Search results for ""Author Donato Masciandaro""

Book SynopsisAnalyzing ongoing changes in the design of regulatory and supervisory authorities over the banking and financial industry in Europe, this comprehensive Handbook pays particular attention to the role of national central banks, the new financial supervisory authorities and the European Central Bank (ECB). The contributors, all experts in their fields, begin by presenting the current situation in Europe, focusing on the role of the central banks, before going on to illustrate the supervisory architecture reforms of the late 1990s. The Handbook also highlights the emerging role of new integrated financial authorities through an analysis of different national case studies. This new original reference book concludes with a review of the various options now available for the design of supervisory architecture at the European level, considering also the possible involvement of the ECB.The Handbook tackles a number of controversial issues including: why financial supervision architecture is important and why the issue has arisen at the present time the roles of national central banks and national policymakers in alternative financial supervisory structures the advantages and potential hazards of single financial authorities unified or integrated agencies. This essential Handbook is a major multidisciplinary work and will be of great value to scholars and academics - principally in economics, finance and European studies but also politics and law - as well as regulators and supervisory institutions.Trade Review'Everyone involved with financial regulation and supervision should have already read this book which offers not only a thorough overview of where Europe stands but also gives a dynamic approach of how and why Europe has been - and will be - shifting towards a more unified financial authority. . . Masciandaro has edited a Handbook on a very topical subject that will indeed in the near future give rise to many challenging debates in the European Union. The papers gathered offer a complete view of the benefits and drawbacks of the different existing and potential structures of financial regulation and supervision agencies. Including the specific experience of ten countries gives a practical/empirical dimension and reduces the "home bias" knowledge of many economists!' -- Catherine Lubochinsky, SUERF NewsletterTable of ContentsContents: Foreword by Charles Goodhart Introduction by Mario Monti Part I: Central Banks and Financial Supervision 1. Central Banks as Monetary Authorities and Financial Stability Alicia García Herrero and Pedro del Río 2. The Role of Central Banks in Fostering Financial Stability Sander Oosterloo and Jakob de Haan 3. Central Banks and Single Financial Authorities: Economics, Politics and Law Donato Masciandaro Part II: The Emerging Role of Single Financial Authorities 4. Integrated Agencies and the Role of Central Banks David T. Llewellyn 5. United Kingdom Andrew Sykes and Terry Allen 6. Austria Andreas Grünbichler 7. Denmark Henrik Bjerre-Nielsen 8. Sweden Ingrid Bonde 9. Norway Bjørn Skogstad Aamo 10. Estonia Lelo Liive 11. Hungary László Balogh 12. Germany Martin Schüler 13. The Netherlands Henriëtte Prast and Iman Van Lelyveld 14. Ireland Jonathan Westrup Part III: What Role for Central Banks and Single Financial Authorities? 15. The International Network of Financial Authorities Nina Moss 16. Central Banks and Financial Authorities in Europe: What Prospects? Dirk Schoenmaker 17. The European Central Bank and Financial Supervision Sylvester C.W. Eijffinger 18. The Transformation of Financial Regulation and Supervision in the EU Karel Lannoo 19. The Role of the Central Bank in Financial Supervision: The Case of Italy Alessio De Vincenzo and Paolo Marullo Reedtz Index

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Book SynopsisWhat role will the current evolution of banking systems play in the newly adopted EU countries during the historic challenges following enlargement? This book, a blend of economics and political economy, offers a systematic analysis of the current trends in financial intermediation in the countries of the newly enlarged Europe, with particular focus on those policies taken by foreign banks on the one hand, and by regulatory and supervisory authorities on the other.The authors argue that their research has led to one conclusion; in order to enter the EU, the accession countries needed to increase the efficiency of their economic systems rapidly through liberalization and