Prompt Corrective Action (PCA) provides a more efficient mechanism for dealing with problem banks operating in more than one European country. In a PCA framework, a bank's losses are likely to be substantially reduced. This reduction in the losses to deposit insurance and governments will...

This book explores the nature of the flexibility of Estonia's rapid growth, that enables it to swiftly seize opportunities and weather crises without undue cost. The distinguished cast of contributors draws upon detailed data on individual firms and households to explore the basis for Estonia's...

1. Introduction / David G. Mayes and Geoffrey Wood -- 2. Fundamental problems with the governance of the financial sector / Bruce Sheppard -- 3. The poor performance of compulsory saving in Australia : superannuation and corporate governance / Christine Brown and Deborah Ralston -- 4. Best...

This paper considers the conditions that are necessary for market discipline to complement prompt corrective action (PCA) by the authorities in handling problem banks. We initially consider precisely what market discipline means in this context, who exercises it and the preconditions that are...