Publication Details

Special Report

Fixing the Pensions Crisis: Ensuring Lifetime Financial Security

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Author(s): G30 Working Group on Pension Funds
Year: 2019
Pages: 112
ISBN: 1-56708-177-0

This report highlights the challenges of a fundamentally changed environment: a combination of rising life expectancy and decreasing birth rates in recent decades, slower economic growth, and much diminished expected returns on pension fund investments. It identifies a brewing crisis in pensions across a range of countries, with projected resources falling far short of promised retirement benefits. The report also presents the policy choices that have to be addressed so that people can be assured of adequate lifetime financial security - such that they can meet essential living expenses and maintain the standards of living they expect in their retirement years.

The G30 report highlights the basic problem: people cannot save the same amounts during their working years as they do currently, retire at the same age, and still receive the same retirement payouts as today, unless they or future generations pay additional taxes.

To read the full press release on the report, please click here.

To watch the press launch with project chair Adair Turner and steering committee member Gerd Häusler, please click here.

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Occasional Paper

Pull, Push, Pipes: Sustainable Capital Flows for a New World Order

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Author(s): Mark Carney
Year: 2019
Pages: 44
ISBN: 1-56708-176-2

In this Occasional Paper, Governor Mark Carney of the Bank of England argues that capital flow volatility is rising because of the fundamental asymmetry in the international monetary financial system and the rapid rise of market-based finance. The paper explains why the conventional wisdom for emerging markets to ‘keep their house in order’ is no longer sufficient to achieve sustainable capital flows and why all countries must play a role.

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Occasional Paper

Is This the Beginning of the End of Central Bank Independence?

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Author(s): Kenneth Rogoff
Year: 2019
Pages: 40
ISBN: 1-56708-175-4

This Occasional Paper is adapted from a speech delivered by Kenneth Rogoff at the 2019 G30 Occasional Lecture. The paper discusses the importance of central bank independence and recent trends which may undermine it. To watch a video recording of Dr. Rogoff's speech, click here.

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Special Report

Banking Conduct and Culture: A Permanent Mindset Change

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Author(s): G30 Working Group
Year: 2018
Pages: 62
ISBN: 1-56708-174-6

Ten years after the onset of the global financial crisis, the banking industry has made significant efforts to understand and improve the culture of their firms, and scrutinize employee conduct. In this context, the Group of Thirty (G30) Banking Conduct and Culture Working Group has published the report, Banking Conduct and Culture: A Permanent Mindset Change, that focuses on two fundamental questions: 1.) “How much progress has been made in the 10 years since the global financial crisis, and particularly since the G30 released its first report on banking conduct and culture in 2015?,” and 2.)“Where do we go from here?” The new report examines the progress banks have made since the 2015 report; shares findings gleaned from interviews with over 50 financial sector leaders; and reiterates guidance on the areas where additional efforts and attention are still required.

To watch the press launch with project chair William Rhodes, vice chairs Gail Kelly and David Walker, and steering committee member Gerd Häusler, please click here.

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Special Report

Managing the Next Financial Crisis: An Assessment of Emergency Arrangements in the Major Economies

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Author(s): G30 Working Group
Year: 2018
Pages: 49
ISBN: 1-56708-173-8

This study examines the emergency mechanisms and authorities available across the major economies to help manage future financial crises. The study asks whether changes to the mechanisms and authorities made since the 2007-08 global financial crisis have made the major economies safer and more able to address future crises.

The extensive post-crisis reforms, including substantially more conservative capital and liquidity regulations, will help create more stable and resilient financial systems in the major economies. The reforms also provide promising new tools for resolution and restructuring. However, the study identifies serious challenges that remain. The new prudential safeguards have not been fully implemented. They are also not comprehensive in scope, focusing primarily on the traditional banking sector and less on the range of other financial institutions and sources of credit that are so important in many financial systems, and that were such critical points of weakness in the last crisis. Further, some central banks have a diminished ability to respond swiftyly and effectively to a financial crisis of systemic nature.

To watch the press launch with project chairs Timothy Geithner and Guillermo Ortiz and vice chair Axel Weber, please click here.

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Other

Annual Report 2016-2017

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Author(s):
Year: 2018
Pages: 64
ISBN:

Previous Annual Reports dating back to 2006-2007 are available upon request.

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Special Report

Shadow Banking and Capital Markets: Risks and Opportunities

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Author(s): G30 Working Group
Year: 2016
Pages: 58
ISBN: 1-56708-170-3

This study examines the proliferation of financial nonbank credit intermediation, also known as shadow banking. The study notes that unregulated or imperfectly regulated shadow banking activities, particularly those in China, undermines financial stability by way of unregulated banking structures that share similarities to the banking structures that led to the 2007-08 financial crisis in advanced economies. The study offers a series of specific policy recommendations that would identify and lower risk, with a particular focus on how credit is delivered to small and medium enterprises.  

To download a comprehensive summary of the report in Mandarin, please click here

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Occasional Paper

Thoughts on Monetary Policy: A European Perspective

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Author(s): de Larosière, Jacques
Year: 2016
Pages: 47
ISBN: ISBN 1-56708-171-1

In this paper, Jacques de Larosière discusses the role of monetary policy in the financial system, particularly analysing the monetary policy decisions in the Eurozone after the 2007-08 global financial crisis.

He specifically examines the question of how well suited various unconventional monetary policies are suited to the Eurozone, and comes to the conclusions that the conditions that explain the success of unconventional monetary policies in the United States are not necessarily transferable to Europe and that the present market volatility in Europe is related to these policies.

