Suchergebnisse

AbstractWe analyze the impact of interest rate policy on financial stability in an environment where banks can experience runs on their short‐term liabilities forcing them to sell assets at fire‐sale prices. Price adjustment frictions and a state‐dependent risk of financial crisis create the possibility of a policy tradeoff between price stability and financial stability. Focusing on Taylor rules with monetary policy possibly reacting to banks' short‐term liabilities, we find that the optimized policy uses the extra tool to support investment at the expense of higher inflation and output volatility.

In the current interdependent global economic system, measures adopted nationally by governments to safeguard financial stability sometimes produce cross-border spillovers. A question arises as to how international economic law shall treat states' regulatory powers to tackle internal and external economic and financial threats. The goal of the research is to analyze (i) how international law distributes between different international subjects the social costs of global instability in the event of emergencies, and (ii) how regulatory powers are attributed in a situation of economic and financial interdependence. To do so, this essay sets out a law and economics theory that conceptualizes financial stability in international law as the result of a trade-off between three competing regulatory objectives: domestic stability, global stability, and financial integration. The way in which the interplay between these objectives is represented in law crucially influences the balance of rights and obligations in the formulation of national economic and financial policies, and the level of protection against economic threats. This essay argues that current international law is largely inefficient because it structures the protection of financial stability as a matter of the individual rights of each state, rather than a social problem of the international community.

This book approaches macroprudential oversight from the viewpoint of three tasks. The focus concerns a tight integration of means for risk communication into analytical tools for risk identification and risk assessment. Generally, this book explores approaches for representing complex data concerning financial entities on low-dimensional displays. Data and dimension reduction methods, and their combinations, hold promise for representing multivariate data structures in easily understandable formats. Accordingly, this book creates a Self-Organizing Financial Stability Map (SOFSM), and lays out a general framework for mapping the state of financial stability. Beyond external risk communication, the aim of the visual means is to support disciplined and structured judgmental analysis based upon policymakers' experience and domain intelligence.

The author takes a look at political and economic systems in Saudi Arabia, factors contributing to its political stability, security threats to this country, the role of the Shia in Saudi Arabia, Iraq's invasion of Kuwait and potential Iraqi threat to Saudi Arabia, Saudi foreign policy perceptions, the rise of revolutionary Islamic fundamentalism and the Saudi response to it etc. (DÜI-Sen)