ERN: Econometric Studies of Government Regulation of Financial Markets (Topic)最新文献_第3页

Live and Let Die: Peeling Back on Municipal Bond Regulation after the 2008 Financial Crisis 生与死:2008年金融危机后市政债券监管的回顾

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-06-01 DOI: 10.7916/D8-SZS9-1Y75

Heita Miki

{"title":"Live and Let Die: Peeling Back on Municipal Bond Regulation after the 2008 Financial Crisis","authors":"Heita Miki","doi":"10.7916/D8-SZS9-1Y75","DOIUrl":"https://doi.org/10.7916/D8-SZS9-1Y75","url":null,"abstract":"Municipal bonds have traditionally been considered, rightly or wrongly, mundane assets that require little regulation. However, the most recent financial crisis did not leave municipal bonds untouched. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and liquidity requirements for banks, enacted in response to the 2008 financial crisis, have had far-reaching effects in the banking industry as well as the municipal bond market. While the registration requirements for municipal advisors have garnered much attention, other provisions may negatively impact the liquidity of the municipal bond market and raise the costs of raising capital for municipalities.This Note focuses on three provisions, all of which increase the cost of raising capital for municipalities without a meaningful improvement in the safety of the banking system: the Liquidity Coverage Ratio, the Volcker Rule, and the Risk Retention Rule. Secondarily, this Note makes mitigating suggestions. This Note concludes that the most liquid municipal bonds should qualify as eligible for high-quality liquid asset status, which would be consistent with international standards. Additionally, exemptions should be granted under the Volcker Rule and the risk retention provisions for tender option bonds.","PeriodicalId":266240,"journal":{"name":"ERN: Econometric Studies of Government Regulation of Financial Markets (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122332970","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

Анализ Мировой Практики Государственного Регулирования Деятельности в Сфере Азартных Игр и Практики Управления Игорными Зонами (Analysis of the Global Practice of State Regulation of Activities in the Field of Gambling and Gaming Zone Management Practices)

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-04-15 DOI: 10.2139/SSRN.2767341

O. Izryadnova

{"title":"Анализ Мировой Практики Государственного Регулирования Деятельности в Сфере Азартных Игр и Практики Управления Игорными Зонами (Analysis of the Global Practice of State Regulation of Activities in the Field of Gambling and Gaming Zone Management Practices)","authors":"O. Izryadnova","doi":"10.2139/SSRN.2767341","DOIUrl":"https://doi.org/10.2139/SSRN.2767341","url":null,"abstract":"Russian Abstract: В работе анализируются следующие проблемы: основные тенденции развития современного рынка азартных игр; общие и специфические особенности правового регулирования деятельности по организации и проведению азартных игр; основные принципы создания, управления и регулирования деятельности по организации и проведения азартных игр; механизм регулирования деятельности игорных зон.English Abstract: The paper examines the following issues: the basic tendencies of development of modern gambling market; general and specific features of the legal regulation of the organization and conduct of gambling; the basic principles of the creation, management and regulation of activities of the organization and conduct of gambling; mechanism of regulation of the activity of gambling zones.","PeriodicalId":266240,"journal":{"name":"ERN: Econometric Studies of Government Regulation of Financial Markets (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131162460","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: 1

High Frequency Trading and the 2008 Short Sale Ban 高频交易和2008年卖空禁令

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-03-30 DOI: 10.2139/ssrn.2509376

Jonathan Brogaard, T. Hendershott, Ryan Riordan

引用次数: 89

Proposed Rule 18f-4 on the Use of Derivative Instruments by Registered Investment Companies: Data and Economic Analysis 关于注册投资公司使用衍生工具的拟议规则18f-4:数据和经济分析

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-03-24 DOI: 10.2139/SSRN.2754153

James A. Overdahl

引用次数: 0

Housing, Housing Policy, and Housing Finance: Time for a Re-Assessment 住房、住房政策和住房金融:重新评估的时机

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-02-29 DOI: 10.2139/SSRN.2749633

L. White

引用次数: 1

The Federal Reserve's Financial Crisis Response A: Lending & Credit Programs for Depository Institutions 美联储的金融危机应对A:存款机构的贷款和信贷计划

