Journal of Financial Regulation最新文献_第6页

When Governments Promise to Prioritize Public Debt: Do Markets Care? 当政府承诺优先处理公共债务时:市场会在意吗?

IF 2.6

Journal of Financial Regulation Pub Date : 2020-03-20 DOI: 10.1093/jfr/fjaa001

Mitu Gulati,Ugo Panizza,W Mark C Weidemaier,Gracie Willingham

引用次数: 0

Controlling the Long-Term Problem of Short-Term Funding 控制短期融资的长期问题

IF 2.6

Journal of Financial Regulation Pub Date : 2020-01-17 DOI: 10.1093/JFR/FJZ004

B. Johnson, H. Scott

引用次数: 0

Volume Limit: An Effective Response to the India Flash Crash? 成交量限制:对印度闪电崩盘的有效回应?

IF 2.6

Journal of Financial Regulation Pub Date : 2019-12-31 DOI: 10.1093/JFR/FJZ006

Viktoria Dalko, Michael H. Wang

引用次数: 0

The Disruption of the Prudential Regulatory Framework 审慎监管框架的瓦解

IF 2.6

Journal of Financial Regulation Pub Date : 2019-12-31 DOI: 10.1093/jfr/fjz009

P. Siciliani

{"title":"The Disruption of the Prudential Regulatory Framework","authors":"P. Siciliani","doi":"10.1093/jfr/fjz009","DOIUrl":"https://doi.org/10.1093/jfr/fjz009","url":null,"abstract":"\u0000 This article first explores how the prudential regulatory framework may be drastically changed as a result of the adoption of regtech and suptech innovations. The adoption of a shared data architecture, whereby the regulator is provided with seamless access to the accounts of regulated firms, may result in the development of a centralized approach to regulatory modelling, thus bypassing the existing partition between internal models and standardized approaches. Secondly, this article discusses how, thanks to the adoption of advanced predictive analytics, non-bank fintech lenders can gain insights into borrowers’ creditworthiness irrespective of banks’ control over traditional sources of information for credit scoring. This, though, may give rise to a new type of strategic gaming, this time by borrowers keen to maximize their chances of being granted a loan. In any case, preventing banks from adopting these new methods for the purpose of regulatory modelling might weaken their competitiveness. Thirdly, this article explores whether the transition to a centralized approach for credit risk management would conflate the distinction between microprudential and macroprudential interventions, in particular with respect to the countercyclical macroprudential policy. Finally, the article argues that non-bank (fintech) firms could be persuaded to coalesce behind endorsement of the new regulatory shared data platform in return for the support from the central bank. In this way, the regulatory perimeter could be extended in order to steer the adoption of financial innovations in a manner that benefits society overall.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjz009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45936464","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: 3

The EU’s Regulatory Commitment to a European Harmonized Pension Product (PEPP): The Portability of Pension Rights vis-à-vis the Free Movement of Capital 欧盟对欧洲统一养老金产品（PEPP）的监管承诺：养老金权利相对于资本自由流动的可移植性

IF 2.6

Journal of Financial Regulation Pub Date : 2019-12-31 DOI: 10.1093/JFR/FJZ005

Kyra Borg, Andrea Minto, H. V. Meerten

{"title":"The EU’s Regulatory Commitment to a European Harmonized Pension Product (PEPP): The Portability of Pension Rights vis-à-vis the Free Movement of Capital","authors":"Kyra Borg, Andrea Minto, H. V. Meerten","doi":"10.1093/JFR/FJZ005","DOIUrl":"https://doi.org/10.1093/JFR/FJZ005","url":null,"abstract":"\u0000 European demographic structure and age composition are currently in a state of flux—life expectancy has increased, fertility rates have dropped, and baby-boomers have reached retirement age. The implications of these changes, coupled with the fragmented market for personal pension products throughout the EU are vast and call for close scrutiny of the relationship between financial and pension markets.\u0000 This article examines the current regulatory efforts aimed at creating a Pan-European Personal Pension Product (PEPP). In doing so, it pursues two primary objectives: firstly, it seeks to explain the relevance of a European harmonized pension product to the overall concept of the single market; and secondly, it aims to explore the looming regulatory challenges stemming from the portability of social and pension rights. This is done by elaborating upon established law and economics scholarship on capital markets, including the Legal Theory of Finance developed by Katharina Pistor. By assessing the costs faced by prospective pensioners against the benefits of legislative harmonization (and other policy-related alternatives), from both a normative perspective as well as a positive one, this article attempts to make a case for an effective and sustainable governance response.\u0000 The article ultimately seeks to provide a well-balanced, albeit modern outlook to the regulatory endeavours that have more recently been made applicable to the EU personal pension market in virtue of the creation of the PEPP and the wide-ranging effects of such reforms on law, finance, and society.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJZ005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44101593","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

