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Financial Institutions in Bankruptcy
In this Article, I argue that there are significant gaps in the federal system for resolving financial distress in a financial firm even after passage of the Dodd-Frank bill. These gaps represent potential sources of systemic risk—that is, risk to the financial system as a whole. They must be fixed. But I should make clear at the outset that I do not argue that these gaps must be filled with the Bankruptcy Code. Rather, the point is that the various systems for resolving financial distress among financial firms must be integrated so that the result of financial distress is clear and predictable. Integrating all under the Bankruptcy Code is an option, but not the only way to achieve such clarity. The first Part of this Article sketches the several existing systems for resolving financial distress in financial firms, including the new resolution authority created by the Dodd-Frank Act. By my count, there are at least six systems at work here, not counting state-by-state variations. Part II examines the coverage of these systems and the uncertainty created by the interaction of the same. For example, under current law, a large hedge fund might be "resolved" under chapter 11 of the Bankruptcy Code, or it might not be. The decision rests with the systemic risk counsel. Therefore, the fund's counterparties will be unable to determine ahead of time which set of rules is incorporated into their contracts with the hedge fund. Undoubtedly, both will be priced with a further discount for the uncertainty. That is unlikely to be the optimal solution. Part III of the Article then considers the ways in which the divide between finance and bankruptcy could be narrowed, if not eliminated. Ultimately, I doubt the plausibility of solving these issues with some grand solution like drafting a unified bankruptcy law. The political realities involved in getting a major piece of legislation through Congress are so daunting nowadays that it is something of a wonder that even Dodd-Frank, with all its limitations, passed. A unified system ...
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Stocks of Financial Institutions
In: The annals of the American Academy of Political and Social Science, Band 35, Heft 3, S. 197-206
ISSN: 1552-3349
International financial institutions
In: The Politics of International Law, S. 217-237
The Classification of Financial Institutions
In: Journal of political economy, Band 30, Heft 1, S. 119-123
ISSN: 1537-534X
DYNAMIC FINANCIAL INSTITUTIONS: AN ANALYSIS
Recession is one of the challenges to financial institutions. Economic growth is the causality and many firms disappear. Capital is lost and management skills are questioned. Efforts are always visible to the wisdom of management but how these efforts turn to be futile it is mystery. Man is competent each time from failure but the economy struggles always. Many governments disappear and there is political instability. There are several management and political decisions which are contributing to institutional failures. Reasons are many including natural calamities. It directly affects financial institutions. Financial institutions should survive or perish. Mechanism has to be reinvented suitably.
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Measuring the Interconnectedness of Financial Institutions
In: Economic Systems, Band 37, Heft 1
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Trust in Financial Institutions: A Survey
In: De Nederlandsche Bank Working Paper No. 693
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Working paper
Financial Institutions, Financial Contagion, and Financial Crises
In: IMF Working Paper, S. 1-33
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Better Governance of Financial Institutions
In: "Corporate Governance of Banks and Other Financial Institutions After the Financial Crisis", Journal of Corporate Law Studies 13 Part 2 (2013) 219-253 (Part B)
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International Financial Institutions and Financial Accountability
In: Ethics & international affairs, Band 18, Heft 2, S. 61-77
ISSN: 1747-7093
While useful proposals to reform International Financial Institutions (IFIs) have been widely discussed, the lack of meaningful financial accountability has received little attention. Considering the substantial damage done by IFIs, this is surprising both from an ethical and an economist's point of view. In a market economy anyone must face the economic consequences of their actions and decisions. If consultants give advice negligently or without obeying minimal professional standards, they have to pay compensation for the damage they have caused. National liability and tort laws serve the purpose of compensating those suffering unlawful damages and of deterring such behavior. By contrast, tortious damage caused by IFIs must be paid by IFIs' borrowers, including many of the world's poorest people. IFIs may even gain financially from their own negligence by extending new loans necessary to repair damages done by their prior loans. One failed adjustment program calls for the next. This mechanism makes IFI-flops generate IFI-jobs and additional income. This perverted incentive system rewarding errors, negligence, and even violations of the very constitutions of IFIs is absolutely at odds with the principles on which Western market economies rest. It must be brought to an end. This essay presents the idea of financial accountability, showing how easily reforms making IFIs financially accountable could be implemented. Moreover, embracing financial accountability would bring IFI operations closer to the intentions of their founders, who wanted IFIs subject to the basic legal and economic concepts of financial accountability not exempt from it. The market mechanism and its beneficial incentive system must finally be brought to IFIs.
Alternative Financial Institutions in China
In: Forthcoming in the Research Handbook of Alternative Finance
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Transparency in International Financial Institutions
In: A. Bianchi/ A. Peters (Eds.), Transparency in International Law (Cambridge University Press, 2013), pages 77-111.
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Risk Management in Financial Institutions
In: CEPR Discussion Paper No. DP13787
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Working paper
New issues in financial institutions management
In: Palgrave Macmillan studies in banking and financial institutions
New Issues in Financial Institutions Management presents a contemporary insight into key trends impacting on global financial institutions post crisis and highlights areas of major policy and academic interest. The book is divided into four topical themes that span: management, innovation and technology in banking; efficiency and productivity; consolidation; and corporate governance issues. It aims to highlight the key issues being faced by the financial sector today and is drawn from the European Association of University Teachers of Banking and Finance Conference (otherwise known as the Wolpertinger Conference) held at the University of Rome III, Italy in September 2009.