By Peter Sinclair
An summary of cutting-edge concept at the very topical topic of monetary balance and important banking. The papers, written by means of top researchers, supply a hugely trained account of up to date coverage matters and discover the felony, regulatory, managerial and financial matters that impact principal banks.
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Additional resources for Financial Stability and Central Banks: A global perspective
There are costs and risks associated with the transition from one regime to another. If a new institution, with Financial stability and central banks 17 some inexperienced personnel, is entrusted with financial stability issues, it may be tempted to rely heavily on the rule-book. 13 In the absence of compelling reasons to the contrary, a country may do better to refine its existing arrangements than to import an alien model to which its particular circumstances are ill-suited. So wherever the firefighters work, alongside the bakers or elsewhere, rehousing them may well not prove advantageous.
An ‘intermediate’ model includes the core functions plus some role in crisis resolution, but excludes 26 Juliette Healey supervision and regulation of individual financial institutions (a number of the industrial countries and Latin American countries). At the other end of the spectrum, the ‘broad’ model central bank includes the core functions plus various safety net/crisis resolution functions as well as some role, if not the sole responsibility, for the regulation and supervision of banks and some non-bank financial institutions.
He commends the proposed adoption of explicit market value accounting as a solution to the problem of forbearance towards suspect loans, but queries popular reasons for opposing an expansion of banks’ capital on the ground that it is unclear why equity should be much more expensive than debt. 11 The ‘broad model’ described by Healey in Chapter 2. 12 Omission of covariances across different risky assets is one of the unfortunate features of the Basel Accord rules as they stand at present; this is one of several reasons why those monitoring financial stability need to do much more than merely check whether these rules are obeyed.