Anat Keller | King's College London (original) (raw)

Papers by Anat Keller

Research paper thumbnail of Powers of Macroprudential Authorities and the Use of Soft Law

Research paper thumbnail of Legal Foundations of Macroprudential Policy: An Interdisciplinary Approach

Th is is to be diff erentiated from the attention given to supervisory approaches in microprudent... more Th is is to be diff erentiated from the attention given to supervisory approaches in microprudential policy. On the changes in supervisory approaches following the 2007-2009 fi nancial crisis see J Palmer and C Cerruti , " Is Th ere a Need to Rethink the Supervisory

Research paper thumbnail of Vulnerability in Financial Regulation: The Case of SMEs

European Business Law Review, Jul 1, 2022

Research paper thumbnail of Is it China’s Lehman Brothers moment? Unveiling Evergrande debt crisis, financial risks, and regulatory implications

Law and Financial Markets Review

Research paper thumbnail of Product Intervention as a Macroprudential Tool: the Case of Catastrophe Bonds

The George Washington International Law Review, 2019

One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supe... more One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supervision, a supervisory approach which adopts a bird's-eye view in assessing and addressing systemic threats to financial stability. In addition to the threats to the financial system posed by the financial reach and exposure of large systemically relevant corporations, threats can also come from broader financial activity such as the design and distribution of innovative financial products within financial markets. Thus, product intervention powers may be useful in the future to financial supervisors attempting to address systemic risk deriving from financial innovation and growth. The utility of product intervention can be demonstrated by using the catastrophe bond markets as a case study. Extreme climate-related events are increasing in magnitude and frequency as a result of climate change and consequent losses are likewise increasing. The need to transfer these risks is leading to a growth in demand for insurance and the demand is beginning to exceed the capacity of traditional insurance and reinsurance. This has led to a type of beneficial financial innovation-the creation of instruments which transfer these catastrophe risks to the capital markets. The prevalence of catastrophe bonds in the financial markets is therefore growing, with the number of issues increasing steadily year-on-year. On the back of this, a number of catastrophe-linked derivatives are beginning to be traded in the markets. This Article argues that a number of features of the design and distribution of these financial instruments may render them systemically relevant in the future. This is so particularly in view of the potential for significant common exposures to develop, which, should

Research paper thumbnail of Data Collection and Analysis in Macroprudential Policy: An Epistemic View

Legal Foundations of Macroprudential Policy, 2020

Research paper thumbnail of Legal Foundations of Macroprudential Policy:An Interdisciplinary Approach

Research paper thumbnail of The senior managers and certification regime in financial firms: an organisational culture analysis

Journal of Corporate Law Studies

Research paper thumbnail of Product Intervention as a Macroprudential Tool: the Case of Catastrophe Bonds": (co-authored with Dr M Goldby (CCLS)

One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supe... more One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supervision, a supervisory approach which adopts a bird’s-eye view in assessing and addressing systemic threats to financial stability. In addition to the threats to the financial system posed by the financial reach and exposure of large systemically relevant corporations, threats can also come from broader financial activity such as the design and distribution of innovative financial products within financial markets. Thus, product intervention powers may be useful in the future to financial supervisors attempting to address systemic risk deriving from financial innovation and growth. The utility of product intervention can be demonstrated by using the catastrophe bond markets as a case study. Extreme climate-related events are increasing in magnitude and frequency as a result of climate change and consequent losses are likewise increasing. The need to transfer these risks is leading to a g...

Research paper thumbnail of A Non-Dichotomous View of Macroprudential Policy and Other Policy Areas

Research paper thumbnail of Formulating a Taxonomy of Supervisory Approaches in Macroprudential Policymaking

Legal Foundations of Macroprudential Policy, 2020

Research paper thumbnail of Debiasing Macroprudential Policy: Part 2: Designing a New Diversity Criterion for Macroprudential Policy

Research paper thumbnail of Legal Foundations of Macroprudential Policy

Research paper thumbnail of Institutional and Procedural Design for Macroprudential Regimes: Institutional Models and the Nature of the Decision-Making Process

Legal Foundations of Macroprudential Policy, 2020

Research paper thumbnail of Collecting Data: How will the ESRB Overcome the First Hurdle Towards Effective Macro-prudential Supervision?

