F S R - April 2012 - Public debt, Monetary policy and Financial Stability 
 Complete text (252 pages) 

Abstracts

Panel

Articles

   - Introduction

Central banking in a context of high public debt
     CHRISTIAN NOYER, Banque de France

Fiscal outlook and fiscal sustainability risks
     CARLO COTTARELLI, International Monetary Fund’s Fiscal Affairs Department

When Western sovereign risk is in play
     MOHAMED A. EL-ERIAN, PIMCO

The return of financial repression
    CARMEN M. REINHART, Peterson Institute for International Economics

   - Financial and regulatory aspects

A tale of two overhangs: the nexus of financial sector and sovereign credit risks
VIRAL V. ACHARYA, ITAMAR DRECHSLER AND PHILIPP SCHNABL,
New York University Stern School of Business

Banks, moral hazard, and public debts
RÉGIS BRETON, CAROLINE PINTO AND PIERRE-FRANÇOIS WEBER, Banque de France

Sovereign creditworthiness and financial stability: an international perspective
JAIME CARUANA AND STEFAN AVDJIEV, Bank for International Settlements

Stability, growth and regulatory reform
RANDALL S. KROSZNER, University of Chicago, Booth School of Business

Is sovereign risk properly addressed by financial regulation?
DANIÈLE NOUY, Prudential Supervisory Authority – Banque de France

Contagion and the European debt crisis
VÍTOR CONSTÂNCIO, European Central Bank

Monetary policy and public debt
CHARLES GOODHART, London School of Economics, Financial Markets Group

Does monetary cooperation or confrontation lead to successful fiscal consolidation?
TOMAS HELLEBRANDT, ADAM S. POSEN AND MARILYNE TOLLE, Bank of England

Fiscal challenges to monetary dominance in the euro area: a theoretical perspective
OLIVIER JEANNE, Johns Hopkins University

Central bank independence and sovereign default
NARAYANA KOCHERLAKOTA, Federal Reserve Bank of Minneapolis

The sovereign debt crisis and monetary policy
JULIEN MATHERON, BENOÎT MOJON AND JEAN-GUILLAUME SAHUC, Banque de France

Sustainability of government debt: preconditions for stability in the financial system and prices
MASAAKI SHIRAKAWA, Bank of Japan

  - Regional and international dimensions

The importance of confidence in macroeconomic stabilisation efforts
AGUSTÍN CARSTENS, Banco de México

Policies on sovereign debt
JEAN-PIERRE LANDAU, Princeton University

Hazardous tango: sovereign-bank interdependence and financial stability in the euro area
SILVIA MERLER AND JEAN PISANI-FERRY, Bruegel and Université Paris-Dauphine

Rebuilding growth and optimism in a new fiscal era
THARMAN SHANMUGARATNAM, International Monetary & Financial Committee, and Government of Singapore

Gaps in the institutional structure of the euro area
CHRISTOPHER A. SIMS, Princeton University, Department of Economics

The euro crisis: some reflexions on institutional reform
JEAN TIROLE, Toulouse School of Economics

   - Published articles

Credit default swaps: what are the social benefits and costs?
RONALD W. ANDERSON, London School of Economics

Fiat lux – Shedding new light on derivatives markets
MICHEL BARNIER, European Commission

Euro public debt and the markets: sovereign fundamentals and CDS market dynamics
LAURENCE BOONE, LAURENT FRANSOLET AND SØREN WILLEMANN, Barclays Capital

Derivatives: an insurer’s perspective
HENRI DE CASTRIES AND BENOÎT CLAVERANNE, AXA Group

Credit default swaps and financial stability
RAMA CONT, CNRS and Columbia University

Credit default swaps – Financial innovation or financial dysfunction?
SATYAJIT DAS, Risk consultant

Is there a case for banning short speculation in sovereign bond markets?
DARRELL DUFFIE, Stanford University

Over-the-counter derivative markets in India – Issues and perspectives
SHYAMALA GOPINATH, Reserve Bank of India

OTC derivatives and central clearing: can all transactions be cleared?
JOHN HULL, University of Toronto

21st century finance cannot do without a sound regulation of the OTC derivatives markets
JEAN-PIERRE JOUYET, Autorité des marchés financiers

An industrial organisation approach to the too-big-to-fail problem
JEAN-CHARLES ROCHET, Swiss Finance Institute, University of Zurich and Toulouse School of Economics

OTC derivatives: financial stability challenges and responses from authorities
DANIELA RUSSO, European Central Bank

Under-collateralisation and rehypothecation in the OTC derivatives markets
MANMOHAN SINGH, International Monetary Fund

Silos and silences Why so few people spotted the problems in complex credit and what that implies for the future
GILLIAN TETT, Financial Times

