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Journal Article
One-bank holding company debt: regulatory policy and experience
Journal Article
Rethinking financial regulation
In recent years, revolutionary changes in financial markets, combined with incidents such as Barings and Daiwa, have revived concerns about the adequacy of financial regulation. Historically, financial regulatory policy has been driven by the view that to maintain the health of the financial system you must maintain the health of individual institutions.> In light of ongoing changes in financial markets, however, extending the traditional approach to financial market regulation may not work. Extending the traditional approach may be too costly and difficult, especially for large, globally ...
Journal Article
Bank examination classifications and loan risk
Journal Article
Maintaining stability in a changing financial system: some lessons relearned again?
Over the past three decades, we have experienced an increased number of financial crises in many countries around the world. These crises have taken place in many different parts of the financial system, including: banking and payments systems, housing finance systems, securities markets, and currency markets. Central banks and other authorities charged with maintaining financial stability have drawn important lessons from each of these crises and have instituted regulatory and policy changes that have helped strengthen the financial system in the wake of these crises. ; Despite our best ...
Journal Article
Monetary policy in a changing world
In a speech given to the Money Marketeers in New York in September, bank president Thomas M. Hoenig offered a long-term perspective on some current and future challenges facing monetary policy due to ongoing changes in the structure of the economy and financial markets. These changes can affect monetary policy in several ways. Some complicate the process of deciding when a policy action should be taken--that is, when the FOMC should change the federal funds rate target. Others may affect the implementation of monetary policy by requiring changes in operating procedures or the institutional ...
Journal Article
'The balance of power' rhymes: President's message
Journal Article
Practical productivity growth: President's message
Journal Article
Is your bank account safe? : President's message
Journal Article
Bank regulation: asking the right questions
If we are to modernize our regulatory system and allow banks the flexibility to adapt to financial change, it is essential that we ask the right questions about the purposes of bank regulation. Currently, much of the regulatory debate focuses on the age-old question: Where do we draw the line between banks and other financial and nonfinancial institutions? As important as this question is, however, it begs a more fundamental question: Why do we regulate banks differently than other institutions? Unless we can answer this basic question, it is possible that we may never achieve consensus on ...