Publications

Following the Symposium Workshops the organisers work with a publisher or journal to produce an edited collection of papers. The volumes published to date include:

 

Financial Crisis Management and Bank Resolution
John Raymond LaBrosse, Rodrigo Olivares-Caminal, Dalvinder Singh (eds)image034
Publisher: Informa Law
Year of Publication: 2009
ISBN-13: 978 1 84311 838 1

Synopsis

Financial Crisis Management and Bank Resolution provides an analysis of the responses to the recent crisis that has beset the international financial markets taking a top down approach looking at the mechanisms to manage a financial crisis, to the practicalities of dealing with the resolution of a bank experiencing distress.

This work is an interdisciplinary analysis of the law and policy surrounding crisis management and bank resolution. It comprises contributions from a team of leading experts in the field that have been carefully selected from across the globe. These experts are drawn from the law, central banks, government, financial services and academia.

This edited collection provides a new and important contribution to the subject at a crucial time in the debate around banking resolution and crisis management regimes, and help to plug the gap in our knowledge and understanding of the law of bank resolution and restructuring.

This book provides:

  • A review of the new legislation introduced in the UK on bank resolution
  • An analysis of the whole spectrum of bank resolution and restructuring from crisis
  • Management in the form of emergency liquidity support arrangements to the practicalities of dealing with organising and arranging the restructuring of a bank in distress
  • An explanation of the idea of regulatory intervention in the context of a risk based model of regulation and prompt corrective action
  • A consideration of the rights of various stakeholders in particular shareholders, management and creditors – depositors
  • An assessment of the utility of the various techniques to deal with banks in distress, in particular Bridge Banks

 

This book is part of the Lloyd’s Commercial Law Library

image036

Table of Contents:

1. The Financial Turmoil of 2007-20XX: Causes, Culprits and Consequences – G G Kaufman

2. International Responses to the Global Financial Crisis – D W Arner and J J Norton

3. Regulating Hedge Funds in the Shadow of the Recent Financial Crisis: The EU Response – H McVea

4. Towards a Coherent Crisis Resolution Mandate – G Wood

5. Transparency and the End of Doing Good by Stealth – C Bamford

6. The Role of Government, Central Banks and Regulators in Managing Banking Crisis – S Gleeson

7. Defining the Public Interest: Public Law Perspectives on Regulating the Financial Crisis – J F McEldowney

8. Rethinking the Role of Deposit Insurance: Lessons from the Recent Financial Crisis – J P Sabourin

9. Understanding, Awareness and Deposit Insurance – P Cartwright

10. The European Deposit Guarantee Directive: An Appraisal on the Reforms – D Singh and D Walker

11. The Global Financial Crisis: Lessons for Deposit Insurance Systems (DIS) in Developing Countries – G A Ogunleye

12. Bank Crisis Resolution: The Banking Act 2009 – G A Walker

13. Protecting Creditors of Insolvent Banks: How Should the Rights of Different Types of Creditors be Best Managed? – A Campbell

14. International Experience and Policy Issues in the Growing Use of Bridge Banks – J R LaBrosse

15. The ‘Failing Firm Defence’ in Failing Markets: The Case for Bank Mergers – I Kokkoris

16. Mitigating Moral Hazard in Dealing with Problem Financial Institutions: Too Big to Fail? Too Complex to Fail? Too Interconnected to Fail? – M D Knight

17. Cross-Border Insolvency: The Case of Financial Conglomerates – R M Lastra and R Olivares-Caminal

18. Resolving Crises in Global Financial Institutions: The Functional Approach Revisited – E Hupkes

19. Resolution Methods for Cross-Border Banks in the Present Crisis – D G Mayes

 

Managing Risk in the Financial System
John Raymond LaBrosse, Rodrigo Olivares-Caminal, Dalvinder Singh (eds)

image038Managing Risk in the Financial System provides comprehensive coverage of issues in the areas of: (1) systemic risk; (2) central banking; (3) sovereign debt crises; and, (4) cross-border elements. In addition, it addresses issues that are intimately related, such as ‘too-big-too-fail’ (and its modern additions ‘too-interconnected-to-fail’, ‘too-important-to-fail’, etc.), state aid, Islamic finance, etc. Many of these issues are analysed on a country case study basis.

Publisher: Edward Elgar Publishing
Year of Publication: June 2011
ISBN-13: 978 0 85793 381 2

Synopsis

The recent financial crisis has exposed both the banking industry and financial system safety net players in many countries to considerable level of distress and economic and reputational damage. Research into bank distress generally highlights mismanagement and illiquidity or deterioration of capital. These circumstances have heightened the need for policymakers to consider corrective policy options under a broad umbrella that encompasses-among others-prompt corrective actions, early closure of distressed entities, deposit insurance, bail-outs, state-aid, bank resolution and restructuring techniques. This edited collection provides an important contribution to research in this area, at a crucial time in the debate around the financial industry. The scholarship plugs the gap in our knowledge and understanding of banking law, restructuring and financial issues, through the production of an innovative, international and interdisciplinary collection of works which link both the law and policy surrounding systemic risk and crisis management.