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Occasional Paper

Oil and the Global Economy

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Author(s): Al-Hamad, Abdlatif; Verleger, Philip Jr.
Year: 2016
Pages: 55
ISBN: 1-56708-172-X

This publication discusses the oil industry with contributions from two perspectives. Al-Hamad discusses the many challenges facing the oil industry in the Middle East and North Africa (MENA), arguing that the current price cycle has highlighted the dependency of oil-exporting nations on the commodity as they now struggle to balance their budgets to fund social spending and transfers.
 
On the oil industry as a whole, Verleger argues that the major oil firms are economically ossified. He discusses three forces that he believes “threaten to permanently transform the oil industry” and argues that “technical change, shifts in consumer preferences, and innovation” will change the business models, strategies, and long-term prospects of the oil industry.

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Occasional Paper

Financial Stability Governance Today: A Job Half Done

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Author(s): Large, Sir Andrew
Year: 2015
Pages: 59
ISBN: 1-56708-169-X

The Group of Thirty today released Financial Stability Governance Today: A Job Half Done by Sir Andrew Large, former Deputy Governor of the Bank of England. The paper addresses challenges facing the supervisors and other policymakers. It lays out a series of steps that constitute collectively a way forward, and which would help ensure policy makers’ financial stability goals are met.

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Special Report

A New Paradigm: Financial Institution Boards and Supervisors

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Author(s): G30 Working Group
Year: 2013
Pages: 64
ISBN: 1-56708-163-0

In reaction to the 2012 G30 publication, Toward Effective Governance of Financial Institutions, the supervisory and Financial Stability Board community urged the G30 to provide additional insights into how interactions between boards and supervisors could be enhanced. This report finds that it is time to establish a new paradigm for this interaction, built on mutual trust and transparency so supervisors and boards are better able to fulfill their responsibilities.

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Occasional Paper

How Poland’s EU Membership Helped Transform its Economy

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Author(s): Belka, Marek
Year: 2013
Pages: 80
ISBN: 1-56708-162-2

This publication reviews selcted issues related to European integration from the viewpoint of Poland, the largest of the new EU member states.

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Occasional Paper

Debt, Money and Mephistopheles: How Do We Get Out of This Mess?

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Author(s): Turner, Adair
Year: 2013
Pages: 80
ISBN: 1-56708-161-4

This publication examines the causes of the financial crisis and post crisis recession and possible solutions going forward..

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Special Report

Long-Term Finance and Economic Growth

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Author(s): G30 Working Group
Year: 2013
Pages: 75
ISBN: 1-56708-160-6

The report examines critical constraints on the supply of long-term finance and calls for reforms that can strengthen the flow of capital into long-term investments by governments, institutional and individual investors. This report underscores the need for international and national financial regulatory bodies to develop new approaches that can ensure that investors are better able to take a long-term horizon in their investment decisions.

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Occasional Paper

A Self-Inflicted Crisis: Design and Management Failures Leading to the Eurozone Crisis

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Author(s): de la Dehesa, Guillermo
Year: 2012
Pages: 72
ISBN: 1-56708-159-2

This publication examines the design and management failures that contributed to the economic crisis facing the eurozone.

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Occasional Paper

Policies for Stabilization and Growth in Small Very Open Economies

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Author(s): Worrell, DeLisle
Year: 2012
Pages: 28
ISBN: 1-56708-158-4

This publication examines small very open economies and their need for specific policy responses that differ from those of large economies.

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Occasional Paper

The Long-term Outlook for the European Project and the Single Currency

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Author(s): de Larosiere, Jacques
Year: 2012
Pages: 36
ISBN: 1-56708-157-6

This publication examines short-term and long-term solutions to ensure the future outlook of the European single currency.

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Special Report

Toward Effective Governance of Financial Institutions

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Author(s): G30 Working Group
Year: 2012
Pages: 92
ISBN: 1-56708-156-8

Drawing lessons from the financial crisis, the G30 calls on boards of directors of financial institutions to do far more to strengthen governance. The report stresses that values influence the behavior of those with governance responsibilities and the key to reform is to promote changes in the ways in which these individuals think about their responsibilities.

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Other

Three Years Later: Unfinished Business in Financial Reform

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Author(s): Volcker, Paul
Year: 2011
Pages: 34
ISBN: 1-56708-155-X

This publication is a speech given by Paul Volcker in the fall of 2011.

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Occasional Paper

Macroprudential Policy: Addressing the Things We Don’t Know

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Author(s): Clark, Alastair; Large, Sir Andrew
Year: 2011
Pages: 60
ISBN: 1-56708-154-1

This publication outlines ten chief considerations that remain as national authorities address macroprudential policy.

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Occasional Paper

The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge

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Author(s): Russo, Thomas A.; Katzel, Aaron J.
Year: 2011
Pages: 143
ISBN: I-56708-15303

This paper examines the recent developments in the 2008 Financial Crisis, including the causes, responses, and the future outlook for the United States.

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Other

It's Not Over 'Til It's Over: Leadership and Financial Regulation

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Author(s): Hoenig, Thomas M.
Year: 2011
Pages: 22
ISBN: 1-56708-151-7

Thomas M. Hoenig discusses the key issues confronting regulators with respect to financial regulation and its implementation.