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-02-01 DOI: 10.2139/SSRN.2723526

Rosalind Z. Wiggins, Andrew Metrick

{"title":"The Federal Reserve's Financial Crisis Response A: Lending & Credit Programs for Depository Institutions","authors":"Rosalind Z. Wiggins, Andrew Metrick","doi":"10.2139/SSRN.2723526","DOIUrl":"https://doi.org/10.2139/SSRN.2723526","url":null,"abstract":"Beginning in the summer 2007 the Federal Reserve (the Fed) was called upon to address a severe disruption in the interbank lending markets sparked by a downturn in the subprime mortgage market. As these developments began to impact the ability of banks to raise adequate funding, the Fed encouraged them to utilize the Discount Window (DW), its standing facility for lending to depository institutions, and repeatedly decreased the lending rate to make the facility more accessible. Despite the Fed’s efforts, for a number of reasons, including historical perceptions of stigma, banks were reluctant to utilize the DW. In December 2007, the Federal Reserve introduced the Term Auction Facility (TAF), which provided term loans via auction utilizing the same collateral that could have been used at the DW. The TAF was immediately and aggressively utilized and would become one of the largest facilities employed by the Fed to combat the financial crisis. Ultimately, the Fed lent a total of $3.8 trillion to 416 banks under the TAF. This case examines the Fed’s use of the DW and the TAF to provide liquidity to depository institutions in fighting the financial crisis.","PeriodicalId":266240,"journal":{"name":"ERN: Econometric Studies of Government Regulation of Financial Markets (Topic)","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124139212","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: 2

U.S. Experience with Futures Transactions Taxes: Effects in a Highly Intermediated Market 美国期货交易税的经验:对高度中介市场的影响

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-01-27 DOI: 10.2139/ssrn.2723602

Scott Mixon

引用次数: 0

Enhanced Equity-Credit Modeling for Contingent Convertibles 或有可转债的改进股权信用模型

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2016-01-01 DOI: 10.2139/ssrn.2664518

T. Chung, Y. Kwok

引用次数: 7

The Global Settlement, All-Star Analyst Departures and Their Impact on the Capital Markets 全球结算、全明星分析师离职及其对资本市场的影响

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2015-11-02 DOI: 10.2139/ssrn.2690492

Xin Wu Mahaney-Walter

引用次数: 3

Bank Leverage Ratios and Financial Stability: A Micro- and Macroprudential Perspective 银行杠杆率与金融稳定:微观与宏观审慎的视角

ERN: Econometric Studies of Government Regulation of Financial Markets (Topic) Pub Date : 2015-10-28 DOI: 10.2139/ssrn.2682675

E. Avgouleas

{"title":"Bank Leverage Ratios and Financial Stability: A Micro- and Macroprudential Perspective","authors":"E. Avgouleas","doi":"10.2139/ssrn.2682675","DOIUrl":"https://doi.org/10.2139/ssrn.2682675","url":null,"abstract":"Bank leverage ratios have made an impressive and largely unopposed return; they are mostly used alongside risk-weighted capital requirements. The reasons for this return are manifold, and they are not limited to the fact that bank equity levels in the wake of the global financial crisis (GFC) were exceptionally thin, necessitating a string of costly bailouts. A number of other factors have been equally important; these include, among others, the world's revulsion with debt following the GFC and the eurozone crisis, and the universal acceptance of Hyman Minsky's insights into the nature of the financial system and its role in the real economy. The best examples of the causal link between excessive debt, asset bubbles, and financial instability are the Spanish and Irish banking crises, which resulted from nothing more sophisticated than straightforward real estate loans. Bank leverage ratios are primarily seen as a microprudential measure that intends to increase bank resilience. Yet in today's environment of excessive liquidity due to very low interest rates and quantitative easing, bank leverage ratios should also be viewed as a key part of the macroprudential framework. In this context, this paper discusses the role of leverage ratios as both microprudential and macroprudential measures. As such, it explains the role of the leverage cycle in causing financial instability and sheds light on the impact of leverage restraints on good bank governance and allocative efficiency.","PeriodicalId":266240,"journal":{"name":"ERN: Econometric Studies of Government Regulation of Financial Markets (Topic)","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126169916","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: 31