided the setting, but the crisis itself was triggered by the collapse of …” „… provision of sufficient amounts of liquidity is the only way to resolve a financial crisis once it has …”

The IMF as International Lender of Last Resort S. 111-113

„… crisis continues, the stability of financial institutions declines and more funds are necessary to …” „… uncertainty and thus the fragility of the global financial system. 4.3.5 The Fund’s Record as Crisis Manger …” „… international financial system40. The IMF indeed provided at several occasions substantial foreign currency …”

Lending-in-last-resort as Input in Monetary Policy S. 153-157

„… more effectively and to arrest a larger share of financial crises, its approach to crisis management …” „… 153 scriptions are fully adequate for the IMF to continue its current approach to crisis management …” „… . Nevertheless, the effectiveness of this approach to manage financial crises is controversial and crucially …”

Creditor Country Interests S. 255-259

„… developing countries in financial crisis; therefore they can be utilized to foster dominant members’ foreign …” „… financial crisis. His suggestion was strictly opposed both by the U.S. administration and the IMF. The …” „… 255 importance to global financial stability, its debt owed to industrial countries’ commercial …”

Current Funding Needs of the IMF S. 146-153

„… financial crises, its approach to crisis management needs to be improved. 6.2 Funding Needs of an …” „… 146 6. The Principle of Lending Freely The Bagehot Rules prescribe that in times of crisis a lender …” „… freely even to its most creditworthy members2. Indeed, during the Rouble Crisis in 1998 resources …”

The Report by the Independent Task Force S. 80-84

„… Task Force on the Future of the International Financial Architecture sponsored by the Council of …” „… recommendations to increase the stability of the global financial system23. Their findings are particularly …” „… See Council on Foreign Relations. 1999. Safeguarding Prosperity in a Global Financial System: The …”

Changes Inside the IMF S. 341-344

„… effectively address financial crises in the future. Similar arrangements were negotiated for USD 2 billion …” „… and credibility as the central and most effective instrument to reduce global financial instability …” „… procedures have been improved in several ways over the last four years. Crisis prevention capabilities have …”

Enhancing Access to Foreign Currency S. 90-92

„… , yen, and sterling, only. To arrest a financial crisis, emergency loans by developing country central …” „… financial sector that channels funds to their most effective uses and provides firms with the capital they …” „… need. Without liquidity, the financial sector cannot fulfil this role. Without access to capital, firms …”

Opposition by Developed Countries and the G-7 S. 331-336

„… on effectiveness. By introducing pre-qualification the Fund’s credibility and effectiveness as crisis …” „… Fund’s effectiveness in reducing the frequency and severity of financial crises. But recent developments …” „… significant reforms to 332 the international financial architecture. At the same time, comments and policy …”

Henry Thornton (1760–1815) S. 92-98

„… or other financial institutions. Collateral may come in form of secure export earnings or revenues …” „… remains undrawn. While during crisis such credit lines may prove costly as well, they still allow for …” „… international reserves or secure instant access at times of crisis are available to a limited number of emerging …”

Theoretical Considerations S. 104-107

„… international liquidity. During financial panics, institutions that in non-crisis times have no difficulties in …” „… economy and the financial system declined due to lower shipping costs and increased supply from the United …” „… States. In the financial sector, bigger and better managed joint-stock and deposit banks replaced the …”

Financial Assets S. 176-181

„… Analysis of Financial Crisis” conference. October 8–10, 1998. Chicago, IL: Federal Reserve Bank of Chicago …” „… 176 assets must be liquid and safe. In Thailand, banks and other financial institutions lent their …” „… crisis was limited. Facing short-term liquidity gaps these assets were rarely accepted as collateral and …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… . “What’s Wrong with the IMF? What Would Be Better?” In Hunter et al. 1999. The Asian Financial Crisis …” „… levels. Mexico’s financial crisis in 1994–95 is a prime example: Although at around 37 percent of GDP …” „… . 1999. The Asian Financial Crisis: Origins, Implications, and Solutions. Boston, MA: Kluwer Academic …”

