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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

Results in this title

Criteria Ensuring Financial Sector Stability S. 211-222

„… 211 8.2.2 Criteria Ensuring Financial Sector Stability The importance of effective financial sector …” „… go a long way to increase financial sector stability in the G-10+, the world’s major industrial …” „… developing countries is just 7. In order to increase financial sector stability in developing countries, an …”

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

„… to Large-scale Liquidity Assistance In order to increase the stability of the international financial …” „… therefore meet two sets of requirements: sovereign stability criteria and criteria indicating financial …” „… . 12.2.2.2 Criteria Indicating Financial Sector Stability To qualify for short-term liquidity assistance …”

Improved Transparency and Higher Regulatory Standards S. 68-71

„… 68 3. Selected Proposals to Increase Global Financial Stability As both character and origin of …” „… have been made on how to increase global financial stability and reduce crises’ frequency and severity …” „… to enhance global financial stability in general. A selection of recommendations and proposals is …”

Theoretical Considerations S. 104-107

„… large number of small and vulnerable country banks; as a consequence, stability of the financial sector …” „… argues that the period of financial stability has to be attributed primarily to a combination of those …” „… healthier financial sector and sounder government balances doubtlessly contributed to financial stability …”

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

„… recommendations to increase the stability of the global financial system23. Their findings are particularly …” „… borrowing and lending policies identified as the key to enhanced global financial stability. The …” „… industrialised countries contribute adequately in the struggle to increase international financial stability. The …”

Walter Bagehot (1826–1877) S. 98-104

„… upon it24. 4.2.2.4 Financial Stability after 1866 While financial crises occurred frequently until the …” „… Overend Gurney Crisis in 1866, the following decades saw a period of financial stability that lasted until …” „… financial stability in Great Britain commenced after 1866. Crop failures occurred …”

Public Choice Theory S. 25-33

„… financial stability, the two main strands of critique on neo-liberal institutionalism fail to significantly …” „… stability would involve detrimental effects: Actors concerned are those who gain from financial instability …” „… Inge Kaul, Isabelle Grunberg and Marc Stern (1999): 13 28 Global financial stability should be regarded …”

Transparency Criteria S. 206-211

„… the Meltzer Commission. Instead, they concentrate on financial transparency, the stability of the …” „… - 7 Benu Schneider. 2004. The Road to International Financial Stability: Are Key Financial Standards …” „… stability detailed information regarding debt obligations of the financial sector and the sovereign itself …”

Advantages of Pre-qualification S. 203-206

„… financial stability which in turn reduce the likelihood of financial crises developing in the first place …” „… that sovereignty-conscious countries like China, whose importance for global financial stability …” „… Chinese leaders to implement reforms that would increase the stability of their financial system, a tactic …”

The Meltzer Report S. 84-86

„… stability of the global financial system are the suggestions made regarding the International Monetary Fund …” „… 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 …”

Introduction S. 15-20

„… financial crises and maintain global financial stability. During the post-war era its existence contributed …” „… financial stability. 8 See Mark Weisbrot. 2005. “The IMF Has …” „… Crisis produced a vast array of proposals to increase global financial stability. Recommendations range …”

Interests of Borrowing Countries S. 253-255

„… maintaining or re-establishing global financial stability. However, while debtor countries and international …” „… constitutes a threat to global financial stability and under what circumstances IMF resources are to be …” „… Political Science. New Haven, CT: Yale University 255 importance to global financial stability, its debt …”

Regime Theory S. 20-25

„… enhance global financial stability implicitly assumes that international cooperation is possible …” „… nor even significantly improve global financial stability since international financial crises can …” „… stability be enhanced. Similarly, arresting a financial crisis requires a combined effort of several actors …”

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

„… likely endangering global financial stability3. Finally, to be successful in gathering the necessary …” „… macroeconomic data and financial sector stability to international capital markets. To do so, the institution’s …” „… concentrate on its core mandate in fostering global financial stability. For reasons of effectiveness and to …”

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

„… stability to the global financial system. 4.3.2 The Case for an International Lender of Last Resort The case …” „… shown how a lender of last resort substantially increases the stability of domestic financial systems …” „… as domestic lender of last resort, stability of the international financial system can be achieved …”

Liquidity Gaps in the Past S. 166-170

„… responsibility lies in fostering global financial stability, its core objective must be to provide liquidity …” „… place debt securities with international investors. To improve global financial stability, an …” „… economies most relevant for global financial stability makes up the greater part of international capital …”

Titelei/Inhaltsverzeichnis S. 2-12

„… ............................................................................ 66 3. Selected Proposals to Increase Global Financial Stability .................... 68 3.1 General …” „… Proposals to Increase Global Financial Stability .................... 68 3.1.1 Improved Transparency and …” „… ........................................................................................... 102 4.2.2.4 Financial Stability after 1866 …”

Bibliography S. 347-374

„… : Council on Foreign Relations Crockett, Andrew. 1997. “Why Is Financial Stability a Goal of Public Policy …” „… ?” In Federal Reserve Bank of Kansas City. 1997. Maintaining Financial Stability in a Global Economy …” „… Public Policy Approaches.” Financial Stability Review. London: Bank of England Hanke, Steve. 2003. “Iraq …”

