RD News 13March12
- BoE:
- Speech by Paul Tucker: Insurance, stability and the UK’s new regulatory architecture (see also BoE news release summary)
- Speech by Paul Fisher: Policy making at the Bank of England: the Financial Policy Committee (see also BoE news release summary)
- the new arrangements for macroprudential policy in the Financial Policy Committee (FPC) are “truly ground-breaking”, but the effective implementation of macroprudential frameworks “offers plenty of challenges”
- the pursuit of financial stability “does not mean eliminating all risk”
- the FPC will hold its fourth meeting on Friday 16 March, where macroprudential tools will be discussed, following a period of consultation
- ICFR - Financial Times Research Prize (The contest asked: “What does good regulation look like?”)
- Winning paper: Good Financial Regulation: Changing the Process is Crucial by Connel Fullenkamp (Prof of Economics at Duke University) and Sunil Sharma (Dir of the IMF-Singapore Regional Training Institute)
- laments the lack of international co-ordination between regulators
- calls for the establishment of at least one body with oversight of the entire financial system
- calls for existing regulatory agencies to be financially independent, funded through a levy on the financial system
- Runners-up:
- What does good regulation look like? by Ceyla Pazarbasioglu (IMF), Noel Sacasa (HKMA), Amadou N R Sy (IMF)
- Note discussion of risk weights and risk limits on p6
- Good Banking Regulation Needs Clear Focus, Sensible Tools, and Political Will by Anat R Admati (Stanford University) and Martin F Hellwig (Max Planck Institute for Research on Collective Goods)
- Highly-commended:
- Good Regulation Needs to Fix the Broken Incentives by Martin Čihák (World Bank), Asli Demirgüç-Kunt (World Bank), and R Barry Johnston (World Bank)
- The Shape of Regulation to Come by José Jorge (University of Porto)
- From Deregulation to Reregulation: Prospects for Success (or Failure) by Laura Kodres (IMF) and Aditya Narain (IMF)
- What is Good Financial Regulation After the 2008 Financial Crisis? by Demis Mavrellis (Atlantic Council)
- Beyond Legal Entity Identifier: An Information Infrastructure for Monitoring Systemic Risk by Sharada Alampalli (University at Albany)
- What Does Good Regulation Look Like? An Alternative Institutional Framework to Financial Regulation by Zoltán Sárkány (Queen Mary, University of London)
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