Empirical Evidence S. 62-63

„… international financial crises experienced since the collapse of the Bretton Woods regime has led to large …” „… contributions to the field has further accelerated in the aftermath of the Asian crisis. As a consequence, our …” „… recent crisis experiences. As such every currency crisis has triggered the development of models and …”

Access to Large-scale Liquidity Assistance S. 317-322

„… instrument for preventing or mitigating financial crisis. As demonstrated by Walter Bagehot, short-term …” „… into crisis and triggering a collapse of the financial system if the banking sector is fundamentally …” „… banks and financial institutions are solvent and unlikely to become distressed during non-crisis times …”

Lessons from Emerging Market Crises S. 143-145

„… . Garten. 1999. “Lessons for the Next Financial Crisis.” Foreign Affairs. Vol. 78 No. 2: 80 145 economies …” „… cents for the dollar. 5.3.4 Lessons from Emerging Market Crises The crisis episodes discussed above …” „… highlight the international community’s difficulties in responding to the breed of financial crises …”

The Concept of Collateral S. 173-176

„… “Asia: An Analysis of Financial Crisis” conference. October 8–10, 1998. Chicago, IL: Federal Reserve …” „… last resort should lend around a crisis, not into a crisis. To be effective, an international lender of …” „… also reduces incentives for governments and financial sector institutions to pursue prudent economic …”

Principles for Effective Liquidity Assistance S. 311-313

„… loans are an effective instrument for preventing or mitigating financial crisis. Increased effectiveness …” „… assistance should be disbursed only when the probability of averting or mitigating financial crisis is high …” „… fundamentally healthy economies could be put in a position to prevent financial sector collapse and to avoid a …”

The Crisis S. 125-128

„… relations to survive. The sterling episode was a fundamentally different type of financial crisis: While in …” „… crisis. Liquidity assistance was not required to prevent the failure of individual financial institutions …” „… when President Nixon officially abolished convertibility of the dollar. 5.2.2 The Crisis Like the …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… Future. What Should It Be?” In Hunter et al. 1999. The Asian Financial Crisis: Origins, Implications, and …” „… multiple grounds: First, in times of crisis, industrialised economies can help themselves; their central …” „… Monetary System. Third, due to advanced financial regulation and banking practices, and given comparably …”

The Meltzer Report S. 84-86

„… 84 3.2.4 The Meltzer Report The International Financial Institutions Advisory Commission (IFIAC …” „… of seven international financial institutions: The IMF, World Bank, Inter-American Development Bank …” „… stability of the global financial system are the suggestions made regarding the International Monetary Fund …”

Regime Theory S. 20-25

„… stability be enhanced. Similarly, arresting a financial crisis requires a combined effort of several actors …” „… activities would be likely to increase the effectiveness of crisis prevention. In return, members in the …” „… empirical studies undertaken by researchers at universities, the IMF, and other economic or financial …”

Empirical Evidence on Catalytic Finance S. 244-249

„… longer-term reforms because of the costs incurred in case a financial crisis erupts nevertheless, may be …” „… to face financial difficulties to qualify for liquidity assistance by the official sector. Examining …” „… the stability of the international financial system when governments are induced to pursue …”

IMF Induced Moral Hazard S. 230-233

„… insurance against investment loss in case a financial crisis develops. Moral hazard can therefore arise in …” „… default during the Tequila Crisis in 1995. Indeed, it has been argued that by exacerbating moral hazard …” „… problems IMF interventions during the 1990s have actually increased both number and scale of financial …”

Lending-in-last-resort as Input in Banking Policy S. 157-160

„… 157 rency into the domestic financial system until the demand for short positions in local currency …” „… depreciation can have on developing economies: In developing economies both financial and public sectors are …” „… growth and thus reinforce the pressure on local currencies in a circular pattern. The Asian Crisis has …”

Conclusion and Implications S. 170-172

„… central bank in order to effectively address the problem of global financial instability. As industrial …” „… prevent a collapse of their financial systems, not to manipulate their currency’s exchange rate since the …” „… does not imply that domestic central banks should lend to every financial institution in need for …”