The Myth of Diversification: The Destabilizing Impact of Diversification on Financial Institutions 多元化的神话:多元化对金融机构的不稳定影响

IF 2.6

Journal of Financial Regulation Pub Date : 2019-09-01 DOI: 10.1093/jfr/fjz007

Kwon-Yong Jin

引用次数: 1

Inaction in Macro-prudential Supervision: Assessing the EU’s Response 宏观审慎监管的不作为:评估欧盟的反应

IF 2.6

Journal of Financial Regulation Pub Date : 2019-03-01 DOI: 10.1093/JFR/FJZ001

Pierre Schammo

{"title":"Inaction in Macro-prudential Supervision: Assessing the EU’s Response","authors":"Pierre Schammo","doi":"10.1093/JFR/FJZ001","DOIUrl":"https://doi.org/10.1093/JFR/FJZ001","url":null,"abstract":"\u0000 In the macro-prudential literature, ‘inaction bias’ describes the supposed tendency of macro-prudential actors to favour inaction over action when considering the use of macro-prudential tools. While inaction bias is a topic of much interest in macro-prudential policy circles, it has received scant attention from legal scholarship. The aim of this article is to contribute to filling this gap by studying inaction in an EU macro-prudential context and by evaluating the institutional arrangements that were put in place in order to address so-called inaction bias. Several actors at the EU level have a role to play in macro-prudential supervision, especially the European Systemic Risk Board and the European Central Bank (ECB). This paper will assess their capabilities and their capacity to turn these into actions. The role of the ECB will be of particular interest since it was vested with real powers to address possible inaction bias among states participating in the Banking Union. Among other things, I will examine whether the ECB’s macro-prudential powers are the cure to the problems that are said to underpin inaction bias at the national level.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJZ001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718860","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: 3

Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies* 无知，债务和加密货币:并行货币的法律和经济学的新旧*

IF 2.6

Journal of Financial Regulation Pub Date : 2019-03-01 DOI: 10.1093/jfr/fjz002

Hossein Nabilou, André Prüm

{"title":"Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies*","authors":"Hossein Nabilou, André Prüm","doi":"10.1093/jfr/fjz002","DOIUrl":"https://doi.org/10.1093/jfr/fjz002","url":null,"abstract":"\u0000 Cryptocurrencies are expected to have a significant impact on banking, finance, and monetary systems. Due to the uncertainty as to the possible future trajectories of the evolving cryptocurrency ecosystem, governments have taken a relatively hands-off approach to regulating such currencies. This approach may be justified within the theoretical information-economics framework of this paper, which draws parallels between the information economics of money and quasi-money creation within the current central banking, commercial banking, and shadow banking systems with that of the cryptocurrency ecosystem. In particular, drawing lessons from the literature on the role of information in creating ‘safe assets’, in this paper the authors find that by building on symmetric (common) knowledge as to the inner workings of the Bitcoin Blockchain—though in a different way—bitcoin possesses a degree of endogenous information insensitivity typical of safe assets. This endogenous information insensitivity could support bitcoin’s promise of maturing into a viable store of value and a niche medium of exchange. This finding should not be overlooked in the policy discussions for potential future regulatory interventions in the cryptocurrency ecosystem.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjz002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45030409","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: 7

The Case for Market-Based Stress Tests 基于市场的压力测试案例

IF 2.6

Journal of Financial Regulation Pub Date : 2018-10-09 DOI: 10.1093/jfr/fjz008

J. Vickers

引用次数: 8

Should Fair-lending Investigators Better Mix Qualitative and Quantitative Methods? 公平贷款调查人员应该更好地将定性和定量方法结合起来吗？

IF 2.6

Journal of Financial Regulation Pub Date : 2018-10-05 DOI: 10.1093/JFR/FJY008

C. Cosans

引用次数: 0