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Occasional Paper

Regulatory Reforms and Remaining Challenges

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Author(s): Carney, Mark; Tucker, Paul; Hildebrand, Philipp; de Larosière, Jacques; Dudley, William; Turner, Adair; Ferguson, Roger W., Jr.
Year: 2011
Pages: 68
ISBN: 1-56708-152-5

Regulatory Reforms and Remaining Challenges is an occasional paper reflecting seven separate but interconnected presentations on the strengths and challenges to macroprudential oversight and various facets of the Basel III reform. These were delivered at the 64th plenary meeting of the Group of Thirty, held December 2-4, 2010 at the Federal Reserve Bank of New York.

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Occasional Paper

Twelve Market and Government Failures Leading to the 2008-09 Financial Crisis

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Author(s): de la Dehesa, Guillermo
Year: 2010
Pages: 55
ISBN: 1-56708-149-5

The paper, authored by Guillermo de la Dehesa, discusses twelve serious failures leading up to the recent financial crisis and how they led to instances of moral hazard, adverse selection and contagion, among others.   Decision-makers have not only been unable to handle these situations, but in many ways, they have contributed to their perpetuity. The analysis and discussion in this paper aim to assist the ongoing debate surrounding financial reform.

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Special Report

Enhancing Financial Stability and Resilience: Macroprudential Policy, Tools and Systems for the Future

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Author(s): Working Group on Macroprudential Policy
Year: 2010
Pages: 92
ISBN: 1-56708-150-9

The report calls on public officials to empower systemic financial regulators with new tools to enhance economic stability and potentially lessen the severity of future economic crises. These tools would address leverage, liquidity, credit and supervision. The report underscores the fact that while policy action may be difficult and controversial, robust action is necessary.

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Special Report

Financial Reform: A Framework for Financial Stability

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Author(s): Working Group on Financial Stability
Year: 2009
Pages: 80
ISBN: 1-56708-146-0

The report addresses flaws in the global financial system and provides 18 specific recommendations to: improve supervisory systems by redefining the scope, boundaries, and structure of prudential regulation; enhance the role of the central banks; improve governance practices and risk management; address pro-cyclicality via capital and liquidity standards; enhance accounting practices; strengthen the financial infrastructure; and increase coordination internationally.

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Occasional Paper

Lessons Learned from Previous Banking Crises: Sweden, Japan, Spain, and Mexico

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Author(s): Ingves, Stefan; Lind, Goran; Shirakawa, Masaaki; Caruana, Jaime; Ortiz Martinez, Guilllermo
Year: 2009
Pages: 64
ISBN: 1-56708-147-9

Respected authorities from Sweden, Japan, Spain, and Mexico describe past banking crises in their countries and how they were able to address the problems. This paper serves as a useful reference point when considering current policy proposals to countering the global financial crisis.

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Special Report

Reform of the International Monetary Fund

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Author(s): Working Group on IMF Reform
Year: 2009
Pages: 56
ISBN: 1-56708-142-8

This G30 report underscores the need for reform of the International Monetary Fund and offers a number of recommendations on governance, resources, surveillance, and international coordination within the Fund.

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Other

The Credit Crisis: The Quest for Stability and Reform

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Author(s): Corrigan, E. Gerald
Year: 2008
Pages: 23
ISBN: 1-56708-145-2

Veteran financial participant Gerald Corrigan outlines the causes of the current financial crises and suggests solutions for moving forward.  Key causes of the crisis include too much liquidity in the financial system as well as poorly priced risk.  As the global economy de-leverages and risk adjustments take place, the economy will begin to recover, but at a much slower pace than policymakers wish.  Corrigan suggests that across the world, governments consider injecting capital into key financial institutions, as well as discuss the possibility of further fiscal stimuli.

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Occasional Paper

Credit Crunch: Where Do We Stand?

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Author(s): Russo, Thomas A.
Year: 2008
Pages: 32
ISBN: 1-56708-140-1

Russo explains interrelated forces that converged to create the current credit crunch. Russo looks at how US consumers find themselves increasingly levered, unnerved by a declining housing market, and unable to borrow from their homes to finance consumption.. The paper tackles the role of liquidity, asking whether we are in the midst of a global liquidity bubble contributing to excess valuations of certain assets. Finally, Mr. Russo comes full circle to the U.S. financial “crisis” where bank balance sheets are backing up with assets, potentially further reducing credit creation, further pinching the consumer.

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Occasional Paper

Distorting the Micro to Embellish the Macro: The Case of Argentina

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Author(s): Cavallo, Domingo; Cottani, Joaquin
Year: 2008
Pages: 33
ISBN: 1-56708-141-X

In this extremely timely paper, Cavallo and Cottani discuss the fallibility of Argentina’s “New Economic Paradigm” and the reasons for its longevity. The authors address the use of real exchange rate targeting (RERT), a mix of policies to manage the real exchange rate (RER) at a low level that aims to promote exports and reduce the vulnerability of the economy to future crises, and the extent to which this has been effective. The authors analyze whether Argentina has succeeded in this drive to deliver a stable low real exchange rate or whether, to the contrary, the policies required to keep the RER down significantly distort other aspects of the micro-economy to an extent that it is not a sensible option.

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Occasional Paper

The G30 at Thirty

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Author(s): Kenen, Peter B.
Year: 2008
Pages: 40
ISBN: 1-56708-143-6

Founding Member of the Group of Thirty, Peter Kenen provides a memoir of his experiences with the Group.  He describes a valuable short history of the events leading up to the formation of the Group, as well as the decades that transpired since.  Professor Kenen highlights the major reports, as well as the institutional changes that occurred over the years.  Kenen’s work provides a unique perspective of an organization that has meant so much to him.