Creditor Country Interests S. 255-259

„… 255 importance to global financial stability, its debt owed to industrial countries’ commercial …” „… the stability of the domestic financial system, creditor country governments have a rational interest …” „… in fostering all efforts to increase global financial stability. Secondly, private sector interest …”

Henry Thornton (1760–1815) S. 92-98

„… or other financial institutions. Collateral may come in form of secure export earnings or revenues …” „… the Bank was to provide emergency loans to financial institutions during liquidity crises thereby …” „… , subsequent failure of the bank’s corporate clients and the development of financial crises. The existence of …”

Regional Monetary Cooperation S. 337-341

„… financial stability, interests of industrial countries are far more aligned than those of developing …” „… Fund’s legitimacy and effectiveness in increasing global financial stability. The proposal described in …” „… also means that confidence in the ability of the IMF to increase global financial stability is limited …”

General Membership S. 315-317

„… to Large-scale Liquidity Assistance In order to increase the stability of the international financial …” „… ability in preventing and mitigating financial crises. To achieve this goal, two degrees of membership …” „… . The SDDS was introduced in 1996 to serve as guidance on the provision of economic and financial data …”

A World Currency S. 75-76

„… would be made independent with the mandate to maintain global financial stability, a task of immense …” „… viable measure to increase global financial stability: A global central bank would have to determine its …” „… the IMF A number of proposals to enhance global financial stability attempt to improve the Fund’s …”

Changes Inside the IMF S. 341-344

„… stabilisation, but also closely related structural issues particularly regarding financial sector stability …” „… of IMF lending decisions is vital to increase the stability of the global financial system. The four …” „… shareholders that the Fund’s effectiveness in enhancing global financial stability would benefit from less …”

Transition Period S. 328-330

„… similar initiatives; as these countries are of lesser importance for global financial stability, a longer …” „… that contribute to the stability and competitiveness of financial institutions in the developing world …” „… the financial markets, funds available for liquidity support should be above the minimum amount …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… . “How to Rebuild the Stability Pact.” Financial Times. January 31, 2005 46 See Aart Kraay and Vikram …” „… Fund. 2002. Global Financial Stability Report: A Quarterly Report on Market Developments and Issues …” „… restrictions on the level of sovereign indebtedness. Excessive levels of sovereign debt increase financial …”

The Asian Financial Crisis S. 131-138

„… financial sector and increase general transparency and governance41. However, the stability program failed …” „… financial panic and collapsing stock markets. Fears of hyperinflation, further devaluation and potential …” „… a trade surplus of USD 7.4 billion. Mexico was saved from default by pledges for financial support …”

The Asian Crisis’ Aftermath S. 138-143

„… financial crises experienced since the Mexican Crisis in 1995. While stability programs arranged by the IMF …” „… economy only in 1992, Russia’s institutions lacked both the strength and the stability to fend off …” „… non-existent. Despite these institutional deficiencies, Russia had liberalised its financial system radically …”

A Sovereign Debt Restructuring Mechanism S. 76-78

„… proposal as politically viable measure to increase global financial stability: A global central bank would …” „… Addressing the Role of the IMF A number of proposals to enhance global financial stability attempt to improve …” „… sovereign debt restructuring mechanism would enhance the stability of the global financial system by …”

Lessons of 1907 S. 123-124

„… of clearly assigned lender of last resort responsibilities to maintain the stability of the financial …” „… institution endangered the stability of the financial system considerably. Action took place only after the …” „… 123 5.1.4 Lessons of 1907 The panic of 1907 can serve as a prime example for a typical financial …”

Four Types of Currency Crises S. 47-52

„… financial sectors, limited macroeconomic stability or irresponsible fiscal policies have experienced …” „… 47 2. Financial Crisis Theory Financial integration has been accompanied by an unprecedented period …” „… causal relationship between financial integration and economic growth, there is evidence that financial …”

Structure of the Analysis S. 42-46

„… list various measures to increase global financial stability in general; they include measures to …” „… requirements, to ensure minimum standards of financial sector stability and to keep sovereign indebtedness at …” „… Data Dissemination Standard. To ensure financial sector stability members would require financial …”

The Calomiris Proposal S. 78-80

„… increase the stability of the global financial system23. Their findings are particularly interesting as …” „… . 3.2.2 The Calomiris Proposal Charles Calomiris’ Blueprints for a New Financial Architecture suggest to …” „… qualifying ex-ante by following prudent economic and financial policies. Countries failing to fulfil these …”

Conclusion S. 88-89

„… stability of the global financial system by reducing the frequency and severity of financial crises …” „… possible today and thus considerably strengthen the stability of the global financial system. To assess the …” „… . Proposals to introduce a Tobin tax and approaches focussing on data dissemination standards and financial …”

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

„… stability of the global financial system benefits developed and developing countries alike, the benefits for …” „… 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 …”

Interests of International Investors S. 255

„… 255 importance to global financial stability, its debt owed to industrial countries’ commercial …” „… commercial banks and other private financial institutions investing in developing countries the Fund’s …” „… that enhances their profit opportunities. Financial institutions can influence IMF lending decisions …”

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

„… which appear of high importance to the global financial system’s stability or of strategic geo-political …” „… overstated. Although rapidly increasing after 1995, financial flows peaked in the fourth quarter of 1997 and …” „… 9 See Steven Kamin. 2002. Identifying the Role of Moral Hazard in International Financial Markets …”

