Basel and the wider financial stability agenda
Remarks at the 2010 Institute of International Finance Annual Membership Meeting, Washington, D.C.
Remarks on early intervention and resolution
Transatlantic Corporate Governance Dialogue, Brussels, Belgium.
More lessons from the crisis
Remarks at the Center for Economic Policy Studies (CEPS) Symposium, Princeton, New Jersey.
Solving the too big to fail problem
Remarks at the Clearing House's Second Annual Business Meeting and Conference, New York City.
BASEL III: long-term impact on economic performance and fluctuations
We assess the long-term economic impact of the new regulatory standards (the Basel III reform), answering the following questions: 1) What is the impact of the reform on long-term economic performance? 2) What is the impact of the reform on economic fluctuations? 3) What is the impact of the adoption of countercyclical capital buffers on economic fluctuations? The main results are the following: 1) Each percentage point increase in the capital ratio causes a median 0.09 percent decline in the level of steady-state output, relative to the baseline. The impact of the new liquidity regulation is ...
Still more lessons from the crisis
Remarks at the Foreign Policy Association Corporate Dinner, New York City
Basel Accord and financial intermediation: the impact of policy
This paper studies loan activity in a context where banks must follow Basel Accord-type rules and acquire financing from households. Loan activity typically decreases when entrepreneurs? investment returns decline, and we study which type of policy could revigorate an economy in a trough. We find that active monetary policy increases loan volume even when the economy is in good shape; introducing active capital requirement policy can be effective as well if it implies tightening of regulation in bad times. This is performed with an heterogeneous agent economy with occupational choice, ...
Basel II: a contracting perspective
Basel II implementation in the United States