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Other

Lessons Learned from the 2008 Financial Crisis

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Author(s): Ludwig, Eugene A.
Year: 2008
Pages: 32
ISBN: 1-56708-144-4

Eugene A. Ludwig outlines seventeen lessons that policymakers can take from the current global economic crisis.  In addition, he provides suggested improvements for the global regulatory structure, including adopting universal standards, increased transparency, and regulatory consolidation.  Ludwig concludes by noting that sound supervision is critical to the financial structure, and it can alleviate many problems in which central banks will have to contend.

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Special Report

The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace

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Author(s): Working Group on Financial Supervision
Year: 2008
Pages: 249
ISBN: 1-56708-142-8

This G30 special report compares and analyzes different approaches taken in financial regulation, revealing the advantages and challenges of supervisory structures in seventeen markets. It is the first time a review of regulatory systems of this magnitude has been conducted, as it surveys the history, statutory and non-statutory elements, methods of coordination and enforcement, and current issues of each market's financial supervisory system.

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Occasional Paper

The Achievements and Challenges of European Union Integration and Its Implications for the United States

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Author(s): Larosiere, Jacques de
Year: 2007
Pages: 25
ISBN: 1-56708-138-x

In this occasional paper, Jacques de Larosiere assesses the topic of the achievements and challenges of European Union financial integration and their implications for the United States. The paper discusses the growing importance of the European market in financial services, analyzes the inadequate present level of integration of those same financial markets, reviews how these problems can be addressed, and looks at long-term implications of European Union financial integration for the United States.

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Occasional Paper

Banking, Financial, and Regulatory Reform

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Author(s): Mingkang, Liu; Ferguson, Roger; Ortiz Martinez, Guillermo
Year: 2007
Pages: 32
ISBN: 1-56708-139-8

This occasional paper presents three speeches on banking, financial, and regulatory reform, delivered at the 57th plenary session of the Group of Thirty, held in Hangzhou, China, April 2007. Mr. Liu Mingkang addresses banking reform in China and presents necessary elements of successful reform. Mr. Roger Ferguson analyzes the trinity of regulatory reform confronting the G10 economies: regulatory approach, regulatory convergence, and regulatory impact. Mr. Guillermo Ortiz draws lessons from the Mexican experience since the late 1990s and discusses the country's new financial challenges.

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Occasional Paper

Nine Common Misconceptions About Competitiveness and Globalization

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Author(s): de la Dehesa, Guillermo
Year: 2007
Pages: 48
ISBN: 1-56708-137-1

In this occasional paper by Guillermo de la Dehesa of the Centre for Economic Policy Research in London, the key misconceptions about the nature of competitiveness, globalization, and free trade rebuffed. Dehesa maintains the arguments made by opponents in developed and developing countries are based on various misconceptions and he addresses each of them in turn.

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Special Report

Global Clearing and Settlement: Final Monitoring Report

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Author(s): G30 Working Group
Year: 2006
Pages: 52
ISBN: 1-56708-133-9

This final report presents the assessment by the Group of Thirty’s Global Monitoring Committee of developments in the clearing and settlement arena since the publication of the G30 report, Global Clearing and Settlement: A Plan of Action, in January 2003. The report identifies places where progress is being made as well as areas where little or no progress is apparent.  The G30 concludes that a great deal has already been achieved, but many recommendations require further work.  The report notes that the clearing and settlement objectives and goals set out only three years ago remain achievable and, in many cases, are already being progressively implemented.  It underscores that the improved infrastructure that would result from full implementation of the G30 recommendations would help enhance confidence in the markets themselves and ensure that the vision of a safer, more efficient global clearing and settlement system can be brought to fruition.

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Occasional Paper

International Currencies and National Monetary Policies

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Author(s): Eichengreen, Barry
Year: 2006
Pages: 54
ISBN: 1-56708-136-3

The paper argues that neither theory nor evidence supports the argument that if entities active in the economy, including but not limited to internationally active firms, use international currencies in domestic actions then it will be difficult for central banks to use domestic instruments to achieve monetary policy targets.

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Occasional Paper

The International Role of the Dollar and Trade Balance Adjustment

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Author(s): Goldberg, Linda; Tulle, Cédric
Year: 2006
Pages: 46
ISBN: 1-56708-135-5

With the ongoing debate on the strength of the exchange rate instrument in trade-balance adjustment, this paper argues that attention should be paid to the special international role of the dollar as a vehicle currency and as a unit of currency.

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Occasional Paper

Reinsurance and International Financial Markets

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Author(s): Working Group on Reinsurance
Year: 2006
Pages: 115
ISBN: 1-56708-132-0

Reinsurance and International Financial Markets to highlight a number of major issues which have arisen as new players enter the international markets on a substantial scale. Financial activities formerly undertaken in the separate worlds of banking, securities and insurance today increasingly overlap. Just as dividing lines between commercial and investment banking have become blurred in recent decades, the evolution of derivatives markets has shifted a range of financial risks into the capital markets. The result is that non-bank financial institutions, including reinsurance companies, now play an increasingly important part in the overall redistribution of risk.

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Other

Two Cheers for Financial Stability

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Author(s): Davies, Howard
Year: 2006
Pages: 34
ISBN: 1-56708-134-7

Howard Davies reflects on the term "Financial Stability" discussing its meaning and what is done or should be done to achieve it.