The Köhler Approach: Procedural Changes S. 86-88

„… stability of the global financial system by reducing the frequency and severity of financial crises …” „… effectiveness and legitimacy by refocusing it on its core mandate: to foster macroeconomic stability by …” „… promoting sound economic policies and structural reforms and to oversee the international financial system …”

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

„… that foster financial sector stability. Since a vulnerable banking sector increases the danger of …” „… uncertainty financial markets can be unwilling to extend loans even to fundamentally solvent sovereign debtors …” „… discards the Free Banking critique as central banks have proved their importance for the stability of the …”

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 …” „… international financial system40. The IMF indeed provided at several occasions substantial foreign currency …” „… global financial system. Despite these similarities, in its current form a number of issues disqualify …”

Evaluation S. 63-66

„… prescriptions to increase global financial stability. 2.3.3 Lessons and Implications A large number of …” „… in the late 1970s there were widespread doubts on the sustainability of the international financial …” „… Charles Wyplosz. 1998. Globalized Financial Markets and Financial Crises. Paper presented at the …”

Empirical Evidence on Catalytic Finance S. 244-249

„… the stability of the international financial system when governments are induced to pursue …” „… to face financial difficulties to qualify for liquidity assistance by the official sector. Examining …” „… induce other actors to take actions that mitigate the severity of financial crises. More specifically …”

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

„… of clearly assigned lender of last resort responsibilities to maintain the stability of the financial …” „… institution endangered the stability of the financial system considerably. Action took place only after the …” „… Pressure on Money, Stock and Call Loan Markets From the trust companies financial distress spread to both …”

Lending Rules Governing ELA Facilities S. 323-327

„… is to increase global financial stability, lending rules must also ensure that borrowing countries …” „… restructured IMF is to increase global financial stability; it is not to foster development by any other means …” „… domestic financial sectors and governments. Its effectiveness in doing so depends on several factors and …”

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

„… responsibility lies in fostering global financial stability, its core objective must be to provide liquidity …” „… Monetary System. Third, due to advanced financial regulation and banking practices, and given comparably …” „… economies, particularly by their public and financial sectors. Financial statistics collected by IMF, BIS …”

The Lacking Clout of Developing Economies S. 336-337

„… ; however, regarding the problem of global financial stability, interests of industrial countries are far …” „… global financial stability. The proposal described in chapter 12 suggests operational procedures that …” „… instead inclined to follow prudent fiscal and monetary policies and strengthen their financial sectors …”

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

„… . Similarly, it would be detrimental to the stability of the international financial system when governments …” „… 1383. In order to assess the impact of program news on specific financial institutions, banks were …” „… any other source of financing, the real financial gain of IMF loans to recipients is the interest …”

New Money Approach S. 283-286

„… would have had on the stability of the global financial system. But on the other, the agreements …” „… distress and sovereign defaults are no new phenomena. As financial crises in general, debt crises have …” „… solutions devised in negotiations between commercial banks and debtor countries to maintain global financial …”

Financial Market Theory S. 33-42

„… to improve global financial stability. 1.2.3 Financial Market Theory Financial crises are a main …” „… financial stability in general; they include measures to increase data dissemination and transparency, the …” „… financial instability as a common agency problem between international investors and emerging market …”

Current Funding Needs of the IMF S. 146-153

„… threats to global financial stability the IMF would first draw on the New Arrangements to Borrow before …” „… the stability of the global financial system more effectively and to arrest a larger share of …” „… emergency loans to Russia above the USD 4.8 billion already dispersed was a correct one, financial realities …”

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 …” „… important role in all models explaining financial crises, either as reason by themselves or as foundation …”

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 …” „… and the internationalisation of the financial sector signal that liquidity assistance would not be …” „… employed to bail-out insolvent financial institutions. By abiding to the maximum ceilings of sovereign …”

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 …”

A Global Central Bank S. 74-75

„… independent with the mandate to maintain global financial stability, a task of immense importance would lie …” „… 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 …”

Principles for Effective Liquidity Assistance S. 311-313

„… stability of the global financial system. In adherence to Bagehot’s principles a restructured IMF would not …” „… fundamentally healthy economies could be put in a position to prevent financial sector collapse and to avoid a …” „… financial crises will occur in the future, if implemented these reforms would go a long way in enhancing the …”

The Mexican Peso Crisis S. 129-131

„… Crises in the 1990s The financial crises in emerging market economies that have occurred since 1995 share …” „… 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 …”

Enhancing Access to Foreign Currency S. 90-92

„… 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 …” „… . Preventing financial panics from turning into fully fledged financial crises and ending liquidity crises once …”

Conclusion and Implications S. 170-172

„… global financial stability. To be effective an international lender of last resort also requires a clear …” „… 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 …”

Lessons from Emerging Market Crises S. 143-145

„… highlight the international community’s difficulties in responding to the breed of financial crises …” „… experienced since the Mexican Crisis in 1995. While stability programs arranged by the IMF were by no means as …” „… countries adds further weight to claims that the Fund’s current procedures to mitigate and manage financial …”

Governance Reform Proposals S. 275-279

„… efforts to restore market confidence and global financial stability. The consequence of developing …” „… IMF-approved stability programs were largely neglected. By having granted developing countries’ concerns more …” „… International Monetary and Financial Committee on Quotas, Voice and Representation. Report prepared by the …”

