List of Charts | p. x |
List of Tables | p. xi |
Contributors | p. xii |
Foreword | p. xiii |
Acknowledgements | p. xvi |
Financial stability and central banks: an introduction | p. 1 |
Background | p. 1 |
Summary of the volume | p. 2 |
Twelve questions about financial stability | p. 7 |
Financial crises and the morbidity of banks | p. 8 |
Competition and safety | p. 9 |
The links between financial stability policy and monetary policy | p. 13 |
Bakers and firefighters | p. 15 |
Conclusions | p. 17 |
Financial stability and the central bank: international evidence | p. 19 |
Introduction | p. 19 |
The evolution of responsibilities | p. 20 |
The current spectrum of central bank financial stability activities | p. 24 |
Monetary policy independence and central bank responsibility for prudential regulation and supervision--conflict or synergy? | p. 67 |
Key issues in establishing an effective regulatory institutional structure | p. 74 |
Conclusions | p. 75 |
The organisational structure of banking supervision | p. 79 |
Introduction | p. 79 |
Arguments for separation | p. 83 |
Arguments for unification | p. 91 |
Are the issues the same in emerging countries? | p. 96 |
Conclusions | p. 101 |
Alternative approaches to regulation and corporate governance in financial firms | p. 107 |
Introduction and issues | p. 107 |
The experience of banking crises | p. 111 |
The regulatory regime | p. 112 |
Components of a regulatory regime | p. 114 |
Differentiations in the regime | p. 136 |
Shifts within the regulatory regime | p. 138 |
Assessment | p. 142 |
Bank capital requirements and the control of bank failure | p. 144 |
Introduction | p. 144 |
Causes and consequences of banking crises | p. 146 |
Capital requirements | p. 149 |
Bank risk and capital requirements | p. 150 |
The cost of bank capital requirements | p. 155 |
Asset valuation | p. 158 |
Conclusions | p. 160 |
Crisis management, lender of last resort and the changing nature of the banking industry | p. 166 |
Introduction | p. 166 |
Justification for central bank involvement in financial crises | p. 166 |
Crisis prevention - the financial safety net | p. 167 |
Lender of penultimate resort - private sector solutions | p. 168 |
Lender of last resort (LOLR) | p. 170 |
Terms and conditions for LOLR | p. 174 |
Crisis management, consolidation and the changing nature of the banking industry | p. 177 |
Conclusion | p. 180 |
Case study - UK small bank crisis 1991-2 | p. 182 |
Case study - Barings, February 1995 | p. 184 |
International capital movements and the international dimension to financial crises | p. 187 |
Introduction | p. 187 |
Capital movements across the exchanges: curse or blessing? | p. 187 |
Financial crises and capital movements | p. 198 |
Capital controls in practice | p. 208 |
Concluding remarks | p. 219 |
Some concluding comments | p. 221 |
Minutes of the Bank of England's 7th Central Bank Governors' Symposium (2 June 2000) | p. 225 |
Central Bank Governors' Symposium participants | p. 232 |
References | p. 237 |
Index | p. 252 |
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