European Business Law Review, 2013

This article provides a critical assessment of the European Systemic Risk Board’s (‘ESRB’) data c... more This article provides a critical assessment of the European Systemic Risk Board’s (‘ESRB’) data collection process and examines the likely effectiveness of the legal frameworks, mechanisms and structures set out to accommodate it. It presents the various sources from which the ESRB collects its data in order to produce, where necessary, concrete warnings and remedial recommendations regarding risks to the financial stability within the EU. The article then points to possible impediments to the smooth flow of information through these channels of information and suggests ways to refine the data collection process. It further explores two pressing areas where information gaps are most apparent: shadow banking and systematically important institutions. It concludes that there are indeed various challenges and possible obstacles to smooth flow of information both in the legal frameworks and the practical mechanisms of the data collection process. Yet, the ESRB’s information base and its...

Research paper thumbnail of Oversight of systemically relevant insurance practices within the EU: the role of macro-prudential supervision

Research paper thumbnail of Debiasing Macroprudential Policy: Part 1: An Evidence-based Approach and the Precautionary Principle

Research paper thumbnail of Independence, accountability and transparency: are the conventional accountability mechanisms suitable for the European Systemic Risk Board?

Research paper thumbnail of The Mandate of the European Systemic Risk Board and Resilience as an Essential Component: Part 1

An article in JIBLR Issue 1, 2016 explored the macro-prudential mandate of the European Systemic ... more An article in JIBLR Issue 1, 2016 explored the macro-prudential mandate of the European Systemic Risk Board (“ESRB”) as set out in its founding regulation; assessed critically how it fits within the supporting rationales of financial supervision; and considered whether it should be redefined so as to reflect these rationales. It argued that in addition to prevention or mitigation of systemic risks, building the resilience of the financial system should be a core component of the macro-prudential supervisor’s mandate and, accordingly, should be clearly stipulated in the ESRB mission. This continuation article sets out the nature and key elements of resilience as developed in other disciplines and examines to what extent they are helpful in defining resilience in the sphere of macro-prudential supervision.

Research paper thumbnail of Accountability and Transparency: Are the Conventional Accountability Mechanisms Suitable for the European SystemicRiskBoard?

Citing this paper Please note that where the full-text provided on King's Research Portal is ... more Citing this paper Please note that where the full-text provided on King's Research Portal is the Author Accepted Manuscript or Post-Print version this may differ from the final Published version. If citing, it is advised that you check and use the publisher's definitive version for pagination, volume/issue, and date of publication details. And where the final published version is provided on the Research Portal, if citing you are again advised to check the publisher's website for any subsequent corrections.

Research paper thumbnail of Powers of Macroprudential Authorities and the Use of Soft Law

Research paper thumbnail of Legal Foundations of Macroprudential Policy: An Interdisciplinary Approach

Th is is to be diff erentiated from the attention given to supervisory approaches in microprudent... more Th is is to be diff erentiated from the attention given to supervisory approaches in microprudential policy. On the changes in supervisory approaches following the 2007-2009 fi nancial crisis see J Palmer and C Cerruti , " Is Th ere a Need to Rethink the Supervisory

Research paper thumbnail of Vulnerability in Financial Regulation: The Case of SMEs

European Business Law Review, Jul 1, 2022

Research paper thumbnail of Is it China’s Lehman Brothers moment? Unveiling Evergrande debt crisis, financial risks, and regulatory implications

Law and Financial Markets Review

Research paper thumbnail of Product Intervention as a Macroprudential Tool: the Case of Catastrophe Bonds

The George Washington International Law Review, 2019

One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supe... more One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supervision, a supervisory approach which adopts a bird's-eye view in assessing and addressing systemic threats to financial stability. In addition to the threats to the financial system posed by the financial reach and exposure of large systemically relevant corporations, threats can also come from broader financial activity such as the design and distribution of innovative financial products within financial markets. Thus, product intervention powers may be useful in the future to financial supervisors attempting to address systemic risk deriving from financial innovation and growth. The utility of product intervention can be demonstrated by using the catastrophe bond markets as a case study. Extreme climate-related events are increasing in magnitude and frequency as a result of climate change and consequent losses are likewise increasing. The need to transfer these risks is leading to a growth in demand for insurance and the demand is beginning to exceed the capacity of traditional insurance and reinsurance. This has led to a type of beneficial financial innovation-the creation of instruments which transfer these catastrophe risks to the capital markets. The prevalence of catastrophe bonds in the financial markets is therefore growing, with the number of issues increasing steadily year-on-year. On the back of this, a number of catastrophe-linked derivatives are beginning to be traded in the markets. This Article argues that a number of features of the design and distribution of these financial instruments may render them systemically relevant in the future. This is so particularly in view of the potential for significant common exposures to develop, which, should

Research paper thumbnail of Data Collection and Analysis in Macroprudential Policy: An Epistemic View