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Occasional Paper

The Critical Mission of the European Stability Growth Pact

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Author(s): de Larosiere, Jacques
Year: 2004
Pages: 51
ISBN: 1-56708-130-4

In November 2003, the French and German fiscal positions shook the norms set out in the Maastricht Treaty and the Stability Growth Pact. Their respective fiscal policies deviated substantially from the budget deficit guidelines set out in the pact. Euro-skeptic commentators, many of whom had earlier denounced the European budgetary rules as arbitrary and even harmful, harshly criticized France and Germany for their policies. The author tries to answer the following questions that have arisen from this debate: Are the budgetary slippages observed in France and Germany serious? Are the fiscal guidelines contained in the Maastricht Treaty and the Stability Growth adequate? Is the European Monetary Union fiscal constraint an exception to the generally accepted policy norms?

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Special Report

Enhancing Public Confidence in Financial Reporting

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Author(s): Working Group on Accounting
Year: 2004
Pages: 64
ISBN: 1-56708-127-4

Drawing upon the recent experience of corporate financial management and reporting scandals, this report assesses the role of accounting systems and policy in the management process, explores the limitations of present approaches, and proposes a set of best practices for governance and financial reporting intended to address weaknesses in these areas.

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Occasional Paper

External Transparency in Trade Policy

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Author(s): Ostry, Sylvia
Year: 2004
Pages: 42
ISBN: 1-56708-128-2

This paper focuses on trade policy-making at the national level and its implications for the future of the World Trade Organization. It provides a brief review of changes arising from the Uruguay Round of trade negotiations and their unintended consequences; highlights the changing political economy of trade policy; and offers a proposal for enhancing WTO external transparency.

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Occasional Paper

Is it Possible to Preserve the European Social Model?

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Author(s): de la Dehesa, Guillermo
Year: 2004
Pages: 33
ISBN: 1-56708-129-0

In the wake of the European Union's (EU) slow growth rate, several questions have arisen regarding the EU's welfare state. Demographic projections suggest that if the EU is to preserve its current social model, the EU may have to undertake certain reforms to improve its long run growth rate. The author addresses whether these reforms are compatible with full preservation of the current welfare state, and if not, whether it is possible to make the necessary reforms while preserving the welfare state's key elements.

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Report

Sharing the Gains from Trade: Reviving the Doha Round

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Author(s): G30 Working Group
Year: 2004
Pages: 77
ISBN: 1-56708-131-2

Today the Doha Round negotiations are stalled. This report argues strongly that the Doha Round and its Development Agenda (DDA) should be revived and energized. The report is structured as follows: It gives an overview of the potential benefits from global trade liberalization and what the WTO can do to help, followed by the current status of the international trading environment, leading into the Doha Agenda, its origins, and the specific issues which comprise it, ending with where the international trading system and trade round lie after the failure of the Cancún Ministerial, where they would lie if the DDA failed altogether, and what would remain to be done even if it were successful.

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Occasional Paper

American Capitalism and Global Convergence

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Author(s): Whitman, Marina V. N.
Year: 2003
Pages: 42
ISBN: 1-56708-126-6

This paper discusses three varieties of capitalism – American or Anglo-Saxon capitalism, social-market capitalism as seen in Germany and the producer-oriented or mercantilist capitalism that exists in Japan – and the market pressures they face for global convergence toward the American model.

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Special Report

Global Clearing and Settlement: A Plan of Action

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Author(s): G30 Working Group
Year: 2003
Pages: 137
ISBN: 1-56708-125-8

Twenty recommendations that constitute a plan of action for global clearing and settlement. The plan reflects the aspirations of market participants, gives direction to work that is already under way, and proposes specific guidance for tackling new areas.

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Other

Implications of Basel II for Emerging Market Countries

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Author(s): Fischer, Stanley
Year: 2003
Pages: 38
ISBN: 1-56708-124-X

In the continuing William Taylor Lecture Series, Stanley Fischer examines the implications of the Basel II aggreement, paying specific attention to the agreement's effects on the emerging market economies of the world.

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Other

Issues in Corporate Governance

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Author(s): McDonough, William J.
Year: 2003
Pages: 38
ISBN: 1-56708-124-X

This lecture focuses on elements that make for a sound banking and financial system including sound leadership at the firm level, strong prudential regulation and supervision, and effective market discipline. The lecture also covers the quality and integrity of information available to the markets.

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Occasional Paper

Enron et al: Market Forces in Disarray

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Author(s): Caruana, Jaime; Crockett, Andrew; Flint, Douglas; Harris, Trevor; Jones, Tom
Year: 2002
Pages: 61
ISBN: 1-56708-122-3

Using Enron as a focal point, the presenters explore the challenges posed by failures of financial reporting and address some fundamental concerns about future of accounting.

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Report

Key Issues in Sovereign Debt Restructuring

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Author(s): G30 Working Group
Year: 2002
Pages: 35
ISBN: 1-56708-123-1

Over the past decade, dramatic changes in international capital markets--particularly the growth of bond financing--have not been matched by a corresponding evolution in procedures for restructuring sovereign debt. This report identifies key issues in sovereign debt restructuring that must be addressed to strengthen the process.

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Occasional Paper

Venture Capital in the United States and Europe

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Author(s): de la Dehesa, Guillermo
Year: 2002
Pages: 39
ISBN: 1-55708-120-7

This paper examines differences in the U.S. and the EU experience of raising and applying venture capital. It seeks to explain the reasons the EU lags behind the U.S. and the specific steps now being taken to close the gap.

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Occasional Paper

Explaining the Euro to a Washington Audience

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Author(s): Padoa-Schioppa, Tomasso
Year: 2001
Pages: 31
ISBN: 1-56708-119-3

An explanation of the challenges associated with the introduction of the euro, focusing on the workings of the European Central Bank. Addressed to a Washington audience, it compares and contrasts an economically and politically integrated US economy with that of the European Union, explaining the challenges the EU faces because it is far from a full political union.

