Publications

103 publications found, searching for 'Financial Regulation '

• Working Paper No. 1091
  September 04, 2025

  Banking on Payments?

  Jörg Bibow
  Abstract

  For the past hundred years or more, payments have been primarily associated with banking, and banking as we know it today—being the result of many centuries of evolution—features a bundling…more

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• Working Paper No. 1086
  July 29, 2025

  Financial Fragility Without Financial Instability

  Leonardo Burlamaqui
  Abstract

  Between the late 1990s and mid-2000s, China’s banking sector underwent a profound yet largely underappreciated transformation—arguably one of the most consequential episodes of financial restructuring in recent economic history. This…more

  Download Working Paper No. 1086 PDF (702.26 KB)
• Working Paper No. 1078
  April 01, 2025

  “A Concentration of Private Power without Equal in History”

  William Van Lear and Daniel Hutchinson
  Abstract

  This manuscript presents a detailed summary and reassessment of the 1941 final report of the Temporary National Economic Committee (TNEC). We portion the manuscript into four major parts: background, major…more

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• Working Paper No. 1077
  February 11, 2025

  A Critical Examination of the “China Collapse” Narrative

  Yan Liang
  Abstract

  Western media and academia have heralded the China collapse narrative. This paper provides a critical and balanced examination of the four challenges facing the Chinese economy—namely, deflation, debt, demographics, and…more

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• Working Paper No. 1068
  December 10, 2024

  Monetary Power and Vulnerability to Sovereign Debt Crises

  Karina Lima
  Abstract

  Originally issued as EDI Working Paper No. 17, March 2024 This paper challenges the prevailing view in the sovereign debt literature by arguing that sovereign debt markets, in many respects,…more

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• Working Paper No. 1021
  June 29, 2023

  Can It Be Prevented This Time?

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  Since the nineties, crises have punctuated financial markets, shattering the conventional wisdom about how these markets work and how to regulate them, and forcing a deep rethinking of the supervisory…more

  Download Working Paper No. 1021 PDF (751.72 KB)
• Working Paper No. 1015
  February 20, 2023

  CBDC Next-Level: A New Architecture for Financial “Super-Stability” 

  Biagio Bossone and Michael Haines
  Abstract

  Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital…more

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• Working Paper No. 999
  January 18, 2022

  Structural Change, Productive Development, and Capital Flows

  Alberto Botta, Giuliano Toshiro Yajima, and Gabriel Porcile
  Abstract

  The outbreak of COVID-19 brought back to the forefront the crucial importance of structural change and productive development for economic resilience to economic shocks. Several recent contributions have already stressed…more

  Download Working Paper No. 999 PDF (583.65 KB)
• Public Policy Brief No. 150
  June 03, 2020

  The Impact of Technological Innovations on Money and Financial Markets

  Jan Kregel and Paolo Savona
  Abstract

  According to Senior Scholar Jan Kregel and Paolo Savona, attempting to maintain the status quo in the face of the introduction of some recent technological innovations—chiefly cryptocurrencies and associated instruments…more

  Download Public Policy Brief No. 150, 2020 PDF (339.66 KB)
• Working Paper No. 947
  February 06, 2020

  Ages of Financial Instability

  Mario Tonveronachi
  Abstract

  Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more…more

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• Working Paper No. 908
  June 01, 2018

  Twenty Years after the Fall of the Berlin Wall

  Walker F. Todd and W. Lee Hoskins
  Abstract

  Many of the hopes arising from the 1989 fall of the Berlin Wall were still unrealized in 2010 and remain so today, especially in monetary policy and financial supervision. The…more

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• Policy Note No. 2
  July 07, 2017

  The Concert of Interests in the Age of Trump

  Jan Kregel
  Abstract

  If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of…more

  Download Policy Note 2017/2 PDF (190.65 KB)
• Working Paper No. 875
  September 27, 2016

