Edited by George M. von Furstenberg, this volume presents the rethinking of the functions and purposes served by international monetary arrangements at leading universities, banks, and official institutions

This study examines the promise of reducing expected resolution costs of financial institutions through either voluntary or mandated addition of contingently convertible debt securities to their long-term financing mix. I model the stochastic process by which an initially very well capitalized...

Overpromising remains ingrained in international agreements, clouding their expected aggregate outcomes and how to assess the Parties' performance. This paper provides a theory-based explanation and evaluation of this regime and its consequences, with an empirical application to the Kyoto...

Adding contingently convertible debt securities, cocos, in an amount equal to about 3% of tangible assets to the financing mix of financial institutions is a promising reform idea. It would also be inexpensive for these institutions to issue cocos and thus to be prepared to recapitalize and to...

When contingently convertible debt securities trigger and convert into common equity well before the capital ratio of a financial institution has reached its regulatory minimum, they are known as going-concern or go-cocos. Their objective is to recapitalize an institution under stress and not to...

This study analyzes policy responses during the depth of the 2007-09 Financial Crisis by focusing on instrument innovations, executive-branch reconfigurations, and legacies for U.S. governance. The period September 2008 - March 2009 encompassed that part of the long-festering financial crisis...