Financial Crisis Containment and Government Guarantees analyses the international community's commitment to forging enhanced, well thought-out, mechanisms for containing systemic risks in the context of a highly interconnected global financial framework which incorporates ongoing financial innovation. While use of government guarantees is a central theme, the book also analyses the roles played by prudential regulators, central banks, deposit insurers and treasuries in dealing with the crisis. The book examines how governments, central banks, regulators and deposit insurance agencies have worked together to contain the global financial crisis. Additionally, it focuses on efforts to overcome ongoing obstacles, as well as the most important proposals to improve safety nets, both at the national level and internationally. This concise and detailed book will strongly appeal to students in law, economics and finance, law practitioners, policymakers in central banks and ministries of finance, as well as deposit protection agencies and regulatory agencies
Foreword Joseph J. Norton Foreword Arthur E. Wilmarth, Jr. Preface John Raymond LaBrosse, James F McCollum, Rodrigo Olivares-Caminal and Dalvinder Singh PART I: CONTAINING THE FINANCIAL CRISIS 1. Managing Crises without Government Guarantees: How do we Get There? Christine Cumming 2. Improving the Decision-making Framework for Financial Crisis Management John Raymond LaBrosse and Dalvinder Singh 3. Powers and Scope of the Macro-prudential Authority Charles A.E. Goodhart 4. Resolving Systemically Important Financial Institutions (SIFIs) - The FSB Key Attributes of Effective Resolution Regimes Eva Hupkes PART II: THE SPECIAL PROBLEMS OF EUROPE 5. Crisis Management and Guarantees in Europe Charles Enoch 6. Regulatory Responses to the Financial Crisis Rosa M. Lastra 7. The Federal Agency for Financial Market Stabilisation: From Rescuing to Restructuring Christopher Pleister 8. Extraordinary Measures for Extraordinary Times and the Need for Effective Bank Resolution Laws in Europe Gillian G. Garcia and Maria J. Nieto PART III: THE USE OF GOVERNMENT GUARANTEES AND OTHER INITIATIVES 9. The Fault Lines in Cross-border Banking: Lessons from the Icelandic Case Mar Guomundsson 10. Government Guarantees and Contingent Capital: Choosing Good Shock Absorbers David G. Mayes 11. Public Guarantees on Bank Bonds: Effectiveness and Distortions Giuseppe Grande, Aviram Levy, Fabio Panetta and Andrea Zaghini 12. The Impact of Sovereign Guarantees on the Quality of Bank Debt: Theory and Evidence from Europe Arturo Estrella and Sebastian Schich 13. An Insurance Approach for Preventing Financial Crises Michael Faure and Klaus Heine 14. Transforming Bailouts into Investments: A Proposal for the Creation of the Federal Government Investment Corporation Jeffrey Manns PART IV: SOVEREIGN DEBT ISSUES 15. The Treatment of Contingent Liabilities in a Sovereign debtrRestructuring Lee Buchheit and Mitu Gulati 16. The European Stability Mechanism: Some Notes on a New EU Institution Designed to Avert Financial Crises Rodrigo Olivares-Caminal 17. Liquidity Spillovers in Credit Markets During the Eurozone Crisis Giovanni Calice, Jing Chen and Julian Williams Index
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