privatization. The book assesses whether the presence of foreign banks will contribute to long term economic growth and financial stability, and how the architecture of banking regulations and supervision should be designed.As a multidisciplinary work, though principally economics, the book will appeal to scholars and academics of politics and law. It also has particular relevance for regulators and supervisory institutions, as well as professionals including bankers, financial operators and also legal compliance officers.Trade Review'. . . the collection deserves to be read by anyone with an interest in the role of the commercial banks in the financial landscape of that region. Professor Masciandaro is to be congratulated in bringing together such an informative and significant collection of essays.' -- Eva Lomnicka, Journal of Financial Regulation and Compliance'This is a timely and well thought out study of the European banking contest being played out in the countries of "new Europe" against the backdrop of globalisation.' -- Andrew W. Mullineux, Bournemouth University, UKTable of ContentsContents: Foreword Introduction Part I: Intermediation, Firms and Financial Markets 1. Banking Industry in Central and Eastern Europe: The Unexpected Leader in the Transition and Integration with the EU 2. Deepening Financial Intermediation in the New Europe: The Role of Banks 3. Financial Structures and Private Sector Development in the New Europe 4. Financial Risk in Accession Countries Part II: Foreign Banks 5. Who Needs Foreign Banks? 6. New Europe Banking: The Role of International Players 7. Financial Intermediation in Accession Countries: The Role of Foreign Banks 8. Foreign Banks and Financial Stability in the New Europe 9. Eastern Passages for Italy’s Banks and Industrial Districts: Are the Two Related or Independent? Part III: Regulation, Supervision and Monetary Policy 10. Financial Regulation in the New Europe 11. Single Authority in Financial Markets Supervision: Lessons for EU Enlargement 12. Deposit Insurance in the New Europe 13. Interest Rate Pass-Through in EU Acceding Countries: The Case of the Czech Republic, Hungary and Poland Index

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Book SynopsisThis stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policy makers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.Contributors: F. Amtenbrink, J. Baxa, B. Born, P.C. Boyer, G. Caprio, M. Cihák, A. Cukierman, L. Dalla Pellegrina, J. De Haan, M. Ehrmann, B. Eichengreen, S. Eijffinger, Y. Fang, M. Fratzscher, F. Giavazzi, A. Giovannini, C.A.E. Goodhart, I. Hasan, R. Horváth, D. Masciandaro, L.J. Mester, M.J. Nieto, R. Nijskens, A. Orphanides, J. Ponce, M. Quintyn, M. Rezende, P.L. Siklos, A. Tieman, B. Vasícek, R. Vega PansiniTrade Review’This collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.’ -- Paul Mizen, University of Nottingham, UK’This handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.’ -- Allard Bruinshoofd, SUERFTable of ContentsContents: Introduction Sylvester Eijffinger and Donato Masciandaro PART I: CENTRAL BANKING, REGULATION AND SUPERVISION 1. Central Banks and the Financial System Francesco Giavazzi and Alberto Giovannini 2. Monetary Policy Lessons from the Crisis Athanasios Orphanides 3. Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies Alex Cukierman 4. The Lender of Last Resort: Liquidity Provision versus the Possibility of Bailout Rob Nijskens and Sylvester Eijffinger 5. Transparency is Not Enough: Central Bank Governance as the Next Frontier Pierre L. Siklos 6. Central Banks and Banking Supervision Reform Pierre C. Boyer and Jorge Ponce 7. Institutional Structure and Effectiveness of Central Banks during the Financial Crisis: An Empirical Analysis Yiwei Fang, Iftekhar Hasan and Loretta J. Mester 8. New Advantages of Tying One’s Hands: Banking Supervision, Monetary Policy and Central Bank Independence Lucia Dalla Pellegrina, Donato Masciandaro and Rosaria Vega Pansini 9. How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument Benjamin Born, Michael Ehrmann and Marcel Fratzscher 10. Time Varying Monetary Policy Rules and Financial Stress Jaromír Baxa, Roman Horváth and Bořek Vašíček PART II: THE ARCHITECTURE OF REGULATION AND SUPERVISION 11. Defining and Measuring Systemic Risk Sylvester Eijffinger 12. Financial Regulation Charles A.E. Goodhart 13. Out-of-the-Box Thoughts about the International Financial Architecture Barry Eichengreen 14. Safe and Sound Banking: A Role for Countercyclical Regulatory Requirements? Gerard Caprio 15. Quality of Financial Sector Regulation and Supervision Around the World Martin Čihák and Alexander Tieman 16. Regulating the Regulators: The Changing Face of Financial Supervision Architectures Before and After the Financial Crisis Donato Masciandaro and Marc Quintyn 17. Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors Donato Masciandaro, Maria J. Nieto and Marc Quintyn 18. How Do Joint Supervisors Examine Financial Institutions? Marcelo Rezende 19. Credit Rating Agencies Jakob De Haan and Fabian Amtenbrink Index