Lending Rules Governing PRGF and SBA Facilities S. 322-323

„… 322 tries’ financial sectors, empirical evidence suggests that for developing countries the …” „… benefits from lowering barriers to entry into their financial sectors generally outweigh costs. Box 12.4 …” „… sovereign and the financial sector. Condition 4 Members have to implement effective financial sector …”

An International Credit Insurance S. 71-72

„… : Asia’s Crisis Demands a Rethink of International Regulation.” The Financial Times. December 31, 1997 8 …” „… 71 3.1.2 An International Credit Insurance While the Asian Crisis was still ongoing, George Soros …” „… majority of international creditors would feel no incentives to flee a country in financial difficulties …”

Public Choice Theory S. 25-33

„… financial instability imposes heavy costs on all countries involved: The financial crisis in Thailand had …” „… within the crisis country or its geographic region. Modelling financial stability as a global public good …” „… for international cooperation on economic and financial issues, neo-liberal institutionalist …”

Need for Reform S. 293-294

„… after the Financial Crisis. NBER Working Paper 8330. Cambridge, MA: National Bureau of Economic Research …” „… costs of sovereign default and subsequent financial crises. They find that the cumulative effect of …” „… sudden stops—a balance of payments crisis paired with an outflow of short-term capital—over a three-year …”

A Sovereign Debt Restructuring Mechanism S. 76-78

„… restructure their obligations in an orderly way, ideally before plunging into a financial crisis. The …” „… proposal as politically viable measure to increase global financial stability: A global central bank would …” „… , financial crises stemming from mismatches in debt structures or unstable financial systems would still occur …”

Evidence on Debtor-side Moral Hazard S. 241-244

„… 1383. In order to assess the impact of program news on specific financial institutions, banks were …” „… governments of receiving emergency loans by the IMF in times of crisis encourages authorities to ease the …” „… any other source of financing, the real financial gain of IMF loans to recipients is the interest …”

Problems Arising from the Imposition of Strict Collateral Requirements S. 199-201

„… contain a crisis in the capital account. Even at tax rates of 10 percent or more, the largest emerging …” „… financial crises in the last decade. 7.3 Problems Arising from the Imposition of Strict Collateral …” „… recently. During the League of Nations’ efforts to stabilise the financial system and restructure ailing …”

Securitisation of Future Flow Receivables S. 188-199

„… during the Asian financial crisis when other private capital inflows fell sharply or even reversed31 …” „… assets is limited. 7.2.3 Securitisation of Future Flow Receivables Aside from pledging financial assets …” „… service obligations. Today securitisation is widely used and not restricted to cash flows from financial …”

A Code of Good Conduct S. 294-297

„… so-called Gang of Six18 as part of mutual efforts to strengthen crisis prevention and resolution in …” „… the debtor’s financial and economic position. Particular emphasis was thirdly given to efforts …” „… . Moreover, during negotiations the financial position of the debtor should be prevented from deteriorating …”

Problems due to Renegade Creditors S. 290-293

„… East Asia before and after the Financial Crisis. NBER Working Paper 8330. Cambridge, MA: National …” „… holdout creditors. The large level of abstention highlights that many financial market participants …” „… perceive both process and outcome of the restructuring as financial murder on behalf of the Argentine …”

New Money Approach S. 283-286

„… distress and sovereign defaults are no new phenomena. As financial crises in general, debt crises have …” „… defaults between 1975 and 2002 284 alone1. The 1980s debt crisis provides a particularly extensive range of …” „… would have had on the stability of the global financial system. But on the other, the agreements …”

Second Generation Models S. 56-58

„… guarantees less and less credible. Fundamental models are successful in explaining financial crises during …” „… explanations for these observations. In addition, the crisis of the European Monetary System in 1992–93 …” „… currency crisis to occur in Obstfeld’s model several conditions must be fulfilled: There must be sound …”

