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Change and constancy in the financial system : implications for financial distress and policy
Borio, Claudio E.V. (Avtor)

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.bis.org/publ/work237.pdf Novo okno

Izvleček
Over the past three decades, the financial system has been going through a historical phase of major structural change. This paper traces the implications of this financial revolution for the dynamics of financial distress and for policy. It argues that, despite this revolution, some fundamental characteristics of the financial system have not changed and that these hold the key to the dynamics of financial instability. These characteristics relate to imperfect information in financial contracts, to risk perceptions and incentives, and to powerful feedback mechanisms operating both within the financial system and between that system and the macro-economy. As a result, the primary cause of financial instability has always been, and will continue to be, overextension in risk-taking and balance-sheets. The challenge is to design a policy response that is firmly anchored to the more enduring features of financial instability while at the same time tailoring it to the evolving financial system. Using an analogy with road safety, policy has so far largely focused quite effectively on improving the state of the roads and on introducing buffers. More attention, however, could usefully be devoted to the design and implementation of speed limit.

Jezik:Angleški jezik
Ključne besede:finančni sistemi, stabilnost sistemov, tveganje, likvidnost, regulacija, spremembe, ekonomska politika, financial systems, stability of systems, risk, liquidity, regulation, changes, economic policy
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2007
Založnik:Bank for International Settlements
Št. strani:VII, 21 str.
Kraj:Basel (Switzerland)
UDK:336
COBISS.SI-ID:17635558 Povezava se odpre v novem oknu
Število ogledov:260
Število prenosov:94
Metapodatki:XML RDF-CHPDL DC-XML DC-RDF
 
Skupna ocena:(0 glasov)
Vaša ocena:Ocenjevanje je dovoljeno samo prijavljenim uporabnikom.
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