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Other

Post Crisis Asia: The Way Forward

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Author(s): Lee Hsien Loong
Year: 2001
Pages: 33
ISBN: 1-56708-118-5

Drawing upon Singapore's experience in dealing with financial turbulence, the lecture discusses how attitudes toward globalization have shifted in light of the 1997 Asian crisis. It considers the challenges Asian economies face in remedying their weaknesses uncovered, and explains Singapore's efforts to reform and liberalize the financial sector so as to benefit from globalization while protecting against future mishaps.

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Report

Collapse: The Venezuelan Banking Crisis of 1994

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Author(s): de Krivoy, Ruth
Year: 2000
Pages: 276
ISBN: 1-56708-113-4

A personal and detailed account by the central bank President of the collapse of a banking system. It is a story of willful blindness to looming crisis, personal courage the failure of political will, and the dangers for small economies when international events compound domestic policy errors.

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Occasional Paper

Decisionmaking for European Economic and Monetary Union

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Author(s): Hoffmeyer, Erik
Year: 2000
Pages: 42
ISBN: 1-56708-116-9

Provides a political analysis of the initiatives taken from 1969 onward to create a single currency in Europe, and describes how the monetary establishment reacted to them. It attempts to explain why, despite so many failed initiatives over the years, the effort finally produced the Maastricht Treaty of 1991 and the launch of the euro in 1999.

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Occasional Paper

Exchange Rate Regimes: Some Lessons from Postwar Europe

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Author(s): Wyplosz, Charles
Year: 2000
Pages: 49
ISBN: 1-56708-117-7

Revisits Europe's postwar experience with exchange rate regimes and commitment to coordination and eventually union. It argues that behind Europe's condition for exchange rate stability lies a widely shared belief that it is a precondition for trade integration and the only way to establish a level playing field for international competition.

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Other

Licensing Banks: Still Necessary?

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Author(s): Padoa-Schioppa, Tomasso
Year: 2000
Pages: 32
ISBN: 1-56708-114-2

Rather than relying on the market and self-regulation, the licensing principle for banks must be restated to take account of market developments but strengthened and implemented on a global scale to reduce systemic risk and ensure equality of competitive opportunity.

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Report

Reducing the Risks of International Insolvency

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Author(s): G30 Working Group
Year: 2000
Pages: 88
ISBN: 1-56708-115-0

The financial crises of the mid-1990s underscored the need for a global dialogue on the financial stakes presented by cross-border insolvencies. The Compendium is intended to be a complete and accurate portrait of the ongoing efforts of major international financial institutions and organizations, both public and private, in the area of insolvency reform.

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Occasional Paper

Charting a Course for the Multilateral Trading System: The Seattle Ministerial Meeting and Beyond

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Author(s): Preeg, Ernest
Year: 1999
Pages: 42
ISBN: 1-56708-111-8

After fifty years of expanding trade and investment, doubts have arisen whether an ambitious agenda of trade liberalization in a time of rapid economic globalization remains a mutual interest. This is the underlying issue confronting the WTO as trade ministers contemplate the launch of a new multilateral round of trade negotiations.

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Report

The Evolving Corporation: Global Imperatives and National Responses

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Author(s): G30 Working Group
Year: 1999
Pages: 178
ISBN: 1-56708-112-6

A comparative study of the evolution of the large corporation in the United States, Japan, Germany and the United Kingdom, and an examination of how such corporations have been responding to a set of common global economic pressures.

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Occasional Paper

Exchange Rate Arrangements for the Emerging Market Economies

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Author(s): Larraín, Felipe; Velasco, Andrés
Year: 1999
Pages: 48
ISBN: 1-56708-110-X

This paper reviews the recent performance of alternative exchange rate arrangements in emerging markets, examines the concrete circumstances under which either a fixed or floating rate regime should be adopted, studies how to make flexibility work in practice, and focuses on the possible role of capital controls as a complementary policy.

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Occasional Paper

G3 Exchange Rate Relationships: A Recap of the Record and a Review of Proposals for Change

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Author(s): Clarida, Richard
Year: 1999
Pages: 46
ISBN: 1-56708-109-6

This paper examines exchange rate relationships among the G3 countries, recapping developments since the collapse of Bretton Woods, and analyzing recent proposals for changing the (ad hoc) way the G3 currently conducts exchange rate policy.

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Occasional Paper

Real Estate Booms and Banking Busts: An International Perspective

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Author(s): Herring, Richard; Wachter, Susan
Year: 1999
Pages: 80
ISBN: 1-56708-108-8

The paper explores why the collapse of real estate booms is so often linked to crises in banking systems, and offers lessons for financial stresses that arise in any low-frequency asset bubble.

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Other

Banking Supervision and Financial Stability

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Author(s): Crockett, Andrew
Year: 1998
Pages: 31
ISBN: 1-56708-107-X

The central theme of this lecture is the need to adapt the mechanisms for promoting financial stability to a world in which financial markets have become more open and global.

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Occasional Paper

The Future of Global Financial Regulation

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Author(s): Large, Sir Andrew
Year: 1998
Pages: 41
ISBN: 1-56708-106-1

Reviews regulatory experience in the major financial centers, examines the factors that are driving change in the system, and makes a number of predictions about the future shape of the financial system and supervisory approaches likely to emerge.

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Occasional Paper

International Insolvencies in the Financial Sector

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Author(s): G30 Working Group
Year: 1998
Pages: 170
ISBN: 1-56708-099-5

The Asian financial crisis has demonstrated the need for stronger national insolvency laws and heightened awareness of the dangers of cross-border insolvency. This report examines the issues surrounding cross-border insolvency in the financial sector, and makes recommendations for regulators, administrators, legislators and financial firms.