Collateralising Equity S. 181-188

„… 181 7.2.2 Collateralising Equity Another financial asset to be pledged as collateral by countries …” „… were further pushed by international financial institutions which often made financial support …” „… conditional on privatisation goals and were well received by financial markets. Privatisation programs were …”

Principles for Effective Monitoring and Supervisory Work S. 313-315

„… probability of averting or mitigating financial crisis is high. Principle 2 To be effective and credible …” „… the major emerging economies, the costs of gathering economic and financial information on smaller …” „… countries’ economic and financial positions. Accordingly, the Fund is far better equipped to provide …”

Necessary Funding for an International Lender of Last Resort S. 160-161

„… countries to act as effective lender of last resort to their governments and financial sectors. For this …” „… in need of hard currency. To rebuild confidence in the financial system, markets must be convinced …” „… banks with sufficient foreign currency loans to prevent a collapse of their financial systems due to a …”

The Case for an International Lender of Last Resort S. 107-109

„… currency from excessive depreciation. Since a substantial depreciation can trigger financial crises via …” „… of IMF emergency loans during the crisis in 1997–98. As the central task of an domestic lender of …” „… the effects those bankruptcies have on the financial system, the importance of an international lender …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… international lender of last resort is and should be designed to maximise profits in times of financial crisis52 …” „… , too-strategic-to-fail and too-nuclear-to-fail hypotheses among financial market participants; the moral hazard play has …” „… would not only offers access to liquidity assistance in times of crisis, but also enhance countries …”

A Global Central Bank S. 74-75

„… its domestic financial centres, transactions would simply be executed abroad. This is against national …” „… cooperation by all the world’s sovereign entities. Leaving aside that the world’s largest financial centres …” „… best. Furthermore, financial markets constantly generate innovative products. It would be surprising if …”

Fundamental Differences between International and Domestic Settings S. 109-111

„… uncertainty financial markets can be unwilling to extend loans even to fundamentally solvent sovereign debtors …” „… financial sector and the economy at large over and over again. Without central banks, the occurrence of …” „… financial crises would have been far more frequent while governments would have lacked their most effective …”

The Tobin Tax S. 72-74

„… Frankel. 1999. “Soros’ Split Personality: Scanty Proposals from the Financial Wizard.” Foreign Affairs …” „… Grunberg (Eds.). 1996. The Tobin Tax: Coping with Financial Stability. Oxford: Oxford University Press 73 …” „… . Furthermore, during financial panics, violent capital flow reversals will not be prevented via increasing …”

The Calomiris Proposal S. 78-80

„… . 3.2.2 The Calomiris Proposal Charles Calomiris’ Blueprints for a New Financial Architecture suggest to …” „… replace the IMF and all other forms of international crisis lending by a framework similar to an …” „… qualifying ex-ante by following prudent economic and financial policies. Countries failing to fulfil these …”

The Lacking Clout of Developing Economies S. 336-337

„… instead inclined to follow prudent fiscal and monetary policies and strengthen their financial sectors …” „… of the excessive conditionality requirements insisted on by the IMF during the Asian Crisis. By …” „… ; however, regarding the problem of global financial stability, interests of industrial countries are far …”

The Run on Banks and Trust Companies S. 120-121

„… merit, distressed New York money markets made the financial system of the United States far more …” „… directorships and ties to these banks as depositors began running on all financial institutions Morse and Heinze …” „… clearinghouse support. Those institutions were predominantly New York’s trust companies, financial institutions …”

Evidence on IMF Lending Arrangements S. 259-260

„… 35 percent of the years in which developing countries faced financial distress13. Moreover, there are …” „… indications that countries of strategic importance to the Fund’s largest members received financial assistance …” „… Political Economy of IMF Crisis Lending. Paper prepared for the Annual Meeting of the American Political …”

Governance Reform Proposals S. 275-279

„… efforts to restore market confidence and global financial stability. The consequence of developing …” „… inefficient decisionmaking. During the Asian Crisis, doubts by developing countries on the effectiveness of …” „… International Monetary and Financial Committee on Quotas, Voice and Representation. Report prepared by the …”

