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Daily Archives: April 7, 2013

Recovering from the Global Financial Crisis: Achieving Financial Stability in Times of Uncertainty

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Ojo, Marianne, Recovering from the Global Financial Crisis: Achieving Financial Stability in Times of Uncertainty (April 4, 2013). Business Expert Press, June 2013. Available at SSRN

  • “Why are some global financial crises more difficult to recover from and overcome than others? What steps are necessary in ensuring that financial stability and recovery is facilitated? What kind of environment has the previous financial environment evolved to and what kind of financial products have also contributed to greater vulnerability in the triggering of systemic risks? These are amongst some of the questions which this book attempts to address. In highlighting the role and importance of various actors in post crises reforms and the huge impacts certain factors and products have contributed in exacerbating the magnitude and speed of transmission of financial contagion, it also provides an insight into why global financial crises have become more complicated to address than was previously the case. As well as considering and highlighting why matters related to pro cyclicality and capital measures should not constitute the sole focus of attention of the G20’s initiatives, the book is aimed at identifying other important issues such as liquidity risks and requirements which have constituted, to a large extent, the focus of international standard setters and regulators. It also aims to direct regulators, central bank officials and supervisors, academics, business and legal professionals and other relevant interested parties in the field to current and previously ignored issues such as the “cartelisation” of capital markets. The need and concern for increased regulation of bond, equity markets, as well as other complex financial instruments which can be traded in OTC (Over-the-Counter) derivatives markets is evidenced by Basel III’s focus. “Cartelisation” and organised activities relating to rate rigging in global capital markets have been evidenced recently by sophisticated EURIBOR and LIBOR rate rigging practices and occurences.”

    • "Leaning Against the Wind" and the Timing of Monetary Policy

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    “Leaning Against the Wind” and the Timing of Monetary Policy, by Itai Agur, Maria Demertzis. April 03, 2013 “If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction… Continue Reading

    IMF – Jobs and Growth – Analytical and Operational Considerations for the Fund

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    IMF Report: “Job creation and growth with inclusion are imperatives that resonate today in every country. While some advanced countries face the challenge of supporting aggregate demand with limited fiscal space in the aftermath of the Great Recession, many countries have to address ways to generate growth and create jobs in the face of the… Continue Reading

    Does Auditor 'Commentary' in Unqualified Audit Reports Reflect Financial Misstatement Risk?

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    Czerney, Keith, Schmidt, Jaime J. and Thompson, Anne, Does Auditor ‘Commentary’ in Unqualified Audit Reports Reflect Financial Misstatement Risk? (April 1, 2013). Available at SSRN “According to auditing standards, explanatory language added at the auditor’s discretion to unqualified audit reports should not indicate increased financial misstatement risk. However, in practice, an auditor is unlikely to… Continue Reading

    IRS Releases the Dirty Dozen Tax Scams for 2013

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    News release: “The Internal Revenue Service…issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams… Continue Reading

    Working Paper – Italian Sovereign Spreads

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    Italian Sovereign Spreads: Their Determinants and Pass-through to Bank Funding Costs and Lending Conditions, by Edda Zoli, April 03, 2013 “Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect… Continue Reading