Legal Foundations of Macroprudential Policy, 2020

Research paper thumbnail of Legal Foundations of Macroprudential Policy:An Interdisciplinary Approach

Research paper thumbnail of The senior managers and certification regime in financial firms: an organisational culture analysis

Journal of Corporate Law Studies

Research paper thumbnail of Product Intervention as a Macroprudential Tool: the Case of Catastrophe Bonds": (co-authored with Dr M Goldby (CCLS)

One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supe... more One effect of the financial crisis of 2007-2009 was to jump-start a focus on macroprudential supervision, a supervisory approach which adopts a bird’s-eye view in assessing and addressing systemic threats to financial stability. In addition to the threats to the financial system posed by the financial reach and exposure of large systemically relevant corporations, threats can also come from broader financial activity such as the design and distribution of innovative financial products within financial markets. Thus, product intervention powers may be useful in the future to financial supervisors attempting to address systemic risk deriving from financial innovation and growth. The utility of product intervention can be demonstrated by using the catastrophe bond markets as a case study. Extreme climate-related events are increasing in magnitude and frequency as a result of climate change and consequent losses are likewise increasing. The need to transfer these risks is leading to a g...

Research paper thumbnail of A Non-Dichotomous View of Macroprudential Policy and Other Policy Areas

Research paper thumbnail of Formulating a Taxonomy of Supervisory Approaches in Macroprudential Policymaking

Legal Foundations of Macroprudential Policy, 2020

Research paper thumbnail of Debiasing Macroprudential Policy: Part 2: Designing a New Diversity Criterion for Macroprudential Policy

Research paper thumbnail of Legal Foundations of Macroprudential Policy

Research paper thumbnail of Institutional and Procedural Design for Macroprudential Regimes: Institutional Models and the Nature of the Decision-Making Process

Legal Foundations of Macroprudential Policy, 2020

Research paper thumbnail of Collecting Data: How will the ESRB Overcome the First Hurdle Towards Effective Macro-prudential Supervision?

European Business Law Review, 2013

This article provides a critical assessment of the European Systemic Risk Board’s (‘ESRB’) data c... more This article provides a critical assessment of the European Systemic Risk Board’s (‘ESRB’) data collection process and examines the likely effectiveness of the legal frameworks, mechanisms and structures set out to accommodate it. It presents the various sources from which the ESRB collects its data in order to produce, where necessary, concrete warnings and remedial recommendations regarding risks to the financial stability within the EU. The article then points to possible impediments to the smooth flow of information through these channels of information and suggests ways to refine the data collection process. It further explores two pressing areas where information gaps are most apparent: shadow banking and systematically important institutions. It concludes that there are indeed various challenges and possible obstacles to smooth flow of information both in the legal frameworks and the practical mechanisms of the data collection process. Yet, the ESRB’s information base and its...

Research paper thumbnail of Oversight of systemically relevant insurance practices within the EU: the role of macro-prudential supervision

Research paper thumbnail of Debiasing Macroprudential Policy: Part 1: An Evidence-based Approach and the Precautionary Principle

Research paper thumbnail of Independence, accountability and transparency: are the conventional accountability mechanisms suitable for the European Systemic Risk Board?

Research paper thumbnail of The Mandate of the European Systemic Risk Board and Resilience as an Essential Component: Part 1

An article in JIBLR Issue 1, 2016 explored the macro-prudential mandate of the European Systemic ... more An article in JIBLR Issue 1, 2016 explored the macro-prudential mandate of the European Systemic Risk Board (“ESRB”) as set out in its founding regulation; assessed critically how it fits within the supporting rationales of financial supervision; and considered whether it should be redefined so as to reflect these rationales. It argued that in addition to prevention or mitigation of systemic risks, building the resilience of the financial system should be a core component of the macro-prudential supervisor’s mandate and, accordingly, should be clearly stipulated in the ESRB mission. This continuation article sets out the nature and key elements of resilience as developed in other disciplines and examines to what extent they are helpful in defining resilience in the sphere of macro-prudential supervision.

Research paper thumbnail of Accountability and Transparency: Are the Conventional Accountability Mechanisms Suitable for the European SystemicRiskBoard?

Citing this paper Please note that where the full-text provided on King's Research Portal is ... more Citing this paper Please note that where the full-text provided on King's Research Portal is the Author Accepted Manuscript or Post-Print version this may differ from the final Published version. If citing, it is advised that you check and use the publisher's definitive version for pagination, volume/issue, and date of publication details. And where the final published version is provided on the Research Portal, if citing you are again advised to check the publisher's website for any subsequent corrections.