Collective Action Clauses S. 297-300

„… the Mexican crisis, Eichengreen and Portes advocated the use of this instrument already in 199524 …” „… Richard Portes. 1995. Crisis? What Crisis? Orderly Workouts for Sovereign Debtors. London: Centre for …” „… 32 Anne Krueger. 2001. International Financial Architecture for 2002: A New Approach to Sovereign …”

Implications for the Viability of an International Lender of Last Resort S. 201-202

„… times of crisis. Hence a strict collateral requirement could exclude even fundamentally solvent …” „… International Financial Institution Advisory Commission. March 9, 2000. Washington, DC: Senate Banking Committee …”

doi.org/10.5771/9783845201122

Eva Kocher, Doris Neuberger, Geraint Howells, Luca Nogler - Sozialer Verbraucherschutz

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Eva Kocher (ed.), Doris Neuberger (ed.), Geraint Howells (ed.), Luca Nogler (ed.)

Sozialer Verbraucherschutz

2023

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Olha O. Cherednychenko Financial Supervision and Consumer Protection in the Post-Crisis European Union: An Uneasy Relationship S. 303-310

„… Financial Supervision and Consumer Protection in the Post-Crisis European Union:An Uneasy …” „… about keeping bad banks alive. Now more than a decade after the outbreak of the global financial crisis …” „… financial markets manifests itself in contradictions and tensions between the post-crisis policies and …”

Damon Gibbons Responsible Credit in the EU: National Law, the New EU-Directive and Beyond S. 237-242

„… Activity? APS Bank Publication Malta 2007 pp 53-98. In November 2008, at the peak of the financial crisis …” „… the causes of the financial crisis coming into view, policy makers held to the ridiculous notion that …” „… problems in the ‘post-financial crisis’ period. Our economies are held back by considerable debt overhangs …”

Joseph Spooner Responsible Bankruptcy S. 243-252

„… Financial Crisis inflicted on it, and the role that international organisations of the “Troika” (European …” „… have considered that the Global Financial Crisis and Great Recession, in starkly illustrating failures …” „… contributing to the Irish financial crisis and recession, however. Charleton J commented that the case produced …”

Christian Joerges Where the Law Ends – Why the OMT Controversy is Undecidable S. 327-342

„… pioneering in all debtor-lender relationships, although focused not on the mega-actors of the financial …” „… crisis and inspired by the hope that the law might provide protection for the less powerful. This essay …” „… reference and approval of the conditions of the financial assistance programmes of the EFSF and/or the ESM …”

Christine Riefa Consumer Education and Information Rights in Financial Services S. 345-360

„… now a well-known fact that a key factor in the financial crisis was one of suitability of the …” „… in the wake of the financial crisis, with 60% of respondents not understanding what an APR is or how …” „… to restore trust in the market in the wake of the financial crisis. As a result, the Directive …”

Alan White Sovereign Debt and Human Rights S. 259-268

„… Inability to Pay in the European Financial Crisis. Toward a Collective Human Right for Discharge of States …” „… ? Fundamental Freedoms and the Inability to Pay in the European Financial Crisis. Towards a Collective Human …” „… Inability to Pay in the European Financial Crisis: Toward a Collective Human Right for Discharge of States …”

Publications of Udo Reifner (books in italic) S. 391-413

„… 2017. (The financial crisis – towards a ban on usury and gambling)(2017) Das Geld 3. Recht des Geldes …” „… Financial Crisis. Towards a Collective Human Right for Discharge of States? In: Nesi, Giuseppe (ed) Crisis …” „… : VS-Verlag (450 S.) 2010 (Money-Society - Lessons from the financial crisis.) (450 S.)Publications of Udo …”

Martina Eckardt Market-Based Social Policies – Contributions by Udo Reifner S. 179-182

„… more difficult, following the Great Financial Crisis of 2008, banks have to be more restrictive …” „… the wake of the global financial crisis, in many countries a large share of homeowners encountered …” „… impacts the financial capability for a growing share of the workforce to acquire private homeownership …”

