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Too big to fail: the transatlantic debate

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  • Nicolas Véron
  • Morris Goldstein

Abstract

Although the United States and the European Union were bothseriously impacted by the financial crisis of 2007, the resulting policy debates and regulatory responses have differed considerably on the two sides of the Atlantic. This paper by Nicolas Véron and Morris Goldstein examines the debates on the problem posed by "too big to fail" financial institutions. The authors then turn to possible remedies and how they may be differentially implemented in America and Europe. They conclude on the policy developments that are likely in the near future.

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Bibliographic Info

Paper provided by Bruegel in its series Working Papers with number 495.

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Date of creation: Feb 2011
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Handle: RePEc:bre:wpaper:495

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  1. Zoltan Pozsar & Tobias Adrian & Adam Ashcraft & Hayley Boesky, 2010. "Shadow banking," Staff Reports 458, Federal Reserve Bank of New York.
  2. James B. Thomson, 2009. "On systemically important financial institutions and progressive systemic mitigation," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Aug.
  3. David C. Wheelock & Paul Wilson, 2009. "Are U.S. banks too large?," Working Papers 2009-054, Federal Reserve Bank of St. Louis.
  4. Luc Laeven & Ross Levine, 2005. "Is There a Diversification Discount in Financial Conglomerates?," NBER Working Papers 11499, National Bureau of Economic Research, Inc.
  5. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 393-414, July.
  6. Wim Fonteyne, 2007. "Cooperative Banks in Europe," IMF Working Papers 07/159, International Monetary Fund.
  7. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  8. Focarelli, Dario & Pozzolo, Alberto Franco, 2001. "The patterns of cross-border bank mergers and shareholdings in OECD countries," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2305-2337, December.
  9. Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2003. "Bank Concentration and Crises," NBER Working Papers 9921, National Bureau of Economic Research, Inc.
  10. Amel, Dean & Barnes, Colleen & Panetta, Fabio & Salleo, Carmelo, 2004. "Consolidation and efficiency in the financial sector: A review of the international evidence," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2493-2519, October.
  11. Morris Goldstein, 2010. "Confronting Asset Bubbles, Too Big to Fail, and Beggar-thy-Neighbor Exchange Rate Policies," Policy Briefs PB10-3, Peterson Institute for International Economics.
  12. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
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Cited by:
  1. Zlatuse Komarkova & Vaclav Hausenblas & Jan Frait, 2012. "How To Identify Systemically Important Financial Institutions," Occasional Publications - Chapters in Edited Volumes, in: CNB Financial Stability Report 2011/2012, chapter 0, pages 100-111 Czech National Bank, Research Department.
  2. Demirguc-Kunt, Asli & Huizinga, Harry, 2011. "Do we need big banks? Evidence on performance, strategy and market discipline," CEPR Discussion Papers 8276, C.E.P.R. Discussion Papers.
  3. Ceyla Pazarbasioglu & Luc Laeven & Oana M. Nedelescu & Stijn Claessens & Fabian Valencia & Marc Dobler & Katharine Seal, 2011. "Crisis Management and Resolution," IMF Staff Discussion Notes 11/05, International Monetary Fund.

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