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«A VoxEU.org Report Macroeconomic Stability and Financial Regulation: Key Issues for the G20 Centre for Economic Policy Research (CEPR) Centre for ...»

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Macroeconomic

Stability and

Financial

Regulation:

Key Issues for the G20

Edited by Mathias Dewatripont, Xavier Freixas and

Richard Portes

A VoxEU.org Report

Macroeconomic Stability and

Financial Regulation:

Key Issues for the G20

Centre for Economic Policy Research (CEPR)

Centre for Economic Policy Research

2nd Floor

53-56 Great Sutton Street

London EC1V 0DG

UK

Tel: +44 (0)20 7183 8801

Fax: +44 (0)20 7183 8820

Email: cepr@cepr.org Website: www.cepr.org © Centre for Economic Policy Research 2009 Macroeconomic Stability and

Financial Regulation:

Key Issues for the G20

Edited by:

Mathias Dewatripont, Xavier Freixas and Richard Portes Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research is a network of over 700 Research Fellows and Affiliates, based primarily in European universities. The Centre coordinates the research activities of its Fellows and Affiliates and communicates the results to the public and private sectors.

CEPR is an entrepreneur, developing research initiatives with the producers, consumers and sponsors of research. Established in 1983, CEPR is a European economics research organization with uniquely wide-ranging scope and activities.

The Centre is pluralist and non-partisan, bringing economic research to bear on the analysis of medium- and long-run policy questions. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior review to its publications, and the Centre takes no institutional policy positions. The opinions expressed in this report are those of the authors and not those of the Centre for Economic Policy Research.

CEPR is a registered charity (No. 287287) and a company limited by guarantee and registered in England (No. 1727026). This publication has received financial support from the European Commission's Seventh Framework Programme for Research, through the Collaborative Project 'Politics, Economics and Global Governance: The European Dimensions' (Contract no. 217559).

Chair of the Board Guillermo de la Dehesa President Richard Portes Chief Executive Officer Stephen Yeo Research Director Mathias Dewatripont Policy Director Richard Baldwin About the Contributors Marco Becht is a Professor of Finance and Economics at Université Libre de Bruxelles, a Resident Fellow at ECARES at ULB, a Research Fellow of CEPR and the Executive Director of the European Corporate Governance Institute (ECGI). In 2003, he was Visiting Professor at the Saïd Business School, University of Oxford and in 2008 Max Schmidheiny Visiting Professor for Entrepreneurship and Risk at the University of St.

Gallen. He is a member of the Belgian Corporate Governance Commission and has given expert briefings to the Group of Economic Analysis of the President of the European Commission, the European Parliament, Alcatel, BP, EDF, the board of Andra AP Fonden, Securities Regulators, the OECD and the World Bank, among others.

Markus K. Brunnermeier is the Edwards S. Sanford Professor at Princeton University.

He is a member of the Department of Economics and affiliated with Princeton's Bendheim Center for Finance and the International Economics Section. He is also a research associate at CEPR, NBER and CESifo, and an academic consultant to the Federal Reserve Bank of New York. He was awarded his Ph.D. by the London School of Economics (LSE), where he was also affiliated with its Financial Markets Group. He is a Sloan Research Fellow, an associate editor of the American Economic Review, Journal of European Economic Association, Journal of Finance, Journal of Financial Intermediation and was previously on the editorial board of the Review of Financial Studies. His research spans economics and finance. He is primarily interested in studying financial crises and significant mispricings due to institutional frictions, strategic considerations, and behavioral trading. His research also explains why liquidity dries up when it is needed most and has important implications for risk management.

Willem Buiter is Professor of European Political Economy at the European Institute of the London School of Economics and Political Science and a CEPR Research Fellow.

He obtained his PhD in Economics from Yale in 1975. He has served as a member of the Monetary Policy Committee of the Bank of England, and as Chief Economist and Special Adviser to the President at the European Bank for Reconstruction and Development, and as Co-Director of the CEPR International Macroeconomics Programme. He has held academic appointments at Princeton University, the University of Bristol, Yale University and the University of Cambridge and has been a consultant and advisor to the International Monetary Fund, The World Bank, The Inter-American Development Bank, the EBRD, and the European Commission. Since 2005, he has served as an Advisor to Goldman Sachs International. He has published widely on subjects such as open economy macroeconomics, monetary and exchange rate theory, fiscal policy, social security, economic development and transition economies.