Doris Neuberger The Money 1-3 S. 55-66

„… problem of the monetary system and shows him ways to better control it: The Financial Crisis - For a ban …” „… quest for money as natural, makes it difficult for us to recognize, for example, that financial crises …” „… of the financial sector is rarely emphasised in economics textbooks. Schumpeter (1926) had already …”

Iain Ramsay Responsible Credit and the European Coalition for Responsible Credit S. 227-230

„… , established in the wake of the crisis to ensure greater safety for financial products. The political battle …” „… financial services. His many collaborative research projects at the IFF since 1987 have maintained an …” „… about to finalise its Directive on consumer credit which, under the pressure of financial institutions …”

Titelei/Inhaltsverzeichnis S. 1-18

„… RegulationVerbraucherschutz durch die BaFin? 295Peter RottFinancial Supervision and Consumer Protection in the Post-Crisis …” „… for financial services) in consumer protection, the reform of the European supervisory authorities or …” „… the significance of "social responsibility of banks" for the regulatory institutions.(9) “Financial …”

Geraint Howells The Lost Penny S. 111-114

„… ” paper was written, we have had the 2008 economic crisis. This seems to have provided scope for some …” „… account the needs of consumers. Major financial crises, such as the housing market collapse in Spain and …” „… collected individual losses of individuals in the financial services sector or those who paid too much in …”

Alessandro Somma Biopolitica ed economia del debito S. 231-236

„… ), Reshaping Markets. Economic Governance, the Global Financial Crisis and Liberal Utopia, Cambridge, Cambridge …” „… the United Nation General Assembly on Reforms of the International Monetary and Financial System del …”

doi.org/10.5771/9783748914648

Andrea Schneiker, Christian Henrich-Franke, Robert Kaiser, Christian Lahusen - Transnational Expertise

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Andrea Schneiker (ed.), Christian Henrich-Franke (ed.), Robert Kaiser (ed.), Christian Lahusen (ed.)

Transnational Expertise

Series: Transnational Perspectives on Transformations

Volume 3 2018

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Carola Maria Westermeier A Dilemma of Trust in Economic Expertise – The Regulation of Financial Markets following the Financial Crisis S. 127-154

„… Financial Crisis1 Carola Maria Westermeier “The global financial crisis has revealed the need to rethink …” „… profession.”2 This account of the financial crisis brings together two aspects that are central to this …” „… investigate why economic experts took part in the (re-)regulation of financial markets, although the crisis …”

Christian Lahusen, Robert Kaiser, Andrea Schneiker, Christian Henrich-Franke Conclusion S. 205-220

„… political problem-solving process. In her contribution on expertise in the regulation of the financial …” „… markets after the 2008 crisis, Carola Westermeier, provides a good overview of the different roles of …” „… insiders and outsiders. During and in the aftermath of the crisis, political actors relied on …”

Titelei/Inhaltsverzeichnis S. 1-8

„… in Economic Expertise – The Regulation of Financial Markets following the Financial Crisis Carola …” „… of Siegen in November 2014 that we organized with the financial support of the University’s School …”

Robert Kaiser Paradigms, narratives and institutional competition: the role of experts in European research and innovation policies S. 155-178

„… a crisis. Therefore, policy-making normally takes place within a dominant paradigm, meaning that …” „… crisis, policy-makers are looking for new ideas (and instruments) in order to preserve the …” „… policy which has taken place both in terms of financial investments as well as in view of the scope of …”

Contributors S. 9-12

„… ‘Financial Stability and Political Security following the Crisis – Actors and Epistemologies of Financial …”

Andrea Schneiker, Christian Henrich-Franke, Robert Kaiser, Christian Lahusen Introduction S. 13-28

„… the wake of the financial crisis of 2008/09, Carola Westermeier argues that recognition of economic …” „… social construction of expertise is a process. In her chapter on the regulation of financial markets in …” „… sociological perspective, she argues that although politicians had lost trust in the system of financial …”

doi.org/10.5771/9783845291277

Dafni Diliagka - The Legality of Public Pension Reforms in Times of Financial Crisis

