Journal of Financial Regulation最新文献_第2页

Data Access Technologies and the ‘New Governance’ Techniques of Financial Regulation 数据访问技术和金融监管的“新治理”技术

Journal of Financial Regulation Pub Date : 2023-09-01 DOI: 10.1093/jfr/fjad008

David McNulty, Andrea Miglionico, Alistair Milne

引用次数: 0

The Systemic Risk Council in Denmark: Assessing Strengths and Weaknesses 丹麦系统风险委员会：评估优势和劣势

IF 2.6

Journal of Financial Regulation Pub Date : 2023-06-06 DOI: 10.1093/jfr/fjad006

S. Jensen, Thomas Sangill

引用次数: 0

Artificial Intelligence Authoring Financial Recommendations: Comparative Australian Evidence 人工智能撰写财务建议:比较澳大利亚证据

IF 2.6

Journal of Financial Regulation Pub Date : 2023-05-15 DOI: 10.1093/jfr/fjad004

Benjamin R. Neilson

引用次数: 2

Correction to: Badges of Misconduct: Consumer Rules to Avoid Abusive Financial Advisers 更正:不当行为的徽章:避免滥用财务顾问的消费者规则

Journal of Financial Regulation Pub Date : 2023-04-04 DOI: 10.1093/jfr/fjad005

引用次数: 0

Central Banks and Climate Change: Mission Impossible? 央行与气候变化:不可能完成的任务?

Journal of Financial Regulation Pub Date : 2023-03-28 DOI: 10.1093/jfr/fjad003

Jay Cullen

{"title":"Central Banks and Climate Change: Mission Impossible?","authors":"Jay Cullen","doi":"10.1093/jfr/fjad003","DOIUrl":"https://doi.org/10.1093/jfr/fjad003","url":null,"abstract":"ABSTRACT There is growing presumption that central banks have a significant role to play in addressing environmental challenges, especially climate change. This article explains, on the basis of both theoretical and empirical evidence, that attempting to use existing central bank tools and powers to tackle climate change will prove inadequate to tackle the issue(s) at hand. From a positivist perspective at least—and contrary to the claims made in the literature—the tools that central banks possess are insufficient to make any meaningful contribution to emissions reductions and prevent global heating. This is because many of the proposals made by academics, regulators, and legislators to expand the central bank toolkit to equip banks to tackle climate change suffer from deep conceptual and practical drawbacks when applied in this domain. These critical weaknesses mean that the policy prescriptions that flow from them will be of limited impact; this would likely be the case even if central banks were to obviate their mandates more explicitly and attempt to use such tools to address climate change directly. In so doing, they waste valuable political and economic capital that might be usefully deployed in tackling climate change. The obstacles to using these tools are not political or legal; they are inherent in their operation.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"589 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135628901","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

Federal Home Loan Banks and Financial Stability 联邦住房贷款银行和金融稳定

Journal of Financial Regulation Pub Date : 2023-03-16 DOI: 10.1093/jfr/fjad002

Stefan Gissler, Borghan Narajabad, Daniel K Tarullo

{"title":"Federal Home Loan Banks and Financial Stability","authors":"Stefan Gissler, Borghan Narajabad, Daniel K Tarullo","doi":"10.1093/jfr/fjad002","DOIUrl":"https://doi.org/10.1093/jfr/fjad002","url":null,"abstract":"Abstract The Federal Home Loan Banks (FHLBs) are the less well-known siblings of Fannie Mae and Freddie Mac. Since these government-sponsored enterprises were created in 1932, changes in housing finance markets have rendered largely irrelevant their original purpose of increasing the availability of mortgages. Yet the level and scope of their activities have increased dramatically in recent decades. These activities have at times both exacerbated risks to financial stability and obstructed the missions of federal financial regulators. Behind these undesirable outcomes lies the public/private hybrid nature of the FHLBs. The private ownership and control of the FHLBs provide an incentive to take advantage of the considerable public privileges from which they benefit—including an explicit line of credit from the United States Government and an implied guarantee of all their debt similar to that enjoyed by Fannie Mae and Freddie Mac before the Global Financial Crisis. This article examines past incidence and future potential for the FHLBs to amplify financial stability risks. It offers a framework for regulatory reform by the Federal Housing Finance Agency to contain these risks and avoid harmful interference with the activities of other federal regulators.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134964737","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

