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Why Are There So Many Banking Crises?: The Politics and Policy of Bank Regulation (Hardcover)

~ (Author) "The recent episode of the Northern Rock bank panic in the United Kingdom, with depositors queuing from 4 a.m. in order to get their money..." (more)
Key Phrases: consultative paper, credit chain case, diversified lending case, Basel Committee, Journal of Finance, United States (more...)

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Understanding Financial Crises (Clarendon Lectures in Finance) by Franklin Allen
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Editorial Reviews

Review

Among economists' explanations are moral hazard, ill-judged capital adequacy rules and the incompetence of supervisors. Jean-Charles Rochet, a leading authority on banking, argues the real problem lies with politicians who too often insist on rescuing insolvent banks for short-term reasons of their own. [W]hatever the verdict on the policy proposals, the book makes interesting reading in current circumstances.
(John Plender Financial Times )

The book provides an excellent introduction to the theory of banking regulation. . . . I can recommend the book to anyone interested in a formal, academic approach to banking regulation. The concise conclusions of the individual articles provide valuable ideas for changes in banking regulation.
(Bernd Brommundt Financial Markets and Portfolio Management )

Review

Jean-Charles Rochet is one of the dedicated 'audacious pioneers' who have attempted to dissect with rigor, precision, and creativity some of the most elusive issues of financial (in)stability. It is pleasing to see his work presented in a unified, clear, and well-written form. A testament to his formidable contributions and remarkable insights, this book will guide researchers and students, as well as practitioners, into the future.
(Dimitrios P. Tsomocos, Said Business School, University of Oxford )

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Product Details

Hardcover: 336 pages
Publisher: Princeton University Press (January 3, 2008)
Language: English
ISBN-10: 0691131465
ISBN-13: 978-0691131467
Product Dimensions: 9.5 x 6.5 x 1.2 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)

Average Customer Review: 4.0 out of 5 stars See all reviews (1 customer review)

Amazon.com Sales Rank: #250,784 in Books (See Bestsellers in Books)
Popular in these categories: (What's this?)
#8 in Books > Professional & Technical > Law > Business > Banking
#8 in Books > Nonfiction > Law > Business > Banking

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Inside This Book (learn more)

First Sentence:
The recent episode of the Northern Rock bank panic in the United Kingdom, with depositors queuing from 4 a.m. in order to get their money out, reminds us that banking crises are a recurrent phenomenon. Read the first page

Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
consultative paper, credit chain case, diversified lending case, speculative gridlock equilibrium, interbank market spread, interbank monitoring, indirect market discipline, subdebt proposal, bilateral caps, lending and systemic risk, liquidation threshold, solvency shock, moral hazard constraint, subdebt holders, bank moral hazard, closure threshold, many banking crises, overdraft ceilings, bank capital regulation, intraday overdrafts, interbank relations, liquidity shock, emergency liquidity assistance, excessive liquidation, orderly closure

Key Phrases - Capitalized Phrases (CAPs): (learn more)
Basel Committee, Journal of Finance, United States, Working Paper, American Economic Review, Journal of Money, Journal of Financial Services Research, Bank of England, Basel Accord, Journal of Political Economy, Banking Supervision, Federal Reserve, New York, Cambridge University Press, London School of Economics, Journal of Financial Intermediation, Quarterly Journal of Economics, Discussion Paper, Great Depression, Review of Economic Studies, Financial Stability Review, European Economic Review, Basel Capital Accord, The Prudential Regulation of Banks, Journal of Business

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	66% buy the item featured on this page: Why Are There So Many Banking Crises?: The Politics and Policy of Bank Regulation 4.0 out of 5 stars (1) $37.12
	12% buy Microeconomics of Banking, 2nd Edition 4.3 out of 5 stars (3) $40.65
	10% buy Understanding Financial Crises (Clarendon Lectures in Finance) 3.5 out of 5 stars (2) $22.45
	8% buy The Origin of Financial Crises: Central Banks, Credit Bubbles, and the Efficient Market Fallacy (Vintage) 4.0 out of 5 stars (26) $9.20

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4.0 out of 5 stars 3.5 Stars-Neglects the fundamental cause of bank failure-speculation, May 18, 2008

By	Michael Emmett Brady "mandmbrady" (Bellflower, California ,United States) - See all my reviews (TOP 1000 REVIEWER) (REAL NAME)

This is an interesting,but incomplete,set of essays written by Jean-Charles Rochet and a number of co-authors which are based on the standard views of analyzing the banking industry's interest rate risk problems -asymmetric(incomplete or partial) information,adverse selection,moral hazard,and income gap(duration gap),value at risk models that seek to maintain bank capitalization levels in the face of banking industry attempts to minimize interest rate risk.Thus,"..improperly chosen risk weights induce banks to select inefficient portfolios and to undertake regulatory arbitrage activities that might paradoxically result in increased risk"(p.6).The alleged " solution " appears on p.250-"...adoption of "market-based" risk weights,i.e.,weights proportional to the systematic risks of these assets measured by their market betas..."(p.250).THe problem is that all of the essays are written on the misbelief that the normal probability distribution can be used to model risk.There is no attempt to deal with the equally important problem of uncertainty,in the sense of Keynes,Ellsberg and Knight,or the " wild " risk that Mandelbrot has shown is of paramount importance.The VAR models all assume normality,as do the beta results calculated from the CAPM .
The major objection is that,while the authors are aware that the commercial banks are continually attempting to sidestep the regulatory apparatus by " securitization",they don't draw the fundamental conclusion that was already arrived at by Adam Smith over 230 years ago-commercial banks can not be allowed to make loans to projectors(Keynes's stock and financial market speculators and rentiers),imprudent risk takers,and prodigals.If loans are extended to these categories of borrower,the result will be the destruction and waste of the aggregate savings of a nation.The depositors' money must only be loaned out to those individuals who will use the money loans to produce actual goods,services,and create jobs.Otherwise,the necessary investment needed intertemporally to maintain full employment and economic growth will not be forthcoming and the country will be subjected to severe economic problems-inflation,deflation,or stagflation.None of the essays reach this fundamental conclusion that follows from the ancient wisdom of Adam Smith.

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