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Dafni Diliagka

The Legality of Public Pension Reforms in Times of Financial Crisis

Series: Studien aus dem Max-Planck-Institut für Sozialrecht und Sozialpolitik

Volume 69 2018

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Chapter Four: The Public Interest in Times of Financial Crisis S. 151-184

„… The Public Interest in Times of Financial Crisis The legal provisions analysed in chapter three may …” „… elements that have been taken into consideration, in times of economic and financial crisis, when there is …” „… . Following, section B ex‐ amines whether the Greek financial and economic crisis should be held as a …”

Introduction S. 15-25

„… Economic and Monetary Union (hereinafter: EMU), ended in a financial crisis in 2009.1 The 2008 wide global …” „… financial and economic crisis ex‐ posed Greece’s vulnerabilities, which were determined by national charac …” „… , contrary to the earlier agreed terms of the pension schemes. Consequently, the financial crisis and its …”

Chapter One: The Influences of the Pension Reforms 2010-2012 S. 26-63

„… national debt crisis that arose at the end of 2009, as well as the con‐ sequent financial assistance …” „… showing the influence of the financial crisis in the examination of the legality of poten‐ tial …” „… socio-economic factors which pre-dated the financial crisis. However, only after the financial crisis …”

Chapter Five: The Principle of Proportionality as a Balancing Concept in Case-Studies of Pension Reforms S. 185-278

„… model for the enjoyment of pensioners’ rights in times of financial crisis. The common model is …” „… the pensioners’ rights in times of financial crisis that the legislature and the policy makers must …” „… contribution to a general knowledge of how to reform legal pension systems in times of financial crisis. One …”

Conclusion S. 279-286

„… financial and economic crisis. It is undeniable that the financial and economic crisis brought attention to …” „… framework of the external financial assis‐ tance became besides the financial crisis a further pressing tool …” „… restric‐ tion of their rights in times of financial and economic crisis. Starting with chapter one, I …”

Titelei/Inhaltsverzeichnis S. 1-14

„… Changes2. 41 The Influences of the Pension Reforms After the Financial CrisisB. 44 The Financial CrisisI …” „… Times of Financial CrisisChapter Four: 151 Public Interest and the State PowerA. 152 The Financial …” „… The Legality of Public Pension Reforms in Times of Financial Crisis Dafni Diliagka The Case of …”

Bibliography S. 287-300

„… Constitutions Reacted to the Financial Crisis, in: Contiades, Ksenofon (ed.), Constitutions in the Global …” „… Financial Crisis, Farnham 2013, pp. 9-59. Contiades, Ksenofon, Constitutional Consolidation and the …” „… . Deutschmann, Christoph, The Euro Trouble and the Global Financial Crisis, Economic Sociology_The European …”

Chapter Two: The Greek Public Pension System 2010-2012 S. 64-105

„… had before the crisis.This is because the Greek economic and financial cri‐ sis acted as the main …” „… national financial crisis. It begins with an overview of the Greek public pension system (A). Next, the …” „… Greek public pension system is presented, as it was reformed after the financial and economic crisis …”

Chapter Three: The Protection of Pensioners’ Existing and Future Legal Positions S. 106-150

„… protecting this right becomes even more im‐ portant in instances where there is a financial crisis, which …” „… the Greek financial crisis affected the expectations of the current and prospective pensioners …” „… adopted different ones in the context of the Greek financial crisis and the consequent terms and …”

List of Documents S. 301-306

„… http://www.imf.org/external/pubs/ft/scr/2011/cr11351.pdf. (2011a), “Greece: Letter of Intent, Memorandum of Economic and Financial …” „… https://www.imf.org/external/np/loi/2011/grc/022811.pdf. (2012), “Greece: Letter of Intent, Memorandum of Economic and Financial …” „… Welfare State in Crisis: An Account of the Conference on Social Policies in the 1980s”, Paris. (1997 …”

doi.org/10.5771/9783845291574

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