[...]We begin with an overview of the topic of corporategovernance and proceed to a discussion of the particularcorporate governance problems of banks. We embrace the viewthat a corporation is best defined as a complex web or “nexus”of contractual relationships among the various claimants to...

[...]The overall conclusion drawn from the research presented isthat monetary policy appears to have less of an impact on realactivity than it once had—but the cause of that change remainsan open issue. The conference papers explored threehypotheses en route to that finding. First, the...

[...]This study is also a “leaver study”—describing the economicwell-being of families who left welfare and using the NationalSurvey of America’s Families (NSAF), conducted by the UrbanInstitute. It adds to the body of leaver studies by presenting anational picture, providing context for...

[...]It seems clear that the Federal Reserve’s policy behavior overthe 1979:4-1982:3 period (which I refer to as the “earlyVolcker” period) differed from that of other periods.1 Thestated policy of the Federal Reserve during this period was tofocus more on monetary aggregates than it had...

[...]This paper examines some of the potential consequences ofGLB for the structure of the U.S. financial services industry. Init, we ask how the industry may evolve as this new legislationinteracts with the consolidation trend already under way, whattypes of mergers are most likely to occur,...

In this paper, we address this question, exploringthe interface between long-horizon financial riskmanagement and long-horizon volatility forecastabilityand, in particular, whether long-horizon volatility isforecastable enough such that volatility models are usefulfor long-horizon risk...

This morning, I would like to give a few practical commentson capital adequacy from an insurance companyperspective. In doing so, I will present two views on capitaladequacy and capital allocation in the insurance industry.The first view is the regulatory perspective, that is, themotivations...

A large literature studies bank regulatory policies intendedto control moral hazard problems associated with depositinsurance and optimal regulatory design. Much of theanalysis has focused on uniform bank capital requirements,risk-based capital requirements, risk-based or fairly pricedinsurance...

Traditional theories of the origins of the welfare state have emphasized the financial weakness of Britain’s largest provider of mutual insurance in the late 19th century, the friendly societies. These theories share common implications with contemporary theories of institutional change...