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Prudential Discipline for Financial Firms: Micro, Macro, and Market Structures

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  • Larry D. Wall

Abstract

The recent global financial crisis reflects numerous breakdowns in the prudential discipline of financial firms. This paper discusses ways to strengthen micro- and macroprudential supervision and restore credible market discipline. The discussion notes that microprudential supervisors are typically assigned a variety of goals that sometimes have conflicting policy implications. In such a setting, the structure of the regulatory agencies and the priority given to prudential goals are critical to achieving those goals. [ADBI Working Paper 176]

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:3040.

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Date of creation: Oct 2010
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Handle: RePEc:ess:wpaper:id:3040

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Keywords: global financial crisis; prudential; discipline; financial firms; policy; achieving; goals;

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  1. Gillian G.H. Garcia, 2009. "Ignoring the lessons for effective prudential supervision, failed bank resolution and depositor protection," Journal of Financial Regulation and Compliance, Emerald Group Publishing, Emerald Group Publishing, vol. 17(3), pages 186-209, July.
  2. Raghuram G. Rajan, 2009. "The credit crisis and cycle-proof regulation," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Sep, pages 397-402.
  3. Kristopher Gerardi & Andreas Lehnert & Shane M. Sherlund & Paul Willen, 2008. "Making Sense of the Subprime Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 69-159.
  4. Oliver Hart & Luigi Zingales, 2011. "A New Capital Regulation for Large Financial Institutions," American Law and Economics Review, Oxford University Press, Oxford University Press, vol. 13(2), pages 453-490.
  5. David G. Mayes & María J. Nieto & Larry Wall, 2008. "Multiple safety net regulators and agency problems in the EU: Is Prompt Corrective Action partly the solution?," Banco de Espa�a Working Papers, Banco de Espa�a 0819, Banco de Espa�a.
  6. Larry D. Wall, 1986. "Nonbank activities and risk," Economic Review, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Atlanta, issue Oct, pages 19-34.
  7. Kenneth Lehn, 1999. "Comments on “Financial Regulatory Structure and the Resolution of Conflicting Goals”," Journal of Financial Services Research, Springer, Springer, vol. 16(2), pages 247-248, December.
  8. Adam Ashcraft & Morten L. Bech & W. Scott Frame, 2010. "The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 42(4), pages 551-583, 06.
  9. Larry Wall & Robert Eisenbeis, 1999. "Financial Regulatory Structure and the Resolution of Conflicting Goals," Journal of Financial Services Research, Springer, Springer, vol. 16(2), pages 223-245, December.
  10. Gillian G.H. Garcia & Rosa M. Lastra & María J. Nieto, 2009. "Bankruptcy and reorganization procedures for cross-border banks in the EU: Towards an integrated approach to the reform of the EU safety net," Journal of Financial Regulation and Compliance, Emerald Group Publishing, Emerald Group Publishing, vol. 17(3), pages 240-276, July.
  11. Kane, Edward J, 1977. "Good Intentions and Unintended Evil: The Case against Selective Credit Allocation," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 9(1), pages 55-69, February.
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Cited by:
  1. Jérôme Coffinet & Adrian Pop & Muriel Tiesset, 2013. "Monitoring Financial Distress in a High-Stress Financial World: The Role of Option Prices as Bank Risk Metrics," Journal of Financial Services Research, Springer, Springer, vol. 44(3), pages 229-257, December.
  2. Siregar, Reza & Lim, Vincent C.S., 2011. "Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries," MPRA Paper, University Library of Munich, Germany 28417, University Library of Munich, Germany.
  3. Wall, Larry D., 2012. "Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area," ADBI Working Papers, Asian Development Bank Institute 379, Asian Development Bank Institute.
  4. Larry D. Wall, 2012. "Central banking for financial stability Some lessons from the recent instability in the US and euro area," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 247-280, August.
  5. Jérôme Coffinet & Adrian Pop & Muriel Tiesset, 2010. "Predicting Financial Distress in a High-Stress Financial World: The Role of Option Prices as Bank Risk Metrics," Working Papers, HAL hal-00547744, HAL.
  6. David G. Mayes, 2009. "Banking Crisis Resolution Policy - Lessons from Recent Experience - which elements are needed for robust and efficient crisis resolution?," CESifo Working Paper Series, CESifo Group Munich 2823, CESifo Group Munich.

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