The establishment of a central bank occurred at very different moments in the process of economic integration in the United States and the European Union. In this paper, we go into the first years of the Federal Reserve System through the lens of Paul van Zeeland's PhD dissertation. Paul van...

The establishment of a central bank occurred at very different moments in the process of economic integration in the United States and the European Union. In this paper, we go into the first years of the Federal Reserve System through the lens of Paul van Zeeland's PhD dissertation. Paul van...

Many emerging markets have undertaken significant financial sector reforms especially in their banking sectors that have been quite critical for both financial development and real economic activity. In this paper, we investigate the success of banking reforms in India where significant banking...

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

This paper provides an overview of the Programme for Financial Revival announced in October 2002 in Japan. The programme aimed to dramatically reduce the large amount of non-performing loans that remained until the end of the 1990s. In addition to solving the problem of bad loans, the Programme...

Preface -- Introduction: prelude to a war -- Skirmishes -- A slap in the face -- The lady spy -- Settling in -- The "money bill" -- The deal, the "trib" stories, and the meeting -- Confirmation hearing -- The combatants -- The attacked -- The attackers -- Attack! -- Fury and firepower --...

China's hybrid banks -- Culture matters -- Leninism and pragmatism: of China's Communist Party -- Transformation from bursars to bankers -- Bankers -- Systems -- Power of the state -- Financial structure, deep but narrow -- Coming in and going out -- China's banks, sui generis? -- Collapsing or...

This paper offers a constructive critique of ‘The Chicago Plan revisited’ published by Jaromir Benes and Michael Kumhof (2012) as an IMF working paper. On the one hand, there are reasons to query the exact details of the proposed reform, including claims of large steady-state output...