Market Discipline Across Countries and Industries不同国家与产业的市场纪律 snb txt 网盘 pdf kindle 2025 lit 下载

The effectiveness of market discipline -- the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently -- commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems to grows less effective as the banking industry and financial markets grow more complex, the role of market discipline becomes increasingly important. In this collection, which grew out of a conference cosponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, a diverse group of academics and policymakers address different aspects of the ability of market discipline to affect corporate behavior and performance.

A major purpose of the book is to develop evidence on how market discipline operates across non-government regulated industries and in different countries, how successful it has been, and how it may transfer to a regulated industry. The chapters examine such topics as the theory of market discipline, evidence of market discipline in banking and other industries, evidence of market discipline for countries, the current state of corporate governance, and the interaction of market discipline and public policy.

Acknowledgments

Preface

Part I: Keynote Addresses

1 Market Discipline and Public Policy: The Role of the IMF

2 Three Observations on Market Discipline

3 Effective Market Discipline: The Roles of Auditors, Companies, and Analysts

4 A Review of the New Basel Capital Accord

Part II: Theory of Market Discipline

5 Market Discipline: Players, Processes, and Purposes

6 Market Discipline in Banking: Where Do We Stand?

7 Market Discipline for Financial Institutions and Sovereigns

8 Comments on the Theory of Market Discipline

Part III: Evidence of Market Discipline in Banking

9 Market Discipline of U.S. Financial Firms: Recent Evidence and Research Issues

10 Bank Market Discipline and Indicators of Banking System Risk: The European Evidence

11 Weakening Market and Regulatory Discipline in the Japanese Financial System

12 Market Discipline in Emerging Economies: Beyond Bank Fundamentals

13 Inside the "Black Box" of Market Discipline

Part IV: Evidence of Market Discipline in Other Industries

14 Market Discipline in Insurance and Reinsurance

15 Conflicts of Interest and Market Discipline

16 Market Discipline and Corporate Control

Part V: Evidence of Market Discipline for Countrie

17 Capital Controls: Mud in the Wheels of Market Discipline

18 Equity Integration in Times of Crisis

19 Assessing the Evidence on Market Discipline for Countries

PartⅥ: Current State of Corporate Governance

PartⅦ: Interaction of Market Discipline and Public Policy

PartⅧ: Interaction of Market Discipline and Public Policy

PartⅨ: Policy Panel

Conference Program

Index

Claudio Borio is Head of Research and Policy Analysis at the Bank for International Settlements in Basel, Switzerland.

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书籍介绍

The effectiveness of market discipline -- the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently -- commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems to grows less effective as the banking industry and financial markets grow more complex, the role of market discipline becomes increasingly important. In this collection, which grew out of a conference cosponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, a diverse group of academics and policymakers address different aspects of the ability of market discipline to affect corporate behavior and performance.A major purpose of the book is to develop evidence on how market discipline operates across non-government regulated industries and in different countries, how successful it has been, and how it may transfer to a regulated industry. The chapters examine such topics as the theory of market discipline, evidence of market discipline in banking and other industries, evidence of market discipline for countries, the current state of corporate governance, and the interaction of market discipline and public policy.