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Book SynopsisThis book offers the first systematic discussion of a new and promising field: the economics of independence, accountability and governance of financial supervision institutions. For a long time the design of supervision had been an irrelevant issue, both in theory and practice. This perception changed dramatically in the mid-1990s, and over the past decade many countries have witnessed changes in the architecture of financial supervision. This book presents frameworks for analyzing the emerging supervisory architectures and sheds light on the different supervisory regimes, with a particular focus on the role of central banks. It takes a country-specific, comparative and empirical approach. Designing Financial Supervision Institutions will be an accessible reference tool for multidisciplinary scholars and academics (principally economics, but also politics and law), policymakers, regulators and supervisory institutions.All royalties from this book to go to the UK charity, NSPCC.Trade Review'This is a collection of essays written by eminent economists and policy studies scholars. . . this is a useful book in its presentation of empirical research to policymakers, lawyers and economists on a subject of immense interest and currency.' -- Jason Chuah, Journal of International Banking Law and Regulation'The volume is rich in information on the design of financial supervisory institutions around the globe, includes interesting analytical work and provides a structured discussion of the relevant policy issues. Researchers and policymakers in the field of financial regulation and supervision will find it useful.' -- SUERFTable of ContentsContents: Foreword Donato Masciandaro and Marc Quintyn Introduction Charles Goodhart PART I: INDEPENDENCE, ACCOUNTABILITY AND GOVERNANCE 1. Robust Regulators and their Political Masters: Independence and Accountability in Theory Marc Quintyn and Michael W. Taylor 2. Independence and Accountability in Supervision: General Principles and European Setting Lorenzo Bini Smaghi 3. The Fear of Freedom: Politicians and the Independence and Accountability of Financial Supervisors in Practice Marc Quintyn, Silvia Ramirez and Michael W. Taylor 4. Independence and Accountability: Why Politics Matters Jonathan Westrup 5. Governance in Banking Supervision: Theory and Practices Marco Arnone, Salim M. Darbar and Alessandro Gambini PART II: THE DESIGN OF FINANCIAL INSTITUTIONS: CAUSES AND EFFECTS 6. Financial Supervision Architecture and Central Bank Independence Andreas Freytag and Donato Masciandaro 7. Architectures of Supervisory Authorities and Banking Supervision Marco Arnone and Alessandro Gambini 8. Experience with Integrated Supervisors: Governance and Quality of Supervision Martin Čihák and Richard Podpiera 9. Financial Supervisors: Alternative Models Giorgio Di Giorgio and Carmine Di Noia 10. Budgetary Governance of Banking Supervision: A Primer Donato Masciandaro, Maria Nieto and Henriëtte Prast PART III: IN SEARCH OF THEORETICAL UNDERPINNINGS 11. Bureaucrats or Politicians? Alberto Alesina and Guido Tabellini 12. Agency Problems in Banking Supervision Robert A. Eisenbeis Index

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Book SynopsisThere has been a recent evolution in the relationship between modern monetary policy and central banking, visible in the now merged study of public economic choices made every day and the features of monetary architectures and institutions. Though previously separate focuses, these are now accepted by academic scholars and policymakers to be two critical areas that are intrinsically linked.Modern Monetary Policy and Central Bank Governance explores this change by bringing together the best research from experts in the field to achieve a comprehensive examination of the subject, innovatively addressing its two critical angles in a single volume.Trade Review'In the aftermath of the crisis, redesigning the institutional framework governing money