The Tobin Tax S. 72-74

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

An International Credit Insurance S. 71-72

„… Tax: Coping with Financial Stability. Oxford: Oxford University Press …” „… majority of international creditors would feel no incentives to flee a country in financial difficulties …” „… default could still cause systemic risks to the financial system. Consequently, the credibility of the …”

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 …” „… particularly prone to the eruption of financial crises15. In contrast to industrial countries, developing …”

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

„… negotiate a stability program. Demand for IMF loans is thus not limited to countries in severe liquidity …” „… 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 …”

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

„… efforts. If the international community intends to increase the stability of the global financial system …” „… . Nevertheless, the effectiveness of this approach to manage financial crises is controversial and crucially …” „… more effectively and to arrest a larger share of financial crises, its approach to crisis management …”

The Setting S. 117-120

„… endangering the stability of the whole financial system. Liquidity crunches arise due to excessive demand for …” „… 117 5. The Lender of Last Resort: The Concept in Practice In past financial crises the …” „… lender of last resort, it is necessary to analyse the resolution of past financial crises and the …”

Securitisation of Future Flow Receivables S. 188-199

„… 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 …” „… assets is being securitised. Given high credit ratings due to the stability of future cash flows and …”

Financial Assets S. 176-181

„… board led to a period of financial stability and stellar growth. Inflation declined from a peak above …” „… 176 assets must be liquid and safe. In Thailand, banks and other financial institutions lent their …” „… create incentives for financial institutions to hold in their portfolios safe and liquid assets that …”

IMF Induced Moral Hazard S. 230-233

„… problems IMF interventions during the 1990s have actually increased both number and scale of financial …” „… Resolution of Emerging Market Financial Crises. Paper presented at the Bank of England Conference on the Role …” „… of the Official and Private Sectors in Resolving International Financial Crises, July 23–24, 2002 …”

Governance Reform and Pre-qualification S. 281-282

„… enhancing global financial stability. Improved representation will not only ensure that developing countries …” „… approval or rejection of stability programs, would be reduced, creditor countries’ insistence on retaining …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… , too-strategic-to-fail and too-nuclear-to-fail hypotheses among financial market participants; the moral hazard play has …” „… debtor-side, moral hazard problems seem more problematic as IMF stability programs have not only painful, but …” „… to mitigate financial crises and prevent contagion. Moreover, subsidized interest rates are an …”

A Sovereign Debt Restructuring Mechanism S. 300-303

„… . 2001. International Financial Architecture for 2002: A New Approach to Sovereign Debt Restructuring …” „… economic behaviour on the debtor-side, stability programs alone are unlikely to effectively protect …”

Voting Power at the IMF S. 264-275

„… efforts to restore market confidence and global financial stability. The consequence of developing …”

doi.org/10.5771/9783845201122

Christos Gortsos - Fundamentals of Public International Financial Law

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Christos Gortsos

Fundamentals of Public International Financial Law

Series: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft

Volume 89 2012

Results in this title

International supervisory and regulatory developments after the recent (2007-2009) international financial crisis: the contribution of the G20 and the Financial Stability Board (FSB) S. 212-226

„… financial crisis: the contribution of the G20 and theFinancial Stability Board (FSB)The?G20 …” „… Financial?Stability?Forum?(2008a),?April,?available?at:?http://www.fsforum.org/?publications/FSF_Report_to_G-7_11_April.pdf …” „… .55? See?on?this?the?following?reports?of?the?Financial?Stability?Forum:• (2008 …”

Current supervisory and regulatory developments at international level: the Progress Report of the Financial Stability Board S. 226-238

„… Financial Stability BoardAs?mentioned?above?(under?B.1.1),?in?200 …” „… Implementation of the G20 Recommendations for Strengthening Financial Stability – Report of the Financial …” „… :• FSB?“Securities?Lending?and?Repos:?MarketOverview?and?FinancialStability?Issues”• FSB?“Shadow?Banking:Scoping?the?Issues”A14 …”

SECONDARY SOURCES S. 291-314

„… ):?The?Role?of?Public?Policy?in?Ensuring?Financial?Stability:A?Cross-country,?Comparative?Perspective,?in?R.?Portes?and?A.K.?Swoboda?(editors):?Threats toInternational Financial Stability,?Cambridge?University?Press,?Cambridge,?pp.?67-?0 …” „… Beyond,?Remarks?at?the?Federal?Reserve?Bank?of?KansasCity?Symposium,?Jackson?Hole,?AugustDraghi,?M.?(2008b):?How to Restore Financial Stability,?Lecture?at? the?5 …” „… a):?Emergency?Liquidity?Assistance?for?International?Banks,in?Portes,?R.?and?A.K.?Swoboda?(editors):?Threats to International Financial Stability,?CambridgeUniversity?Press,?Cambridge,?pp.?150-1?6 …”

The four levels of the making and enforcement of public international financial law S. 131-160