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Occasional Paper

Japan: The Road to Recovery

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Author(s): Mikuni, Akio
Year: 1998
Pages: 43
ISBN: 1-56708-104-5

This paper identifies several long-established economic policies of the Japanese system as having laid the foundations for today's current recession. Specific recommendations are made for addressing the market-distortions arising from such policies, and for cleaning up Japan's collapsing banking sector.

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Occasional Paper

Reinforcing the WTO

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Author(s): Ostry, Sylvia
Year: 1998
Pages: 37
ISBN: 1-56708-105-3

Examines the history of the GATT and the creation of the WTO, exploring the many new challenges posed by globalization that are drawing trade policy inside the borders of trading states, and points out a number of weaknesses that must be addressed if the future of a rulesbased trading system is to be assured.

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Occasional Paper

A New Regime for Foreign Direct Investment

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Author(s): Ostry, Sylvia
Year: 1997
Pages: 30
ISBN: 1-56708-102-9

The paper explores why no international regime exists for investment, then considers current developments that may launch comprehensive multilateral investment negotiations and the principles such negotiations should include.

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Occasional Paper

Financial Services in the Uruguay Round and the WTO

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Author(s): Key, Sydney J.
Year: 1997
Pages: 72
ISBN: 1-56708-103-7

This "primer"on negotiations for a financial services agreement in the WTO offers a brief history of the negotiations, discusses "market access"and "national treatment"and the difficulties of obtaining strong commitments to them, considers the options for achieving agreement in the current negotiating context and examines the role of the WTO in dealing with financial services beyond the current negotiations.

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Report

Global Institutions, National Supervision and Systemic Risk

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Author(s): G30 Working Group
Year: 1997
Pages: 62
ISBN: 1-56708-101-0

There is a growing gap between the operations of transnational financial institutions and global markets and the national systems of financial accounting, reporting and supervision on which they rely. To bridge that gap, globally active financial institutions should develop risk-management principles against which to evaluate their operations.

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Occasional Paper

Derivatives and Monetary Policy

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Author(s): Hausler, Gerd
Year: 1996
Pages: 28
ISBN: 1-56708-097-9

Although derivatives have been viewed only as a prudential issue for central banks, they have implications for the transmission of monetary policy and monetary targeting, and may provide new information and a powerful management tool for monetary policy.

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Other

Global Risk Management

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Author(s): Cartellieri, Ulrich; Greenspan, Alan
Year: 1996
Pages: 42
ISBN: 1-56708-098-7

A commercial banker and a central banker offer their perspectives on risk management at the 9th International Conference on Banking Supervisors.

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Occasional Paper

The Reform of Wholesale Payment Systems and its Impact on Financial Markets

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Author(s): Folkerts-Landau, David; Garber, Peter; Schoenmaker, Dirk
Year: 1996
Pages: 60
ISBN: 1-56708-096-0

Central banks are reducing systemic risk by reducing intra-day credit exposures in wholesale payment systems. However, this change will also reduce liquidity in financial markets and may shift payments into private payment systems and into dollar-denominated transactions.

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Occasional Paper

EMU Prospects

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Author(s): de la Dehesa, Guillermo; Kenen, Peter B.
Year: 1995
Pages: 40
ISBN: 1-56708-048-0

Two essays on the prospects for Economic and Monetary Union (EMU) in Europe.

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Occasional Paper

New Dimensions of Market Access

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Author(s): Ostry, Sylvia
Year: 1995
Pages: 32
ISBN: 1-56708-049-9

Deepening economic integration is generating friction between the US, European and Japanese economic systems and creating new challenges for trade policy.

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Occasional Paper

Capital, Asset Risk and Bank Failure

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Author(s): Hooks, Linda M.
Year: 1994
Pages: 32
ISBN: 1-56708-042-1

Hooks addresses the fact that since the risk of assets cannot be easily predicted, it is unwise to place too much reliance on capital standards that assume that it can be.

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Report

Defining the Roles of Accountants, Bankers, and Regulators in the United States

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Author(s): G30 Working Group
Year: 1994
Pages: 72
ISBN: 1-56708-095-2

Achieving better financial reporting at US banks with less duplication and expense will require basic changes in the working relationship between management, external auditors and bank supervisors.

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Special Report

Derivatives: Practices and Principles Appendix III: Survey of Industry Practice

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Author(s): Working Group on Global Derivatives
Year: 1994
Pages: 130
ISBN: 1-56708-093-6

The findings of a survey of industry practice on risk management are presented in a series of charts and tables on risk management practices and attitudes toward risk from eighty dealers and seventy end-users.

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Special Report

Derivatives: Practices and Principles: Follow-up Surveys of Industry Practice

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Author(s): Working Group on Global Derivatives
Year: 1994
Pages: 250
ISBN: 1-56708-047-2

The findings of a second survey of industry practice to asses changes in risk management practice since the release of the original study in 1993. Includes 99 treasury responses and other information on 125 dealers and 149 end-users.

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Occasional Paper

The Impact of Trade on OECD Labor Markets

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Author(s): Lawrence, Robert Z.
Year: 1994
Pages: 28
ISBN: 1-56708-041-3

Despite widespread concern that labor market problems in the industrial countries are imported, available evidence suggests that they are really homegrown.

