Paul Wachtel - Academia.edu (original) (raw)
Papers by Paul Wachtel
Cambridge University Press eBooks, Apr 28, 1999
Social Science Research Network, 1997
ABSTRACT
WORLD SCIENTIFIC eBooks, Jun 1, 2005
Social Science Research Network, 2004
Financial Markets, Institutions and Instruments, Feb 1, 2003
RePEc: Research Papers in Economics, Jul 30, 2004
Social Science Research Network, 2006
Comparative Economic Studies
Journal of Money, Credit and Banking, 1998
Banking in Transition Economies is a modern analysis of banking in the transition economies of Ce... more Banking in Transition Economies is a modern analysis of banking in the transition economies of Central and Eastern Europe and includes a detailed examination of banking in the first five years of transition as well as policy recommendations for banking reform in the region.
The Palgrave Handbook of European Banking, 2016
Journal of Banking & Finance, 2005
Financial Markets, Institutions and Instruments, 2003
The 20th century consensus regarding the role of a central bank -to maintain price stability was ... more The 20th century consensus regarding the role of a central bank -to maintain price stability was upset by the global financial crisis of [2007][2008][2009]. Central banks changed their mode of behavior and new regulatory structures were introduced around the world. In this essay, I examine one of the principle new approaches to regulation -regulating macro prudential risk. I explain what it means and assess the approaches that have been suggested.
Central banks have a venerable history that starts in the late 17th century with the establishmen... more Central banks have a venerable history that starts in the late 17th century with the establishment of the Swedish Riksbank and the Bank of England. However, the modern notion of central banking did not begin to emerge until late in the 19th century when central banks began to proliferate. The Bank of Italy was established in 1893 and the American Federal Reserve System in 1914. The spread of central banking to virtually every political jurisdiction is a 20th century phenomenon. Moreover, as the 20th century drew to close, students of central banking seemed to have settled on a clear consensus concerning the role of central banks. But, consensus among economists is often fickle and as soon as the 21st century opened the consensus began to fall apart. The aim of this essay is to explain the 20th century consensus and analyze how it fell apart in the first decade of the 21st century. To begin, what was the consensus? On the micro side, the importance of clearly defined and fairly appli...
NYU: Economics Working Papers (Topic), 2011
In the years prior to the financial crisis of 2008-09, the Federal Reserve and other central bank... more In the years prior to the financial crisis of 2008-09, the Federal Reserve and other central banks emphasized their macroeconomic policy role almost to the exclusion of other concerns. The crisis experience has led to profound changes in the way we view central banking. Central banking in the 21 st century will give much greater emphasis to the original lending role and, as a consequence, the regulatory and supervisory functions of the lender of last resort. In addition, central banks will be much more concerned with systemic risk and a new role, macroprudential regulation, is emerging. This paper describes these developments with reference to the American central bank.
Econometric Reviews, 1993
Since 1989, U.S. commercial banks have shifted their portfolios away from commercial loans toward... more Since 1989, U.S. commercial banks have shifted their portfolios away from commercial loans toward government securities. Using data for individual banks, the authors document this shift and test for whether it can be attributed to the imposition of risk-based capital requirements. Their results indicate that these requirements may indeed account for part of the portfolio shift.
Comparative Political Economy: Regulation eJournal, 2013
The 20 th century consensus regarding the role of a central bank – to maintain price stability wa... more The 20 th century consensus regarding the role of a central bank – to maintain price stability was upset by the global financial crisis of 2007-2009. Central banks changed their mode of behavior and new regulatory structures were introduced around the world. In this essay, I examine one of the principle new approaches to regulation – regulating macro prudential risk. I explain what it means and assess the approaches that have been suggested.
Cambridge University Press eBooks, Apr 28, 1999
Social Science Research Network, 1997
ABSTRACT
WORLD SCIENTIFIC eBooks, Jun 1, 2005
Social Science Research Network, 2004
Financial Markets, Institutions and Instruments, Feb 1, 2003
RePEc: Research Papers in Economics, Jul 30, 2004
Social Science Research Network, 2006
Comparative Economic Studies
Journal of Money, Credit and Banking, 1998
Banking in Transition Economies is a modern analysis of banking in the transition economies of Ce... more Banking in Transition Economies is a modern analysis of banking in the transition economies of Central and Eastern Europe and includes a detailed examination of banking in the first five years of transition as well as policy recommendations for banking reform in the region.
The Palgrave Handbook of European Banking, 2016
Journal of Banking & Finance, 2005
Financial Markets, Institutions and Instruments, 2003
The 20th century consensus regarding the role of a central bank -to maintain price stability was ... more The 20th century consensus regarding the role of a central bank -to maintain price stability was upset by the global financial crisis of [2007][2008][2009]. Central banks changed their mode of behavior and new regulatory structures were introduced around the world. In this essay, I examine one of the principle new approaches to regulation -regulating macro prudential risk. I explain what it means and assess the approaches that have been suggested.
Central banks have a venerable history that starts in the late 17th century with the establishmen... more Central banks have a venerable history that starts in the late 17th century with the establishment of the Swedish Riksbank and the Bank of England. However, the modern notion of central banking did not begin to emerge until late in the 19th century when central banks began to proliferate. The Bank of Italy was established in 1893 and the American Federal Reserve System in 1914. The spread of central banking to virtually every political jurisdiction is a 20th century phenomenon. Moreover, as the 20th century drew to close, students of central banking seemed to have settled on a clear consensus concerning the role of central banks. But, consensus among economists is often fickle and as soon as the 21st century opened the consensus began to fall apart. The aim of this essay is to explain the 20th century consensus and analyze how it fell apart in the first decade of the 21st century. To begin, what was the consensus? On the micro side, the importance of clearly defined and fairly appli...
NYU: Economics Working Papers (Topic), 2011
In the years prior to the financial crisis of 2008-09, the Federal Reserve and other central bank... more In the years prior to the financial crisis of 2008-09, the Federal Reserve and other central banks emphasized their macroeconomic policy role almost to the exclusion of other concerns. The crisis experience has led to profound changes in the way we view central banking. Central banking in the 21 st century will give much greater emphasis to the original lending role and, as a consequence, the regulatory and supervisory functions of the lender of last resort. In addition, central banks will be much more concerned with systemic risk and a new role, macroprudential regulation, is emerging. This paper describes these developments with reference to the American central bank.
Econometric Reviews, 1993
Since 1989, U.S. commercial banks have shifted their portfolios away from commercial loans toward... more Since 1989, U.S. commercial banks have shifted their portfolios away from commercial loans toward government securities. Using data for individual banks, the authors document this shift and test for whether it can be attributed to the imposition of risk-based capital requirements. Their results indicate that these requirements may indeed account for part of the portfolio shift.
Comparative Political Economy: Regulation eJournal, 2013
The 20 th century consensus regarding the role of a central bank – to maintain price stability wa... more The 20 th century consensus regarding the role of a central bank – to maintain price stability was upset by the global financial crisis of 2007-2009. Central banks changed their mode of behavior and new regulatory structures were introduced around the world. In this essay, I examine one of the principle new approaches to regulation – regulating macro prudential risk. I explain what it means and assess the approaches that have been suggested.