A Wrap-up of Recent Working Papers from the Federal Reserve Bank of Philadelphia
نویسنده
چکیده
BANKING REGULATION: AN OVERALL PERSPECTIVE In this paper, Xavier Freixas and Anthony M. Santomero explore the important changes taking place in banking regulation as a result of ongoing financial innovation and the evolution of a more sophisticated system of regulation. They apply asymmetric information theory — a paradigm in which economic agents are presumed to operate in a world of incomplete, and sometimes biased, information — to issues central to the theory of banking. The authors review the impact of such imperfect information on our understanding of why financial markets exist, how they operate, and how best to regulate them. They examine the market failures specific to the banking industry, taking an overall perspective to show how apparently disconnected regulatory measures, such as capital requirements, law and finance, or the Glass-Steagall Act are interwoven. Working Paper 02-1, “An Overall Perspective on Banking Regulation,” Xavier Freixas, Universitat Pompeu Fabra, and Anthony M. Santomero, Federal Reserve Bank of Philadelphia
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Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment. The views stated herein are those of the author and not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reserve System.
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s of research papers produced by the economists at the Philadelphia Fed Research Rap www.philadelphiafed.org Economists and visiting scholars at the Philadelphia Fed produce papers of interest to the professional researcher on banking, financial markets, economic forecasting, the housing market, consumer finance, the regional economy, and more. More abstracts may be found at www.philadelphiafed...
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for helpful comments and discussion. Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment. The views stated herein are those of the author and not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reserve Sys tem.
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Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded offi cial Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Ban...
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