Mitigating systemic risk in OTC derivative markets
NOUT WELLINK, Basel Committee on Banking Supervision, De Nederlandsche Bank

What risks and challenges do credit default swaps pose to the stability of financial markets?
ORICE WILLIAMS BROWN, US Government Accountability Office

OTC derivatives market structure and the credit profi les of wholesale investment banks
ALEXANDER YAVORSKY, Moody’s Investors Service

What do network theory and endogenous risk theory have to say about the effects of central counterparties on systemic stability?
JEAN-PIERRE ZIGRAND, London School of Economics

Credit default swap and bond markets: which leads the other?
VIRGINIE COUDERT AND MATHIEU GEX, Banque de France

Concentration risk and the optimal number of central counterparties for a single asset
FABIEN RENAULT Payment Systems and Market Infrastructures Directorate, Banque de France

The shadow banking system: implications for financial regulation
TOBIAS ADRIAN, Federal Reserve Bank of New York
HYUN SONG SHIN, Princeton University

Managing the transition to a safer financial system
SHEILA C. BAIR, Federal Deposit Insurance Corporation

Reform of the global financial architecture: a new social contract between society and finance
HUGO BANZIGER, Deutsche Bank

Implementing the macroprudential approach to financial regulation and supervision
CLAUDIO BORIO, Bank for International Settlements

Minimising the impact of future financial crises:
six key elements of regulatory reform we have to get right
JAIME CARUANA, Bank for International Settlements

On the efficacy of financial regulations
JON DANIELSSON, London School of Economics

The treatment of distressed banks
MATHIAS DEWATRIPONT, ECARES, Université Libre de Bruxelles
JEAN-CHARLES ROCHET, Toulouse School of Economics

Credit default swaps and financial stability: risks and regulatory issues
ANNE DUQUERROY, Banque de France
NICOLAS GAUTHIER, Banque de France
MATHIEU GEX, Banque de France

The future of financial regulation
JEAN-PIERRE JOUYET, Autorité des Marchés Financiers

The future of financial regulation: an exchange of views
ANIL KASHYAP, Booth School of Business, University of Chicago
BANQUE DE FRANCE

Emerging contours of financial regulation: challenges and dynamics
RAKESH MOHAN, Reserve Bank of India

Regulation-supervision: the post-crisis outlook
GEORGES PAUGET, Crédit Agricole S.A.

Beyond the crisis: the Basel Committee’s strategic response
NOUT WELLINK, Basel Committee on Banking Supervision, De Nederlandsche Bank

F S R - February 2008 - Special issue on Liquidity
Complete text (190 pages, 2.98 Mo)

Overview
Liquidity in a time of financial turbulences

Should financial institutions mark-to-market ?
FRANKLIN ALLEN, Wharton School, University of Pennsylvania
ELENA CARLETTI, University of Frankfurt

Setting the right framework for modern financial markets -
Lessons learned from the recent crisis
HUGO BANZIGER, Deutsche Bank

Revisiting valuation practices throughout the business cycle :
some symmetry is needed
JAIME CARUANA, International Monetary Fund
CEYLA PAZARBASIOGLU, International Monetary Fund

Valuation and fundamentals
LAURENT CLERC, Banque de France

Taking into account extreme events in European option pricing
JULIEN IDIER, Banque de France, Université Paris I
CAROLINE JARDET, Banque de France
GAËLLE LE FOL, Banque de France, Université d'Evry, CREST
ALAIN MONFORT, Banque de France, CNAM, CREST
FULVIO PEGORARO, Banque de France, CREST

Fair value accounting and financial stability :
challenges and dynamics
SYLVIE MATHERAT, Banque de France

How should we respond to asset price bubbles ?
FREDERIC S. MISHKIN, Federal Reserve System

Regulation, valuation and systemic liquidity
AVINASH D. PERSAUD, Intelligence Capital Limited

Fair value accounting and financial stability
GUILLAUME PLANTIN, London Business School
HARESH SAPRA, Graduate School of Business, University of Chicago
HYUN SONG SHIN, Princeton University

Procyclicality of financial systems :
is there a need to modify current accounting and regulatory rules ?
JEAN-CHARLES ROCHET, Toulouse School of Economics

Valuation in insurance and financial crisis
PHILIPPE TRAINAR, SCOR Group

Bringing transparency to financial reporting :
towards an improved accounting framework in the aftermath of the credit crisis
DAVID TWEEDIE, International Accounting Standards Board

Improving fair value accounting
JOSE VINALS, Banco de Espana

Commodities: an asset class in their own right?
PHILIPPE MONGARS, CHRISTOPHE MARCHAL-DOMBRAT
Market Operations Directorate, Market Making and Monitoring Division, Banque de France

