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Bubbles in Asset Prices  

Burton G. Malkiel

Print publication date:
Apr 2012
Online publication date:
Nov 2012
This article addresses three topics. First, it describes what economists mean when they use the term “bubble,” and contrasts the behavioral finance view of asset pricing with the efficient ... More

Can the Central Bank Alleviate Fiscal Burdens?  

Ricardo Reis

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their ... More

Capital Markets and Financial Politics: Preferences and Institutions  

Mark J. Roe

Print publication date:
Apr 2012
Online publication date:
Nov 2012
This article outlines the main weaknesses in the interaction between political institutions and capitalism in both developed and developing nations, illustrates this interplay with ... More

Central Bank Communication: How to Manage Expectations?  

Jakob de Haan and Jan-Egbert Sturm

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Many central banks in the world nowadays regard their external communication as an important tool to achieve their goals. This chapter provides an overview of the different ways in which ... More

Central Bank Communications: A Case Study  

J. Scott Davis and Mark A. Wynne

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Over the past twenty-five years, central bank communications have undergone a major revolution. Central banks that previously shrouded themselves in mystery now embrace social media to get ... More

Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory  

Gunther Schnabl

This chapter analyzes the evolution and effects of central bank crisis management since the mid-1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that given that ... More

Central Banking and Prudential Regulation: How the Wheel Turns  

Kevin Davis

Print publication date:
Apr 2019
Online publication date:
Mar 2019
The financial deregulation in major Western economies in the 1970s and 1980s freed banks from many preexisting constraints, facilitating competition and greater risk-taking and eventually ... More

Central Banking’s Long March over the Decades  

David G. Mayes, Pierre L. Siklos, and Jan-Egbert Sturm

Print publication date:
Apr 2019
Online publication date:
Mar 2019
This chapter covers central bank topics including governance, independence, balance-sheet and crisis management, and challenges in macroeconomic modeling. It is intended as a summary of ... More

Central Banks and the New Regulatory Regime for Banks  

David T. Llewellyn

Print publication date:
Apr 2019
Online publication date:
Mar 2019
The most serious global banking crisis in living memory has given rise to one of the most substantial changes in the regulatory regime of banks. While not all central banks have ... More

Central Banks’ New Macroprudential Consensus  

Michael W. Taylor, Douglas W. Arner, and Evan C. Gibson

Print publication date:
Apr 2019
Online publication date:
Mar 2019
The traditional central bank consensus is designed around two mandates: monetary and financial stability. Following the Great Stagflation of the 1970s, central banks’ policy objective ... More

The Changing Role of the Central Bank in Crisis Avoidance and Management  

David G. Mayes

Print publication date:
Apr 2019
Online publication date:
Mar 2019
This chapter explores how the handling of bank failures in the global financial crisis led to dramatic changes in provisions for crisis avoidance and crisis management at the national and ... More

Complexity and Systemic Risk: What’s Changed Since the Crisis?  

Richard Herring and Jacopo Carmassi

Print publication date:
Nov 2014
Online publication date:
Apr 2015
This chapter updates and extends our earlier work on the corporate complexity of large international banks (chapter 8 in the first edition of this handbook). Much has happened since 2007, ... More

The Governance of Central Banks: With Some Examples and Some Implications for All  

Forrest Capie and Geoffrey Wood

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Governance is a topic whose discussion has been confined to private-sector organizations. To an extent, this is not surprising, for the greater part of the public sector in most countries ... More

The Impact of the Global Financial Crisis on Central Banking  

Alex Cukierman

Print publication date:
Apr 2019
Online publication date:
Mar 2019
This chapter describes the impacts of the global financial crisis on monetary policy and institutions. It argues that during the crisis, financial stability took precedence over ... More

Inside the Bank Box: Evidence on Interest-Rate Pass-Through and Monetary Policy Transmission  

Leonardo Gambacorta and Paul Mizen

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Central bank policy operates first through financial markets and then through banks as they adjust their interest rates. This chapter discusses the transmission of policy in this first ... More

International Capital Markets and Their Latin American Discontents  

Christopher Balding

Print publication date:
May 2012
Online publication date:
Nov 2012
This article examines the relationship between electoral politics and credit default swaps (CDS) pricing. It presents research indicating that financial markets react to elections in Latin ... More

Lender of Last Resort and Bank Closure Policy: A Post-Crisis Perspective  

Xavier Freixas and Bruno M. Parigi

Print publication date:
Nov 2014
Online publication date:
Apr 2015
During the last 20 years a consensus has emerged that it is impossible to disentangle liquidity shocks from solvency shocks. As a consequence, the classical lender of last resort (LOLR) ... More

Macromodeling, Default, and Money  

Charles Goodhart, Nikolaos Romanidis, Dimitrios P. Tsomocos, and Martin Shubik

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Mainstream macromodels have assumed away financial frictions, in particular default. The minimum addition in order to introduce financial intermediaries, money, and liquidity into such ... More

Macroprudential Regulation of Banks and Financial Institutions  

Gerald P. Dwyer

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Regulation of financial institutions to avoid the worst effects of financial crises has become a major topic of research and a focus of regulators’ efforts. Policies designed to reduce ... More

Managing Macrofinancial Crises: The Role of the Central Bank  

Patrick Honohan, Domenico Lombardi, and Samantha St. Amand

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Central banks have a mandate—either explicit or implicit—to guard against systemic financial crises and manage them if and when they occur. Given the need to make urgent decisions in the ... More

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