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Occasional Paper

In Search of a Level Playing Field: The Implementation of the Basle Capital Accord in Japan and the United States

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Author(s): Scott, Hal S.; Iwahara, Shinsaku
Year: 1994
Pages: 86
ISBN: 1-56708-043-X

Although one objective of the Basle Accord was to diminish competitive inequality among banks arising from differences in national capital standards, the Accord has not significantly leveled the playing field between US and Japanese banks because of differences in safety net policies, national accounting and tax rules and approaches to bank regulation.

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Report

Latin American Capital Flows: Living with Volatility

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Author(s): G30 Working Group
Year: 1994
Pages: 124
ISBN: 1-56708-046-4

A discussion of the scale and nature of capital flows. The report examines issues that inflows create, directions in which policy might go, and recommendations of the Study Group, primarily for the governments of Latin America, but also for industrial country governments.

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Occasional Paper

Thirty Years in Central Banking

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Author(s): Hoffmeyer, Erik
Year: 1994
Pages: 42
ISBN: 1-56708-044-8

A collection of five speeches made by Governor Hoffmeyer on his experience as a central banker. Topics include a broad sweep of recent economic history and the evolution of his thinking on European economic integration.

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Special Report

Derivatives: Practices and Principles, Appendix I: Working Papers

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Author(s): Working Group on Global Derivatives
Year: 1993
Pages: 140
ISBN: 1-56708-091-X

A comprehensive study of derivatives and derivatives markets drawn from the experience of Market participants, with recommendations designed to help dealers and end-users better manage the risks of derivatives activities. Six working papers that detail the recommendations and the analysis behind them on: valuation and market risk; credit risk; enforceability; systems operations and controls; accounting and reporting; and systemic issues.

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Special Report

Derivatives: Practices and Principles, Appendix II: Legal Enforceability, A Survey of Nine Jurisdictions

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Author(s): Working Group on Global Derivatives
Year: 1993
Pages: 313
ISBN: 1-56708-092-8

A comprehensive study of derivatives and derivatives markets drawn from the experience of Market participants, with recommendations designed to help dealers and end-users better manage the risks of derivatives activities. A compilation of legal memoranda on issues of enforceability in nine jurisdictions: Australia, Brazil, Canada, England, France, Germany, Japan, Singapore and the U.S.

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Other

The Financial Disruptions of the 1980s: A Central Banker Looks Back

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Author(s): Corrigan, E. Gerald
Year: 1993
Pages: 20
ISBN: 1-56708-039-1

While unprecedented public action prevented a systemic crisis in the 1980s, future financial stability requires that policymakers apply the lessons learned to new challenges looming in the 1990s.

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Occasional Paper

Global Derivatives: Public Sector Responses

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Author(s): Leach, James A.; McDonough, William J.; Mullins, David W.; Quinn, Brian
Year: 1993
Pages: 46
ISBN: 1-56708-040-5

Responses to the study "Derivatives: Practices and Principles"published by the Group of Thirty including speeches by: James Leach, Ranking Minority Member of the House Banking Committee; William McDonough, President of the Federal Reserve Bank of New York; David Mullins, Vice Chairman of the Federal Reserve Board; and Brian Quinn, Director of the Bank of England.

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Occasional Paper

The Ten Commandments of Systemic Reform

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Author(s): Klaus, Vaclav
Year: 1993
Pages: 14
ISBN: 1-56708-094-4

Basic economic and political lessons learned from the first three years of the Czech Republic's "Velvet Revolution."

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Occasional Paper

The Threat of Managed Trade to Transforming Economies

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Author(s): Ostry, Sylvia
Year: 1993
Pages: 48
ISBN: 1-56708-088-X

The economic transformation of Central and Eastern Europe could fall victim to protectionism without an initiative in the GATT.

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Occasional Paper

Tripolarism: Regional and Global Economic Cooperation

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Author(s): Padoa-Schioppa, Tomasso
Year: 1993
Pages: 30
ISBN: 1-56708-089-8

Achieving global prosperity in a time of systemic shocks and slow growth will require both regional integration and global economic cooperation.

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Occasional Paper

Are Foreign-Owned Subsidiaries Good for the United States?

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Author(s): Vernon, Raymond
Year: 1992
Pages: 33
ISBN: 1-56708-037-5

A leading authority on the subject reviews succinctly the limits of data and theory that face economists concerned with foreign direct investment. 

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Special Report

Clearance and Settlement Systems: Status Reports, Autumn 1992

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Author(s): G30 Working Group
Year: 1992
Pages: 300
ISBN: 1-56708-086-3

An ongoing examination of Clearing and Settlement Systems.

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Report

EMU After Maastricht

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Author(s): Kenen, Peter B.
Year: 1992
Pages: 123
ISBN: 1-56708-036-7

An authoritative and detailed assessment of the prospects for monetary union in the European Community. 

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Occasional Paper

EMU and the Regions

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Author(s): de la Dehesa, Guillermo; Krugman, Paul
Year: 1992
Pages: 66
ISBN: 1-56708-084-7

How the accidents of geography affect the development of different countries and regions as European Economic and Monetary Union progresses. 

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Occasional Paper

The New Trade Agenda

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Author(s): Feketekuty, Geza
Year: 1992
Pages: 30
ISBN: 1-56708-087-1

This selection explores the negotiating agenda for the 1990s and its expanding focus on environment, competition, investment and technology policies. 

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Report

Sea Changes in Latin America

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Author(s): Bianchi, Andres; Cavallo, Domingo
Year: 1992
Pages: 41
ISBN: 1-56708-080-4

Changes facing Latin America and the potential international implications are discussed by leading regional policy makers.

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