Do emerging market economies still constitute a homogenous asset class?
IVAN ODONNAT
Financial Stability Co-ordination Directorate, Banque de France
IMÈNE RAHMOUNI-ROUSSEAU
Financial Stability Co-ordination Directorate, Financial Stability and Markets Research Division, Banque de France

Capital flows and credit booms in emerging market economies
SOPANHA SA
International Monetary Relations Division, International and European Relations Directorate, Banque de France

Can risk aversion indicators anticipate financial crises?
VIRGINIE COUDERT
Financial Stability Co-ordination Directorate, Banque de France and University of Paris 13
MATHIEU GEX
Financial Stability Co-ordination Directorate, Financial Stability and Markets Research Division, Banque de France and University of Grenoble 2

Bank liquidity and financial stability
NATACHA VALLA, BÉATRICE SAES-ESCORBIAC
General Economics and International Relations, Monetary Policy Research Division, Banque de France
MURIEL TIESSET
General Secretariat of the Commission bancaire, Banking Studies Division, Banque de France

Microstructure of financial and money markets: lessons learned from the conference held in Paris on 6 and 7 June 2006
SANVI AVOUYI-DOVI, CAROLINE JARDET
Research Directorate, Research on Economy and Finance Division, Banque de France

The Basel II framework: the role and implementation of Pillar 2
PIERRE-YVES THORAVAL
General Secretariat of the Commission bancaire

Contents

Summary

International environment and markets

Financial sector

Contents

Market dynamics associated with credit ratings: a literature review
(FERNANDO GONZALEZ, European Central Bank
FRANÇOIS HAAS, Banque de France
RONALD JOHANNES, Bank of England
MATTIAS PERSSON, Sveriges Riksbank
LILIANA TOLEDO, Banco de España
ROBERTO VIOLI, Banca d’Italia
CARMEN ZINS, MARTIN WIELAND, Deutsche Bundesbank)

Results of the French market survey of credit risk transfer instruments
(Commission bancaire
Commission de contrôle des assurances
Autorité des marchés financiers)

Techniques used on the credit derivatives market: credit default swaps
(EMMANUELLE OLLÉON-ASSOUAN
Foreign Exchange and Euro Market Operations Division,
Banque de Francee)

Equity market interdependence: the relationship between European and US stock markets
(SANVI AVOUYI-DOVI, DAVID NETO
Economic Analysis and Research Centre, Banque de France)

Goodwill, balance sheet structures and accounting standards
(SYLVIE MARCHAL, ANNIE SAUVÉ
Companies Observatory, Banque de France)

Editorial Committee

Contents

Summary

International environment and markets

Financial sector

Assessment of “stress tests” conducted on the French banking system
Olivier DE BANDT
Macroeconomic Analysis and Forecasts Division, Banque de France
Vichett OUNG
Banking Research Division, General Secretariat of the Commission bancaire

Insurance and financial stability
Philippe TRAINAR
Director of International, Financial and Economic Affairs,
French Federation of Insurance Companies (FFSA)

Oversight of non-cash payment schemes: objectives and implementation procedures
Marc ANDRIES, Carlos MARTIN
Oversight of Non-cash Means of Payment Division, Banque de France

The resilience of post market infrastructures and payment systems
Denis BEAU, Guy WOELFEL
Payment Systems Directorate, Banque de France

Credit risk management and financial stability
Laurent CLERC
Monetary and Financial Policy Research Division, Banque de France

Foreword

Contents

Summary

International environment and markets

Financial sector

Contents

Financial stability and the New Basel Accord
(PIERRE-YVES THORAVAL, ALAIN DUCHATEAU
General Secretariat of the Banking Commission
General Banking System Supervision)

Do asset price fluctuations constitute a risk to growth in the major industrialised countries?
(IVAN ODONNAT, ANNE-MARIE RIEU
Foreign Economies Research Division, Banque de France)
Interactions between business cycles, stock market cycles and interest rates: the stylised facts
(SANVI AVOUYI-DOVI, JULIEN MATHERON
Economic Analysis and Research Centre, Banque de France)

Challenges arising from alternative investment management
(FRANÇOIS HAAS, Market and Financial Stability
Research Division, Banque de France
NOËL AMENC, EDHEC, Misys Asset Management Systems,
MATHIEU VAISSIÉ, EDHEC)

Protection of deferred net payment and securities settlement systems: the examples of SIT and Relit
(CHRISTINE SAMPIC, FRÉDÉRIC HERVO
Payment and Securities Settlement System Oversight Division,
Banque de France)

Vulnerabilities and surveillance of the international financial system
(International Monetary seminar of the IBFI
TALK BY ANNE KRUEGER, International Monetary Fund
TALK BY MICHEL PRADA, Autorités des marchés financiers
(Financial Markets Authority))

Financial Stability Review
F S R - November 2002
Complete text (160 pages, 2 810 Ko)

Foreword