Mathias Dewatripont is Professor of Economics at the Université Libre de Bruxelles where he is Vice-President of the Solvay Brussels School of Economics and Management and a researcher at ECARES. He has been Research Director of CEPR as well as part-time Visiting Professor at MIT since 1998.He holds a Ph.D. in Economics





vMacroeconomic Stability and Financial Regulation: Key Issues for the G20

from Harvard University and was awarded the Francqui Prize in 1998 and the Yrjö Jahnsson medal in 2003. He has served as Managing Editor of The Review of Economic Studies and as was President of European Economic Association. He is a member of European Commission DG-Competition's Economic Advisory Group on Competition Policy and of European Commission President J.M. Barroso's Group of Economic Policy Analysis. His research covers the theory of incentives and organizations, with applications to banking and corporate finance as well as to transition economics. He is the author (with Jean Tirole) of The Prudential Regulation of Banks.

Xavier Freixas (Ph D. Toulouse 1978) is Professor at the Universitat Pompeu Fabra in Barcelona (Spain) and Research Fellow of CEPR. He is also Chairman of the Risk Based Regulation Program of the Global Association of Risk Professionals (GARP). He has published a number of papers in the main economic and finance journals (Journal of Financial Economics, Review of Financial Studies, Econometrica, Journal of Political Economy,…) and has been a consultant for the European Investment Bank, the New York Fed, the European Central Bank, the World Bank, the Interamerican Development Bank, MEFF and the European Investment Bank. He is Associate Editor of Journal of Financial Intermediation, Review of Finance, Journal of Banking and Finance and Journal of Financial Services Research. His research contributions deal with the issues of payment systems risk, contagion and the lender of last resort.

Stefan Gerlach is Professor of Monetary Economics at the Institute for Monetary and Financial Stability at the University of Frankfurt and a CEPR Research Fellow. He has served as Head of Secretariat to the Committee on the Global Financial System at the BIS, as Executive Director (Research) at the Hong Kong Monetary Authority and Director of the Hong Kong Institute for Monetary Research. He received his doctorate from the Graduate Institute of International Studies in Geneva in 1983, received tenure at Brandeis University, and has held visiting positions at Harvard and Brown Universities, and at the INSEAD. He has published some 50 articles and edited two books in the areas of monetary economics, international finance and financial stability. Much of his current research focuses on the role of asset prices in monetary policy. He is an External Member of the Monetary Policy Committee of the Bank of Mauritius.

Hendrik Hakenes is Professor of Financial Economics at the University of Hannover.

He received his doctorate from the University of Münster and has worked at the University of Mannheim, the Max Planck Institute in Bonn, and University of Minnesota (as a visiting scholar). His research focuses on risk management, banking regulation and systemic risk, and on reputation and market structure.

Takatoshi Ito is Professor in the Graduate School of Economics at the University of Tokyo, and a CEPR Research Fellow. He received his Ph.D. from Harvard University, and has taught at Harvard, the University of Minnesota and Hitotsubashi University.

Ito served as President of the Japanese Economic Association, Senior Advisor in the Research Department at the IMF, Deputy Vice Minister for International Affairs at the Japanese Ministry of Finance and as a member of the Council of Economic and Fiscal Policy (2006-8). He is an author of many books including The Japanese Economy, The

–  –  –

Political Economy of the Japanese Monetary Policy and Financial Policy and Central Banking in Japan, as well as more than 50 academic journal articles on international finance and the Japanese economy.

Philip R. Lane is Professor of International Macroeconomics at Trinity College Dublin.