and finance to foster financial stability has become a priority. This volume brings together key contributions that help elucidate the economic and political complexity that must be addressed to improve the governance of central banks and their contribution to economic and financial stability.' -- Athanasios Orphanides, Professor of the Practice of Global Economics and Management, MIT Sloan School of ManagementTable of ContentsContents Acknowledgements Introduction Sylvester Eijffinger and Donato Masciandaro PART I MONETARY POLICY: HOW TO GOVERN MONEY AND INTEREST RATES A New Classical View: Rational Expectations, Monetary Policy and Central Bankers 1. Thomas J. Sargent and Neil Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’ 2. Robert J. Barro and David B. Gordon (1983), ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ 3. Kenneth Rogoff (1985), ‘The Optimal Degree of Commitment to an Intermediate Monetary Target’ 4. Susanne Lohmann (1992), ‘Optimal Commitment in Monetary Policy: Credibility Versus Flexibility’ 5. Sylvester C.W. Eijffinger and Marco Hoeberichts (1998), ‘The Trade Off Between Central Bank Independence and Conservativeness’ B New Keynesian View: Market Imperfections, Monetary Policy and Real Effects 6. Ben S. Bernanke and Mark Gertler (1995), ‘Inside the Black Box: The Credit Channel of Monetary Policy Transmission’ 7. Richard Clarida, Jordi Galí and Mark Gertler (1999), ‘The Science of Monetary Policy: A New Keynesian Perspective’ 8. Michael Woodford (2003), ‘Optimal Interest-Rate Smoothing C Merging the Views: Monetary Policy and the Engineering of Rules and Institutions 9. John B. Taylor (1993), ‘Discretion Versus Policy Rules in Practice’ 10. Dale W. Henderson and Warwick J. McKibbin (1993), ‘A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence’ 11. Torsten Persson and Guido Tabellini (1993), ‘Designing Institutions for Monetary Stability’ 12. Carl E. Walsh (1995), ‘Optimal Contracts for Central Bankers’ 13. Lars E.O. Svensson (1997), ‘Optimal Inflation Targets, “Conservative” Central Banks, and Linear Inflation Contracts’ PART II CENTRAL BANKING: HOW TO DESIGN THE MONETARY ARCHITECTURES A Central Bank Independence 14. Vittorio Grilli, Donato Masciandaro and Guido Tabellini (1991), ‘Political and Monetary Institutions and Public Financial Policies in the Industrial Countries’ 15. Alex Cukierman, Steven B. Webb and Bilin Neyapti (1992), ‘Measuring the Independence of Central Banks and Its Effect on Policy Outcomes’ 16. Alberto Alesina and Lawrence H. Summers (1993), ‘Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence’ 17. Bennett T. McCallum (1995), ‘Two Fallacies Concerning Central-Bank Independence’ 18. Adam S. Posen (1995), ‘Declarations Are Not Enough: Financial Sector Sources of Central Bank Independence’ 19. Charles Goodhart and Dirk Schoenmaker (1995), ‘Should the Functions of Monetary Policy and Banking Supervision be Separated?’ B Central Bank Accountability and Transparency 20. Clive Briault, Andrew Haldane and Mervyn King (1996), ‘Central Bank Independence and Accountability: Theory and Evidence’ 21. Otmar Issing (2005), ‘Communication, Transparency, Accountability: Monetary Policy in the Twenty-First Century’ 22. Sylvester C.W. Eijffinger and Petra M. Geraats (2006), ‘How Transparent are Central Banks?’ C Central Bank Communication 23. Alex Cukierman and Allan H. Meltzer (1986), ‘A Theory of Ambiguity, Credibility and Inflation under Discretion and Asymmetric Information’ 24. Marvin Goodfriend (1986), ‘Monetary Mystique: Secrecy and Central Banking’ 25. Alan S. Blinder, Michael Ehrmann, Marcel Fratzscher, Jakob de Haan and David-Jan Jansen (2008), ‘Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence’

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Book SynopsisThis stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis.Trade Review’This collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.’ -- Paul Mizen, University of Nottingham, UK’This handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.’ -- Allard Bruinshoofd, SUERFTable of ContentsContents: Introduction Sylvester Eijffinger and Donato Masciandaro PART I: CENTRAL BANKING, REGULATION AND SUPERVISION 1. Central Banks and the Financial System Francesco Giavazzi and Alberto Giovannini 2. Monetary Policy Lessons from the Crisis Athanasios Orphanides 3. Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies Alex Cukierman 4. The Lender of Last Resort: Liquidity Provision versus the Possibility of Bailout Rob Nijskens and Sylvester Eijffinger 5. Transparency is Not Enough: Central Bank Governance as the Next Frontier Pierre L. Siklos 6. Central Banks and Banking Supervision Reform Pierre C. Boyer and Jorge Ponce 7. Institutional Structure and Effectiveness of Central Banks during the Financial Crisis: An Empirical Analysis Yiwei Fang, Iftekhar Hasan and Loretta J. Mester 8. New Advantages of Tying One’s Hands: Banking Supervision, Monetary Policy and Central Bank Independence Lucia Dalla Pellegrina, Donato Masciandaro and Rosaria Vega Pansini 9. How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument Benjamin Born, Michael Ehrmann and Marcel Fratzscher 10. Time Varying Monetary Policy Rules and Financial Stress Jaromír Baxa, Roman Horváth and Bořek Vašíček PART II: THE ARCHITECTURE OF REGULATION AND SUPERVISION 11. Defining and Measuring Systemic Risk Sylvester Eijffinger 12. Financial Regulation Charles A.E. Goodhart 13. Out-of-the-Box Thoughts about the International Financial Architecture Barry Eichengreen 14. Safe and Sound Banking: A Role for Countercyclical Regulatory Requirements? Gerard Caprio 15. Quality of Financial Sector Regulation and Supervision Around the World Martin Čihák and Alexander Tieman 16. Regulating the Regulators: The Changing Face of Financial Supervision Architectures Before and After the Financial Crisis Donato Masciandaro and Marc Quintyn 17. Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors Donato Masciandaro, Maria J. Nieto and Marc Quintyn 18. How Do Joint Supervisors Examine Financial Institutions? Marcelo Rezende 19. Credit Rating Agencies Jakob De Haan and Fabian Amtenbrink Index

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Book SynopsisThe recent dramatic wave of terrorist attacks has further focussed worldwide attention on the money laundering phenomena. The objective of this book is to offer the first systematic analysis of the economics of money laundering and its connection with terrorism finance. The authors first present the general principles of money laundering. They go on to illustrate an institutional and empirical framework that is useful in evaluating the causes and effects of money laundering phenomena in the banking and financial markets. They also analyse the design of the national and international policies aimed at combating them.The book focuses on several crucial issues and offers an analysis of each, including: modelling the behaviour and process of making dirty money appear clean, hiding the originally criminal or illegal source of the economic activity demonstrating how the financing of terrorism resembles money laundering in some respects and differs from it in others explaining how the banking and financial industry can play a pivotal role for the development of the criminal sector as a preferential vehicle for money laundering showing how schemes of international economics and of tax competition can be applied to black finance issues, claiming that competition for criminal money can lead to a race to the bottom building up indicators of money laundering attractiveness among developed and emerging countries, with a particular attention on the role of the Offshore centres dealing with anti-money laundering and counter terrorism finance (AML-CTF) enforcement problems, with a focus on Europe and the USA. Black Finance will be a valuable and accessible tool for scholars and academics, principally in economics, though also in politics and law, as well as for regulators and supervisory institutions.All royalties from this book to go to The Collegiate Foundation for LifeTrade Review'The book represents an important contribution to the understanding of money laundering from an economics perspective which will be crucial in informing public policy. The economic analysis is rigorous and represents an important contribution to a more thorough understanding of the motivations and systemic effect of financial crime on the broader economy. I highly recommend the book.' -- Kern Alexander, University of Zurich, SwitzerlandTable of ContentsContents: Introduction PART ONE: MONEY LAUNDERING: PRINCIPLES 1. Economics: The Demand Side Donato Masciandaro 2. Economics: The Supply Side Donato Masciandaro 3. International Economics Brigitte Unger PART TWO: APPLIED MONEY LAUNDERING 4. Implementing Money Laundering Brigitte Unger 5. The Impact of Money Laundering Brigitte Unger PART THREE: ANTI-MONEY LAUNDERING 6. Domestic Money Laundering Enforcement Elöd Takáts 7. International Enforcement Issues Elöd Takáts References Index

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