Journal of financial transformation最新文献

The Volcker Rule as Structural Law: Implications for Cost-Benefit Analysis and Administrative Law 作为结构性法律的沃尔克规则:对成本效益分析和行政法的启示

Journal of financial transformation Pub Date : 2015-08-03 DOI: 10.2139/SSRN.2639332

John C. Coates

{"title":"The Volcker Rule as Structural Law: Implications for Cost-Benefit Analysis and Administrative Law","authors":"John C. Coates","doi":"10.2139/SSRN.2639332","DOIUrl":"https://doi.org/10.2139/SSRN.2639332","url":null,"abstract":"The Volcker rule, a key part of Congress’s response to the financial crisis, is best understood as a “structural law,” a traditional Anglo-American technique for governance of hybrid public-private institutions such as banks and central banks. The tradition extends much farther back in time than the Glass-Steagall Act, to which the Volcker Rule has been unfavorably (but unfairly) compared. The goals of the Volcker Rule are complex and ambitious, and not limited to reducing risk directly, but include reshaping banks’ organizational cultures. Another body of structural laws, part of the core of administrative law, attempts to restrain and discipline regulatory agencies, through process requirements such as cost-benefit analysis (CBA). Could the Volcker rule be the subject of reliable, precise, quantified CBA? Given the nature of the Volcker rule as structural law, its ambitions, and the current capacities of CBA, the answer is clearly “no,” as it would require regulators to anticipate, in advance of data, private market behavior in response to novel activity constraints. If administrative law is to improve regulatory implementation of structural laws such as the Volcker Rule, better fitting and more nuanced tools than CBA are needed.","PeriodicalId":205947,"journal":{"name":"Journal of financial transformation","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131258837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Emerging Markets - Is Today the Best Predictor of Tomorrow? 新兴市场——今天是明天的最佳预测器吗?

Journal of financial transformation Pub Date : 2008-05-30 DOI: 10.2139/SSRN.1139119

A. Zalewska

引用次数: 2

Comment, Regulation and Investors' Trust in the Securities Markets 评论、监管与投资者对证券市场的信任

Journal of financial transformation Pub Date : 2002-09-23 DOI: 10.2139/SSRN.333340

Tamar Frankel

引用次数: 9

Corporate restructuring in Japan 日本的企业重组

Journal of financial transformation Pub Date : 2001-12-01 DOI: 10.5089/9781451874402.001.A001

Jorge A. Chan-Lau

引用次数: 7

Projecting the economic impact of the Internet 预测互联网的经济影响

Journal of financial transformation Pub Date : 2001-05-01 DOI: 10.1257/aer.91.2.313

Robert E. Litan, A. Rivlin

引用次数: 269

Does capital mobility promote economic growth? The link to education 资本流动促进经济增长吗?与教育的联系

Journal of financial transformation Pub Date : 1900-01-01 DOI: 10.5167/UZH-2470

H. Egger, P. Egger, V. Grossmann

引用次数: 2

Lessons from the dark side of information use: The impact on people, values, and company performance 信息使用黑暗面的教训:对人、价值观和公司绩效的影响

Journal of financial transformation Pub Date : 1900-01-01 DOI: 10.1057/9780230305335_47

D. Marchand

引用次数: 2

The Reliability of Quarterly National Accounts in Seven Major Countries: A User's Perspective 七个主要国家季度国民经济核算的可靠性:用户视角

Journal of financial transformation Pub Date : 1900-01-01 DOI: 10.3233/JEM-1997-23401

Robert C. York, P. Atkinson

{"title":"The Reliability of Quarterly National Accounts in Seven Major Countries: A User's Perspective","authors":"Robert C. York, P. Atkinson","doi":"10.3233/JEM-1997-23401","DOIUrl":"https://doi.org/10.3233/JEM-1997-23401","url":null,"abstract":"National accounts data provide the most comprehensive overview available of developments in national economies. They are of great interest to a wide range of users of economic information. These users, which include governments formulating budgetary policies, central banks making monetary policy decisions, businesses considering investment decisions, and financial institutions making judgments concerning portfolio allocation have needs which may differ in various respects. However, since their interest generally stems from the likelihood that they will make better decisions if they are well informed about economic developments, they all have a strong interest in the accuracy of national accounts statistics. This paper examines the reliability of preliminary quarterly national accounts statistics. In particular, it considers the longer-term behavior of the provisional estimates to GDP growth and its main expenditure components through an examination of the revisions to those estimates. It covers the seven largest OECD countries and, as such, updates and extends upon previous OECD analysis on the topic. Overall, the results are broadly similar to the earlier work; that preliminary estimates for output growth have not been statistically biased, although the average size of revisions has been large but smaller than those exhibited by the demand components of GDP.","PeriodicalId":205947,"journal":{"name":"Journal of financial transformation","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116960821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 22

The IFC's New Africa, Latin America, and Caribbean Fund: Its Worrisome Start, and How to Fix it 国际金融公司的新非洲、拉丁美洲和加勒比基金:令人担忧的开端，以及如何解决它

Journal of financial transformation Pub Date : 1900-01-01 DOI: 10.2139/SSRN.1839725

P. Keenan, Christiana Ochoa

{"title":"The IFC's New Africa, Latin America, and Caribbean Fund: Its Worrisome Start, and How to Fix it","authors":"P. Keenan, Christiana Ochoa","doi":"10.2139/SSRN.1839725","DOIUrl":"https://doi.org/10.2139/SSRN.1839725","url":null,"abstract":"In April 2010 the International Finance Corporation announced the creation of the African, Latin American, and Caribbean fund, a new co-investment vehicle funded largely with commitments from sovereign wealth and pension funds. The fund's objective was to draw on the IFC and the World Bank's strengths in emerging markets to identify and support enterprises that might not otherwise have come to the attention of large investors and thereby help strengthen the private sector and alleviate poverty in some of the world's poorest countries. Unfortunately the fund has, so far, proven a disappointment. It has invested only in large corporations that were already well known to investors. The fund should return to the principles that seemed to motivate its creation: direct engagement with private enterprises, rather than politically-connected financial intermediaries; leveraging the World Bank's superior knowledge and understanding of emerging markets, rather than investing in corporations listed in London or Frankfurt; and providing capital to small- and medium-sized enterprises that would otherwise not have the support needed to grow and compete nationally or globally.","PeriodicalId":205947,"journal":{"name":"Journal of financial transformation","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126284252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0