„… ????within?the?framework?of?the?Financial?Stability …” „… ,• international?fora?adopting?international?standards?pertaining?to?the?achievementof?specific?policy?objectives?relating?to?regulatory?intervention?in?the?financialsystem,?such?as?the?Financial?Action?Task?Force?(see?under?A?6?in?Section?Fourbelow),?and• the?Financial?Stability?Forum?(see?below?under?4.1 …” „… FinancialStability Board, adopting international financial standards, which are included in thereports constituting …”

The main sources of public international financial law S. 197-212

„… ? at:http://www.financial?stabilityboard.org/publications/r_11071?.pdf.?See?also?Financial?Stability?Board?(2011b):? ?“Effective Resolution of Systemically …” „… alia,?relating?to?theresolution?of?certain?large-scale,?internationally?active?banks?given?the?systemic?riskand?general?risks?to?financial?stability?arising?from?their?resolution.Despite?measures?and?initiatives?taken?to?reinforce?the?resilience?of?banks,?particularlythrough?the?well-known?‘Basel?III’?regulatory?framework,546 …” „… n?of?losses.?The?BaselCommittee?has?also?developed?the?methodology?to?be?used?in?order?for?a?bank?to?beeligible?as?a?G-SIB,?which?is?based?on?both?quantitative?and?qualitative?parameters.The?selected?parameters?reflect?different?aspects?of?the?main?causes?of?negative?externalities?rendering?a?bank?‘critical’?to?financial?stability,?i.e.:• size …”

Introductory remarks S. 59-77

„… ? in?more?detailbelow.?More?specifically,?apart?from?ensuring?free?competition?in?the?financial?system,which?is?the?prevailing?objective?in?the?entire?market,?regulation?is?also?aimed?at?meeting?the?following?objectives:• ensuring?the?stability?of?the?financial?system?(see?under?3.2?below …” „… • if?otherwise?exposed,?their?resolution?will?be?feasible?without?becoming?a?chargeon?the?public?finances.This?problem,?associated?with?the?policy?objective?of?ensuring?financial?stability …” „… ,?isdefinitely?not?new,?but?has?become?more?acute?during?the?recent?crisis?owing?to?largescale?government?bailouts?of?financial?firms?and?the?ensuing?negative?impact?on?publicfinances?(see,?for?example,?the?case?of?Ireland).Ensuring?the?stability?of?the?financial?systemThe?first?(and?primary)?policy?objective?justifying?regulatory?intervention?in?the?financial?system?of?economically?developed?states? is?ensuring?the …”

Table of Contents S. 9-22

„… Ensuring?the?stability?of?the?financial?system3.2 63Ensuring?investor?protection?and?capital?markets?integrity,efficiency?and?transparency3.3.65 …” „… The?Bank?for?International?Settlements3.2.4 141The?level?of?coordination:?the?Financial?Stability?Board4. 143 …” „… The?Financial?Stability?Forum?as?a?‘forerunner’4.1 143Establishment?and?membership4.1.1 143Tasks4.1.2 144The?Financial?Stability?Board4.2 145 …”

The historical evolution of the institutions of public international financial law S. 118-131

„… For?a?more?detailed?analysis?on?the?Financial?Stability?Forum,?see?below?under?4.1?of?this?subsection.2?4 …” „… ?of?the? financialsystem?and?the?economy?at?large.In?view?of?the?above,?several?(but?unfortunately?not?the?majority)?of?the?states?whichproceeded?to?the?liberalisation?of?their?financial?systems?have?also?undertaken?initiatives?aimed?at?safeguarding?the?stability …” „… ?between?economically?developed?and?economically?‘dynamic’developing?states?on?economic?and?financial?issues,?and?therewith?take?initiatives?forthe?preservation?of?international?financial?stability?to?the?benefit?of?sustainable?globaleconomic?growth.315(b …”

More specifically: instruments to achieve the policy objective of ensuring banking stability: the ‘bank safety net’ S. 77-106

„… ?of?the?bankingsystem,?by?preventing?the?above-mentioned?spillover?effects?between?banks,?rendersnecessary?the?adoption?of?various?preventative?measures,?and?also?protective?(or?‘crisismanagement’)?policies.Public?authorities?are?greatly?concerned?about?the?vulnerability?of?the?banking?systemto?economic?and?financial?shocks,?and?the?preservation?of?its?stability …” „… to ensure the stability of the financial system, thus leading many states(such as Germany and the …” „… ?System(2010a),? Financial? Stability? Board,? International? Monetary? Fund? and? Bank …”

In detail: the Basel Committee on Banking Supervision S. 175-196

„… ?with?a?view?to?safeguarding?the?stability?of?the?international?financial?systemand,?in?particular,?the?international?banking?system.4?1?It?was?set?up?on???October?1?74by?an?informal?decision?of?the?Governors?of?G10 …” „… • in?the?context?of?the?IMF’s?supervisory?powers?–?by?virtue?of?its?statutory?objectof?monitoring?the?economic?policy?of?its?member?states?–?and?as?far?as?issues?onsafeguarding?the?stability?of?the?financial?system?are?concerned.5071.3.2503 …” „… bjectives?of?the?Basel?Committee?can?be?broken?down?intoone?principal?objective?and?two?ancillary?ones:(a)?The?principal?objective?is?to?contribute?to?safeguarding?the?stability?of?the?bankingsystem.?This?issue?will?be?examined?in?more?detail?under?2.2?below.2.2.150? Report?of? the?High-Level?Group?on?Financial?Supervision? in …”