In addition, he is a managing editor of the journal Economic Policy and the founder of The Irish Economy blog. He is a research fellow of the Centre for Economic Policy Research (CEPR) and a member of the steering group for its Macroeconomics of Global Interdependence (MGI) working group. His research interests include financial globalisation, the macroeconomics of exchange rates and capital flows, macroeconomic policy design, European Monetary Union, and the Irish economy. He also serves on the editorial boards of the International Journal of Central Banking, Empirica, Open Economies Review and Moneda y Credito. He is also a member of the scientific advisory committee of CEPII. In 2001, he was the inaugural recipient of the German Bernacer Award in Monetary Economics. He is also a member of the Royal Irish Academy, the Bellagio Group and the EURO-50 group and is a former member of the Handelsblatt ECB Shadow Council. He has consulted for the International Monetary Fund, World Bank, European Commission, European Central Bank and a number of national central banks.

Marco Pagano is Professor of Economics at University of Naples Federico II, President of the Einaudi Institute for Economics and Finance (EIEF), and a CEPR Research Fellow. He holds a Ph.D. from MIT and has taught at Bocconi University and the University of Salerno. He is joint managing editor of the Review of Finance and chairs the Scientific Committee of EuroMTS and is an advisor to the Unicredit Group. He has advised the Italian Treasury on the reform of security markets, and has been a member of the Treasury's privatisation committee, the European Parliament's advisory panel on financial services, and has served as Co-Director of the CEPR Financial Economics Programme. His research is in the fields of corporate finance, banking and stock market microstructure. He has also done research in macroeconomics, especially on its interactions with financial markets. His publications have appeared in journals such as American Economic Review, Review of Economic Studies, Quarterly Journal of Economics, Journal of Finance, Review of Financial Studies, RAND Journal of Economics, Journal of the European Economic Association, European Economic Review, and Economic Journal.

Richard Portes, Professor of Economics at London Business School, is Founder and President of the Centre for Economic Policy Research (CEPR), Directeur d'Etudes at the Ecole des Hautes Etudes en Sciences Sociales and Senior Editor and Co-Chairman of the Board of Economic Policy. He is a Fellow of the Econometric Society and of the British Academy. He is a member of the Group of Economic Policy Advisers to the President of the European Commission, of the Steering Committee of the Euro50 Group, and of the Bellagio Group on the International Economy. He was SecretaryGeneral of the Royal Economic Society 1992–2008. Professor Portes was a Rhodes Scholar and a Fellow of Balliol College, Oxford, and has also taught at Princeton, Harvard, and Birkbeck College (University of London). He has been Distinguished Global Visiting Professor at the Haas Business School, University of California,

viiMacroeconomic Stability and Financial Regulation: Key Issues for the G20

Berkeley, and Joel Stern Visiting Professor of International Finance at Columbia Business School. His current research interests include international macroeconomics, international finance, European bond markets and European integration. He has written extensively on globalisation, sovereign borrowing and debt, European monetary issues, European financial markets, international capital flows, centrally planned economies and transition, macroeconomic disequilibrium, and European integration.

Rafael Repullo is Professor of Economics and Director of the Centre for Monetary and Financial Studies (CEMFI) in Madrid. He is also Executive Vice-President of the Econometric Society, Member of the Executive Committee of the European Economic Association, Fellow of the Econometric Society and of the European Economic Association, and CEPR Research Fellow. He holds a PhD in Economics from the London School of Economics. He has been a Houblon-Norman Fellow at the Bank of England, and has held visiting appointments at the European Central Bank, the Federal Reserve Board, the Federal Reserve Bank of Minneapolis, the Federal Reserve Bank of New York, the London School of Economics, and the Universities of Columbia, Pennsylvania, Princeton, and Tel Aviv. He has served as Co-Director of the CEPR Financial Economics Programme. His recent research is in the areas of banking and finance. He is currently Co-Editor of the International Journal of Central Banking.

Jean-Charles Rochet is Professor of Mathematics and Economics at Toulouse School of Economics. He holds a Ph.D. from Paris University and has been visiting professor in several universities and schools such as the London School of Economics and Political Science. His books include (with Xavier Freixas) Microeconomics of Banking;

(with Guillaume Plantin) When Insurers Go Bust (Princeton) and Why Are There So Many Banking Crises? The Politics and Policy of Bank Regulation.

Jesús Saurina is Director of the Financial Stability Department at the Banco de España.



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