  Minsky at Basel

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The global financial crisis shattered the conventional wisdom about how financial markets work and how to regulate them. Authorities intervened to stop the panic—short-term pragmatism that spoke volumes about the…more

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• Book Series
  November 05, 2015

  Financial Regulation in the European Union

  Abstract

  Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems…more

• Book Series
  November 05, 2015

  Why Minsky Matters: An Introduction to the Work of a Maverick Economist

  L. Randall Wray
  Abstract

  Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–1996). Although a handful of economists raised alarms as early as 2000, Minsky’s warnings began…more

• Working Paper No. 851
  October 28, 2015

  Money Creation under Full-reserve Banking

  Patrizio Lainà
  Abstract

  This paper presents a stock-flow consistent model+ of full-reserve banking. It is found that in a steady state, full-reserve banking can accommodate a zero-growth economy and provide both full employment…more

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• Working Paper No. 849
  October 23, 2015

  Bank Leverage Ratios and Financial Stability

  Emilios Avgouleas
  Abstract

  Bank leverage ratios have made an impressive and largely unopposed return; they are mostly used alongside risk-weighted capital requirements. The reasons for this return are manifold, and they are not…more

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• One-Pager No. 49
  May 01, 2015

  Δανείζοντας στα τυφλά

  Matthew Berg
  Abstract

  Τα πρακτικά του 2008 της Ομοσπονδιακής Επιτροπής Ανοικτής Αγοράς παρέχουν ένα σπάνιο πορτραίτο του τρόπου με τον οποίον οι χαράκτες πολιτικής ανταποκρίθηκαν στην εξέλιξη της μεγαλύτερης χρηματοπιστωτικής κρίσης στον κόσμο…more

  Download Μονοσέλιδο No. 49 PDF (246.98 KB)
• One-Pager No. 49
  May 01, 2015

  Lending Blind

  Matthew Berg
  Abstract

  The 2008 Federal Open Market Committee (FOMC) transcripts provide a rare portrait of how policymakers responded to the unfolding of the world’s largest financial crisis since the Great Depression. The…more

  Download One-Pager No. 49 PDF (77.13 KB)
• Research Project Report
  April 06, 2015

  Reforming the Fed’s Policy Response in the Era of Shadow Banking

  Abstract

  This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the…more

  Download Research Project Report, April 2015 PDF (4.21 MB)
• One-Pager No. 48
  February 11, 2015

  Μπορεί η μεταρρύθμιση του διεθνούς χρηματοπιστωτικού συστήματος να στηρίξει τις αναδυόμενες οικονομίες;

  Jan Kregel
  Abstract

  Η πολιτική απάντηση του αναπτυγμένου κόσμου στην πρόσφατη χρηματοπιστωτική κρίση προκάλεσε την αντίδραση της κυβέρνησης της Βραζιλίας, η οποία έκανε λόγο για κίνδυνο νομισματικών πολέμων, και έφερε την Ινδία στο…more

  Download Μονοσέλιδο No.48 PDF (249.07 KB)
• One-Pager No. 48
  February 11, 2015

  Can Reform of the International Financial Architecture Support Emerging Markets?

  Jan Kregel
  Abstract

  The developed world’s policy response to the recent financial crisis has produced complaints from Brazil of “currency wars” and calls from India for increased policy coordination and cooperation. Chinese officials have echoed the…more

  Download One-Pager No. 48 PDF (82.70 KB)
• Public Policy Brief No. 139
  February 11, 2015

  Emerging Market Economies and the Reform of the International Financial Architecture

  Jan Kregel
  Abstract

  Emerging market economies are taking an ill-targeted and far too limited approach to addressing their ongoing problems with the international financial system, according to Senior Scholar Jan Kregel. In this…more

  Download Public Policy Brief No. 139, 2015 PDF (202.84 KB)
• Working Paper No. 833
  February 11, 2015

  Emerging Markets and the International Financial Architecture

  Jan Kregel
  Abstract

  If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the…more

  Download Working Paper No. 833 PDF (330.16 KB)