2013/3
States, Banks, and the Financing of the Economy:
Monetary Policy and Regulatory Perspective

edited by Morten Balling, Ernest Gnan and Patricia Jackson, Vienna, 2013

ISBN 978-3-902109-68-2
 
On 5-6 September 2012, SUERF held its 30th Colloquium "States, Banks, and the Financing of the Economy" at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different angles the complex interrelations between states and financial systems, which have developed in recent years with economic, financial and sovereign debt crises. The contributions look primarily on the monetary policy and financial regulation and supervision perspectives. In the preceding SUERF Study (2013/2), the focus of the contributions also delivered at the 30th SUERF Colloquium is on fiscal policy and sovereign debt perspectives.

Introduction
Morten Balling, Ernest Gnan & Patricia Jackson
 
Taming the Financial Cycle
Jean-Pierre Danthine
 
Liquidity and interbank markets
Jean-Charles Rochet
 
Money and Banking in Times of Crisis
Lorenzo Bini Smaghi
 
Marriner S. Eccles and the 1951 Treasury–Federal Reserve Accord: Lessons for Central Bank Independence
Thorvald Grung Moe
 
Trade Credit and Bank Credit Substitution Hypothesis: Case of the Polish Companies
Malgorzata Pawlowska and Jerzy Marzec
 
Bank Resolution Reform as a Commitment Device Against Bailouts
Andrew R. Gimber
 
Regulatory Reforms and the Independence of Central Banks and Financial Supervisors
Alex Cukierman
 
Gaps and Wishful Thinking in the Theory and Practice of Central-Bank Policymaking
Edward J. Kane
 
Bail-ins and the Appropriate Size of Financial Sectors
Morten Balling, D. Wilson Ervin & Stephen G. Cecchetti
 

Additional Info
Keywords: financial crisis, procyclicality, counter cyclical balances, financial cycle; liquidity, repo markets; money, banking, monetary union, unusual monetary policy; Marriner Eccles, Central Banking, Monetary Policy, Fiscal Policy; trade credit; substitution hypothesis, credit rationing; bank resolution, bailouts; Central bank independence, shadow banking, regulation, supervision, macroprudential regulation; Central bank policymaking, crisis management, bail-outs, supervision, financial management; Bail-in, bank resolution, bridge banks; capital allocation, Pigovian tax, resource allocation
JEL Codes: E30, E43; E5, E52; B31, E52, E58, E63, N12; C32, D22, D50; G21, G28, G33; E5, E58; E5, E58; G21, G33
ISBN No.: 978-3-902109-68-2
Authors: Jean-Pierre Danthine, Jean-Charles Rochet, Lorenzo Bini Smaghi, Thorvald Grung Moe, Malgorzata Pawlowska and Jerzy Marzec, Andrew Gimber, Alex Cukierman, Edward J. Kane, D. Wilson Ervin and Stephen Cecchetti
Editors: Morten Balling, Ernest Gnan and Patricia Jackson

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Study 2013/3