TABLES INCLUDED IN THE TEXT S. 23-24

„… Institutional?aspects?with?regard?to?the?conduct?of?financialpolicies?in?the?banking?sector 106Table?5 G-20?Members 135Table?6 Members?of?the?Financial?Stability?Board 147Table?7 …” „… Standing?Committees?and?Working?Groups?of?theFinancial?Stability?Board 14?Table?? Institutions?of?public?international?financial?law 157Table …” „… ?Recommendations?for?Strengthening?Financial?Stability?–?Report?ofthe?Financial?Stability?Board?to?G20?Leaders,?4?November2011 227Table?16 …”

Definition, delimitation and branches of public international financial law S. 107-118

„… • to?safeguard?the?stability?of?the?insurance?sector?of?the?financial …” „… ?conglomerates?lawPublic?international?financial?conglomerates?law?is?the?branch?of?international?financiallaw?that?contains?provisions?with?regard?to?the?supplementary?supervision?of?financialconglomerates?(groups?combining?banks,?insurance?companies?and?investment?firms),in?order?to?safeguard?the?stability?of?the?financial?system?as?a?whole?as?regards?theiractivity.2?4The …” „… CHAPTER?TWOTHE?MAKING?OF?PUBLIC?INTERNATIONALFINANCIAL?LAWDEFINITION,?HISTORICAL?EVOLUTIONAND?LEVELS?OF?MAKING?ANDENFORCEMENT?OF?PUBLICINTERNATIONAL?FINANCIAL …”

The international fora adopting international financial standards and the Committee on the Global Financial System S. 160-175

„… fit?organisation?under?Swiss?law,?upon?an?initiative?of?theFinancial?Stability?Forum.435?In?May?2012,?the?IADI,?which?is?seated?in?Basel,?hadsixty-four?(64 …” „… The?Financial?Stability?Forum?(FSF)?set?up?a?‘Study?Group?on?Deposit?Insurance’? in?1 …” „… rs’?supervisory?(and?regulatory)authorities.(b)?The?provision?of?mutual?assistance?among?them?for?the?enhancement?of?marketintegrity.(c)?The?elaboration?and?adoption?of?international?financial?standards?relating?to:• the?stability?of?capital?markets,• the?protection?of?investors,?and …”

INTRODUCTION S. 25-28

„… ? financial?system?(seeunder?A?and?B?below),?and• in?particular,?the?instruments?for?ensuring?the?stability?of?the?banking?system?(under?C).2 …” „… Codes”?of?the?Financial?Stability?Board?(under??2),• the?initiatives?undertaken?by?the?G-20 …” „… ?crisis?(under?),?and• the?progress?report?of?the?Financial?Stability?Board?with?regard?to?current?supervisory?and?regulatory?developments?at?international?level?(under?C).(b)?The?provisions?of?two?main?blocks?of?sources?of?public?international?banking?laware?then?analysed?in?Section?Six.?These?are?reports?of?the?Basel?Committee?on?BankingSupervision?which?refer?to …”

Extent and scope of adequate regulatory intervention in the financial system S. 282-286

„… ?system?operates?either?‘unregulated’?or?merely?through‘self-regulation’,?without?any?binding?rules?in?place?to?protect?the?public?or?any?safetyvalves?to?ensure?stability.?Indeed,?supporters?of?this?view?identify?the?main?causes?ofthe?crisis?in?the?lack?of?regulatory?intervention.The?true?meaning?of?‘financial?system?deregulation’The?view?that?the?financial …” „… ? lastthree?decades,?most?of?which?have?been?internationally?accepted?in?broad?terms,?byeconomically?developed?and?developing?states,?as?necessary?for?the?preservation?of?theglobalised?financial?system’s?soundness?and?stability …” „… AN?OVERALL?ASSESSMENTExtent and scope of adequate regulatory intervention in the financial …”

Classification of services provided in the financial system S. 49-57

„… ?to?determinethe?exact?range?of?services?that?banks?are?allowed?to?provide?based?on?assessmentsperformed,?particularly?with?regard?to?possible?conflicts?of?interest?and?the?rationalefor?safeguarding?the?stability?of?the?financial …” „… financial stability and competition, and making recommendations to the Government.92(c) The Liikanen Group …” „… reforms,structural reforms of EU banks would strengthen financial stability and improve efficiency and consumer …”

The future of public international financial law S. 286-290

„… ? lastthree?decades,?most?of?which?have?been?internationally?accepted?in?broad?terms,?byeconomically?developed?and?developing?states,?as?necessary?for?the?preservation?of?theglobalised?financial?system’s?soundness?and?stability …” „… ? theeventuality?of?future?crises?of?the?magnitude?and?extent?that?we?are?experiencing?today,and?not?to?eliminate?financial?crises?completely.The future of public international financial …” „… lawDespite?having?attained?a?very?significant?level?of?international?financial?integrationsince?the?early?1?70 …”

The functions of the financial system S. 29-44

„… See?Financial?Stability?Board?(2011):?“Shadow Banking: Strengthening Oversight and Regulation, Recommendations of the Financial …” „… CHAPTER?ONEREGULATORY?INTERVENTION?IN?THEFINANCIAL?SYSTEM?AS?THE?BASIS?FOR?THERULES?OF?PUBLIC?INTERNATIONALFINANCIAL?LAWTHE?FINANCIAL …” „… ?SYSTEMThe functions of the financial system1 …”