International Competitiveness and Financial Regulators’ Mandates: Coming Around Again in the UK 国际竞争力和金融监管机构的任务:在英国再次出现

Journal of Financial Regulation Pub Date : 2023-03-07 DOI: 10.1093/jfr/fjad001

Eilís Ferran

{"title":"International Competitiveness and Financial Regulators’ Mandates: Coming Around Again in the UK","authors":"Eilís Ferran","doi":"10.1093/jfr/fjad001","DOIUrl":"https://doi.org/10.1093/jfr/fjad001","url":null,"abstract":"Abstract Using post-Brexit regulatory freedom to strengthen the financial sector has been seen as a priority for the UK government under the Conservative Party following the 2017 general election. The laying before Parliament of the Financial Services and Markets Bill (July 2022) marked the start of a multi-year process aiming to transform the regulatory framework. Adding a competitiveness and growth secondary objective to regulatory mandates was an important part of the reform agenda set out in the Bill. This article draws on theory (regulatory competition, regulatory procyclicality, and regulatory design) and recent history (post 2008-crisis regulatory reform) to question the wisdom of reinstating international competitiveness in regulatory mandates in this way. The key concern is that this change risks opening the door to an excessively deregulatory agenda and the undermining of regulatory independence. That the new competitiveness and growth objective will be used to advance deregulatory agenda was already becoming evident during 2022 as the UK debated the adaptation and evolution of EU-derived prudential and capital market laws to suit its new situation. Since the competitiveness and growth objective bandwagon may have become unstoppable, the article directs attention to the role of accountability in protecting regulatory independence. Regulators need to be able to resist pressure to lower standards unduly, and an effective system of accountability can support them in doing so.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136275123","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

Badges of Misconduct: Consumer Rules to Avoid Abusive Financial Advisers 不当行为的徽章:避免滥用财务顾问的消费者规则

IF 2.6

Journal of Financial Regulation Pub Date : 2023-02-18 DOI: 10.1093/jfr/fjac012

Jeffrey Camarda, S. Lee, Piet de Jong, Jerusha Lee

引用次数: 0

A Theoretical Framework for Law and Macro-Finance 法律与宏观金融的理论框架

IF 2.6

Journal of Financial Regulation Pub Date : 2022-09-09 DOI: 10.1093/jfr/fjac011

M Konrad Borowicz

{"title":"A Theoretical Framework for Law and Macro-Finance","authors":"M Konrad Borowicz","doi":"10.1093/jfr/fjac011","DOIUrl":"https://doi.org/10.1093/jfr/fjac011","url":null,"abstract":"This article considers the effects of legal protections of creditors within the macro-financial theory of leverage cycles developed by John Geanakoplos. The theory posits that leverage is procyclical. I propose a theoretical framework, ‘Law and Macro-Finance’, comprising two main clams: (1) the strength of legal protections of creditors has an impact on the quantum of debt creditors are willing to underwrite not just the interest rate on that debt and (2) that quantum varies across the cycle in a procyclical fashion. In a boom, when asset prices are higher, leverage decreases, creating incentives for creditors to underwrite additional leverage secured on those assets without increasing the interest rate. The stronger the legal protections of creditors, the stronger the incentives to underwrite additional leverage based solely on the increasing value of the collateral. By creating such incentives, strong legal protections of creditors, associated with claims designated in the law as ‘bankruptcy remote’, will accelerate the boom and increase the vulnerability of the economy to shocks. On the normative side, this article proposes a countercyclical design of strong legal protections of creditors. The design makes the availability of such protections, typically achieved by reliance on the legal doctrine of ‘true sales’, conditioned on the adequacy of the price paid in the transaction. The adequacy, in turn, is determined in reference to the applicable schedule of collateral haircuts determined by the central bank.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"215 ","pages":""},"PeriodicalIF":2.6,"publicationDate":"2022-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505818","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

Walking a Tightrope: Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy 走钢丝:金融监管、气候变化和向低碳经济转型

IF 2.6

Journal of Financial Regulation Pub Date : 2022-08-24 DOI: 10.1093/jfr/fjac010

Dimitri G. Demekas, P. Grippa

引用次数: 2