Ocampo et al. point out that capital market liberalization may exacerbate the market inefficiencies, increasing volatility and reducing the efficiency with which resources are allocated. Häusler et al. think that a strong banking system is likely to play a key role in facilitating the development of local securities and derivatives. Smith and Walter focus on the role of financial markets and their respective institutions and the fault-lines in the system that have come to light.
It has been well said that Paul A. Samuelson is the last great general economist -- never again will any one person make such foundational contributions to so many distinct areas of economics. Samuelson's attacks on error are not limited to engagements in the economics arena. He has upon occasion used the life works of other economists to discredit the widely held myth in the history of science that scientific productivity declines after a certain chronological age. Along with his foundational research and important directives on avoiding the paths of error, there are the characteristic Samuelsonian observations in the history of economic science. The extraordinary growth in size and scope of financial markets and financial institutions including the creation of the enormous national mo...
The current situation is demanding for Norwegian bank. Last autumn, the challenge was high liquidity risk. This has been alleviated through various actions by the authorities. Norwegian banks now face increased credit risk and the prospect of higher loan losses as the economic downturn affects their borrowers. Authorities the world over have taken extensive monetary and fiscal policy action to manage the financial crisis and limit the downturn in the real economy. There have also been specific measures to improve banks' equity and access to funding. In Norway, the steps taken to date have worked. Banks' access to long-term funding has improved. Both the swap arrangement for covered bonds, in which more and more banks are participating, and longer maturities for central bank loans are ma...
...Losses at financial institutions are rising (see Chart 1.1). The decline in equity ... between the real economy and financial markets abroad. To meet capital adequacy requirements and ...
The rabid pursuit of deregulation undermined confidence in the world's most successful con game: Wall Street. When the con collapsed, the banking, insurance and securities sectors were pulled into a vortex of mistrust. The failure of American International Group (AIG) and the fairytale "instruments" that the company sold to banks like so many magic beans was the fruit of deregulation. The AIG specialty of Credit Default Swaps was just like insurance, but they were not technically "insurance"; therefore, the company entered a netherworld bereft of oversight. Credit Default Swaps were synthetic on so many levels. The swaps were an insurance-LIKE transaction that fell outside of insurance regulation. The near-death experience that the financial sector entered in October 2008 should put an ...
...Institutions that were engaged in unsafe or unwise business pra...-balance to financial institutions and markets. If we do not learn from this experience we invite...
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