The regulatory framework of the Basel Committee on the micro-prudential and macro-prudential regulation of international banks S. 248-282

„… dealing?withthe?issue?of?financial?stability?had?pointed?out,?as?early?as?2000 …” „… a view to ensuring the integrity of individual banks and thestability of the financial system as a …” „… ???namely?amidst?the?recent?(2007-200?)?international?financial?crisis.?Both?are?quasi? final,?since …”

INTERNET ADDRESSES S. 315

„… ?System?(www.bis.org/cgfs)Dissemination?Standards?Bulletin?Board?(dsbb.imf.org)Financial?Action?Task?Force?(www.fatf-gafi.org/pages)Financial?Stability …” „… INTERNET?ADDRESSESBank?for?International?Settlements?(www.bis.org)Basel?Committee?on?Banking?Supervision?(www.bis.org/bcbs)Committee?on?Payment?and?Settlement?Systems?(www.bis.org/cpss)Committee?on?the?Global?Financial …”

The infrastructures of the financial system S. 44-49

„… • services?for?the?execution?of?payment?transactions,?notably?the?execution?of?credittransfers,?direct?debits?and?payment?transactions?with?payment?cards.4?The infrastructures of the financial system50Introductory?remarksIn?order? to? implement? the …” „… ? above-mentioned?functions? of? the? financial? system,? twoinfrastructures?are?absolutely?necessary …” „… ).There?are?also?other?important?infrastructures?which?operate?in?the?financial …”

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Christian Calliess - Herausforderungen an Staat und Verfassung

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Christian Calliess (ed.)

Herausforderungen an Staat und Verfassung

Series: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft

Volume 100 2015

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Stefan Weber Creditor Bail-in Tools to Avoid Bankruptcy Liquidation of Financial Institutions and the Fair and Equitable Treatment Standard S. 360-382

„… effectson financial stability.In this situation of a loophole in available legal tools, an investor …” „… financial stability,public interest and the rights of the different stakeholders.54 Generally recognized …” „… . Financial Stability Board, Consultative Document – Effective Resolution of Systemically Important Financial …”

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Vincenz Bergk - Makroprudentielle Aufsicht

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Vincenz Bergk

Makroprudentielle Aufsicht

Series: Studien zum Bank- und Kapitalmarktrecht

Volume 19 2019

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Kapitel 3: Rechtsquellen der makroprudentiellen Aufsicht S. 79-108

„… Griffith-Jones/Helleiner/Woods, in: Griffith-Jones/Helleiner/Woods (Hrsg.), The Financial Stability Board: An Effective Fourth …” „… ; Trichet, Intellectual challenges to financial stability analysis in the era of macroprudential oversight …” „… , in: Banque de France, Financial Stability Review v. Februar 2011, S. 139, 145. 220 So auch Lehmann …”

Literaturverzeichnis S. 361-385

„… micro-prudential dimensions of financial stability, BIS Papers Nr. 1 v. März 2001, abrufbar unter …” „… . 367 bis 371. Barnier, Michel, The European banking union, a precondition to financial stability and a …” „… : 27.10.2018). Crockett, Andrew, Marrying the micro- and macro-prudential dimensions of financial stability v …”

Titelei/Inhaltsverzeichnis S. 1-30

„… Graduiertenkollegs „Foundations of Global Financial Markets – Stability and Change“. Ihre Vollendung wäre jedoch ohne …” „… Financial Stability Facility (Europäische Finanzstabilisierungsfazilität) Einl. Einleitung …” „… FSB Financial Stability Board (Finanzstabilitätsrat) FSC Financial Stability Committee (Ausschuss für …”

Kapitel 2: Bedeutung und Wesen der makroprudentiellen Aufsicht S. 38-78

„… micro- and macro-prudential dimensions of financial stability, S. 2; Papathanassiou/Zagouras, WM 2010 …” „… financial stability, S. 3. B) Inhalt 39 um die wissenschaftliche Analyse gesamtwirtschaftlicher und globaler …” „… dimensions of financial stability, S. 2; siehe zu diesen speziellen systemisch wichtigen Instituten unten Kap …”

Kapitel 5: Befugnisse der Makroaufsicht S. 252-345

„… . 3: „[…] a broad information base is vital for the purpose of financial stability“. 1035 Vgl …” „… Services Authority, The Turner Review, S. 92, wo von einer “overall responsibility for financial stability …” „… und PRA“) am Ende. A) Informationsausstattung 283 USA Der Financial Stability Oversight Council (FSOC …”

Kapitel 4: Behörden und Institutionen des makroprudentiellen Aufsichtssystems S. 109-251

„… ) 252 endg., S. 6; vgl. auch EZB, Financial Stability Review Juni 2010, S. 137; auf eine enge Abstimmung …” „… ) II) („Räumliche Komponente“). 394 The High-Level Group on Financial Supervision in the EU, S. 31. 395 …” „… The High-Level Group on Financial Supervision in the EU, S. 31 f. 396 The High-Level Group on …”

Kapitel 1: Finanzmarktkrise und Makroaufsicht S. 31-37

„… The High-Level Group on Financial Supervision in the EU, S. 6. 3 BT-Drs. 16/14000, S. 45 f.; Hellwig …” „… ), 2008, S. 12, 15. 10 Rousseau, Regulating Credit Rating Agencies after the Financial Crisis: The long …” „… . 21 Griffith-Jones/Helleiner/Woods, in: Griffith-Jones/Helleiner/Woods (Hrsg.), The Financial …”

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Katharina Stasch - Lender of Last Resort

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Lender of Last Resort

Series: Schriftenreihe des EUROPA-KOLLEGS HAMBURG zur Integrationsforschung

Volume 59 2009

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Literaturverzeichnis S. 323-338

„… Financial Stability in Europe?, in: Goodhart, Charles A. E. (Hrsg.), Which Lender of Last Resort for Europe …” „… , Graeme/Emblow, Alison/Michael Ian, Banking system liquidity: developments and issues, Financial Stability Review …” „… Gemeinschaft, 1999 Gai, Prasanna/Shin, Hyun Song, Transparency and financial stability, Financial Stability …”

Gefahren für die Stabilität der Finanzmärkte S. 65-79

„… Political Economy 1983, 401, 403 f, 409; Freixas/Giannini/ Hoggarth/Soussa, Financial Stability Review …” „… ) 8. 192 Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999, 151, 152 f. 193 …” „… of Finance 1988, 749, 755 f, 758. 208 Hoggarth/Saporta, Financial Stability Review, June 2001, 148 …”

Markteingriff S. 84-104

„… Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999, 151, 152; Fritsch/Wein/Ewers (2001) 90 f, 360 ff …” „… ; Hoggarth/Saporta, Financial Stability Review, June 2001, 148, 149; Thiel (1995) 23; Aglietta (2000) 33, 60; Hüpkes …” „… , Financial Stability Review, November 1999, 151, 159, 163; Rochet/Tirole, Journal of Money, Credit, and …”

Besonderheiten von Finanzmärkten S. 60-63

„… , Financial Stability Review, December 2000, 93; Thiel (1995) 4 ff; Freixas/Giannini/ Hoggarth/Soussa …” „… , Financial Stability Review, November 1999, 151, 152; de Bandt/Hartmann (2000) 13; Wirtschafts- und …” „… Bandt/Hartmann (2000) 13; Thiel (1995) 4; Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November …”

Dokumentenverzeichnis S. 339-340

„… Act (CON/2002/27) 2002b Europäische Zentralbank, EU banking sector stability, Februar 2003a …” „… Europäische Zentralbank, EU banking sector stability, November 2003b Europäisches Parlament (EP), Bericht …” „… , Konvergenzbericht 1998 Group of Ten (G10), Consolidation in the Financial Sector, January 2001 Group of Twenty (G20 …”

Intervention Privater S. 53-57

„… (1997) 254. 125 Hoggarth/Soussa (2001) 185. 126 Logan, Financial Stability Review, December 2000, 134 …” „… ; Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999, 151, 162; seit Unterzeichnung des Memorandums of …” „… (2001) 185; Memorandum of Understanding between HM Treasury, the Bank of England and the Financial …”

Marktversagen S. 81-84

„… stability of the monetary-financial system is not looked after by a public body, it will be inadequately …” „… confidence-worthy and confidence-inspiring monetary financial system is a public good. Exactly like the standard …” „… who contribute to it and those who do not. The advantages of a well-functioning monetary-financial …”

Rechtfertigungsansätze außerhalb der Theorie des Marktversagens S. 104-105

„… Money, Credit, and Banking 1996, 763, 765. 390 Freixas/Giannini/Hoggarth/Soussa, Financial Stability …” „… . Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999, 151, 158 mwN. 392 Rochet/Tirole, Journal of Money …”

Handlungsoptionen bei Bankenkrisen S. 42-48

„… (2001) 184 f. 67 Santomero/Hoffman (1999) 238, 244 ff; Hoggarth/Reidhill, Financial Stability Review …” „… . Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999, 151 ff; zur Literatur für LOLR-Interventionen …”

Intervention der Zentralbank als LOLR S. 48-53

„… Hoggarth/Soussa (2001) 185. 126 Logan, Financial Stability Review, December 2000, 134; Hoggarth/Soussa (2001) 182 …” „… England and the Financial Services Authority, veröffentlicht siehe: http://www.bankofengland.co.uk, Rn. 2 …” „… Understanding between HM Treasury, the Bank of England and the Financial Services Authority; veröffentlicht …”

Die Theorie des Marktversagens S. 79-81

„… Fritsch/Wein/Ewers (2001) 90 f; 360 ff; Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999 …”

Bankenkrisen in Europa S. 23-26

„… Bankensektor 6 Hoggarth/Soussa (2001) 166, 173; Hoggarth/Reidhill, Financial Stability Review, December 2003 …”

Primärrechtlich eröffneter Gestaltungsspielraum S. 123-172

„… Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999, 151, 157; Hoggarth/Soussa (2001) 166, 171; Schoenmaker …” „… (2000) 215, 220; Papaschinopoulou (2002) 220. 586 Freixas/Giannini/Hoggarth/Soussa, Financial Stability …” „… Freixas/Giannini/Hoggarth/Soussa, Financial Stability Review, November 1999, 151, 157; Hoggarth/Soussa (2001) 166, 171 …”

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