There is no work currently that is a direct competitor to this book which suggests that there is a glaring opportunity in the market. There are general treatises which cover certain topics (for example lessons from prudential regulation, how to deal with bank restructuring in economies in transition, etc), but there is close to nothing available that covers the latest developments in systemic crises, including a comprehensive analysis of issues such as banking crises and bank resolution together with the new phenomenon of distress financial conglomerates and the risk that they posse to financial stability. This will be one publication allowing the reader to be informed with the latest thinking on an area that has recently undergone substantial developments.

image040

 

Table of Contents:

Foreword
The 2010 Banking Law Symposium on Managing Systemic Risk (Charles Enoch)Special Address
The Deposit Insurer’s Role in Transitioning from a Government Deposit Guarantee (Jean Pierre Sabourin)

 

Preface

Managing Risk in the Financial System (John Raymond LaBrosse, Dalvinder Singh and Rodrigo Olivares-Caminal)

I. Systemic Risk

1. Investor Behaviour in the Period before the 2007-08 Financial Crisis (Richard Rosen)

2. The Nature of Systemic Risk (Jack Selody)

3. The Government as Guarantor of Last Resort: Benefits, Costs and the Case for Premium Charges (Sebastian Schich)

4. The Troubled Asset Relief Program: Has Forbearance As Far As the Eye Can See Saved the US Economy? (Gillian G. H. Garcia)

5. Why is the Canadian banking system so remarkably stable? A comparative analysis with the US (Jean Roy, Rima Turk-Ariss and Yenni Redjah)

6. Systemic Contingent Claim Analysis – A Model Approach to Systemic Risk (Dale F. Gray and Andreas A. Jobst)

7. Tax and the City: The UK Proposals for a Bank Levy (John Snape)

II. Sovereign Debt

8. Iceland’s financial disaster and its fiscal impact (Arnór Sighvatsson and Gunnar Gunnarsson)

9. The Greek Tragedy: Is there a Deus ex Machina? (Ioannis Kokkoris, Rodrigo Olivares-Caminal, and Kiriakos Papadakis)

10. Restructuring A Nation’s Debt (Lee C. Buchheit and Mitu Gulati)

III. Addressing the Problem of Too Big to Fail

11. Firm Stability and System Stability: The Regulatory Delusion (Geoffrey Wood with Ali Kabiri)

12. Living Wills: Putting the Caboose before the Engine and Designing a Better Engine (George G. Kaufman)

13. Finding a Solution to the Too-Big-To-Fail Problem (Arthur E. Wilmarth Jr.)

14. ‘Too Big To Fail’: Can Alternative Resolution Regimes Really Remedy Systemic Risk in Large Financial Institutions Insolvency? (Jens-Hinrich Binder)

15. To Divest or Not to Divest: That is the Question … (Ioannis Kokkoris)

IV. Cross Border Issues

16. Resolving Large Complex Financial Institutions Within and Across Jurisdictions (Robert R. Bliss and George G. Kaufman)

17. From Consolidated Supervision to Consolidated Resolution (Rosa M. Lastra and Rodrigo Olivares-Caminal)

18. Creating an EU Level Supervisor for Cross-Border Banking Groups: Issues Raised by the US Experience with Dual Banking (Larry D. Wall, Maria J. Nieto and David Mayes)

V. Prudential Regulation

19. Capital and Liquidity Reform-A New Global Agenda (George A. Walker)

20. Basel II to Basel III: A Great Leap Forward? (Imad Moosa)

VI. Country Case Studies

21. The US Architecture of Bank Regulation and Supervision: Recent Reforms in their Historical Context (Dalvinder Singh)

22. An Evaluation of the Canadian Financial Safety Net During the Global Financial Crisis (John Raymond LaBrosse and James F. McCollum)

23. Financial Safety Net Reform in Nigeria (Ganiyu Ogunleye)

24. Islamic Deposit Insurance System: The Malaysian Model (Khairuddin Hj Arshad)

25. Managing Financial Risk: The Precautionary Principle and Protecting the Public Interest in the UK (John F. McEldowney)

 

Financial Crisis Containment and Government Guarantees

John Raymond LaBrosse, Rodrigo Olivares-Caminal, Dalvinder Singh (eds)

Publisher: Edward Elgar Publishing

image043

Year of Publication: March 2013
ISBN-13: 978 1 78100 499 9

 

Synopsis

Financial Crisis Containment and Government Guarantees analyses the international community’s commitment to forging enhanced, well thought-out, mechanisms for containing systemic risks in the context of a highly interconnected global financial framework which incorporates ongoing financial innovation. While use of government guarantees is a central theme, the book also analyses the roles played by prudential regulators, central banks, deposit insurers and treasuries in dealing with the crisis. The book examines how governments, central banks, regulators and deposit insurance agencies have worked together to contain the global financial crisis. Additionally, it focuses on efforts to overcome ongoing obstacles, as well as the most important proposals to improve safety nets, both at the national level and internationally.

 

Review

‘This enlightening volume provides an invaluable guide for those perplexed by the seemingly intractable problems of financial crises, sovereign distress, and government guarantees. Contributors include an all-star cast of leading figures in the field. Highly recommended.’
– Geoffrey Miller, New York University, US

‘The combination of the skills of the lawyer and of the economist has proved increasingly fruitful, developing both understanding and policy in many areas of life, such as accident prevention, crime prevention, and healthcare. This book follows the precedent of these areas and assembles a group of lawyers and economists who by their contributions, consider how best to deal with financial crises, and how to make their future occurrence less likely. It is both intellectually stimulating and practically important. The authors and editors are to be congratulated’.

– Geoffrey Wood, Cass Business School and University of Buckingham, UK

‘The history of the 2007–09 and possibly beyond near-global financial crisis needs to be examined carefully in order to identify and understand the causes, the transmission across countries, the harm to macroeconomies, the public policies adopted, the effectiveness of such policies, and the lessons to be learned to prevent or at least mitigate future such crises. This volume contributes to this task. It brings together under one cover the analyses of the various aspects of the crisis by experts in each area. It should be priority reading for serious students of the crisis.’

– George G. Kaufman, Loyola University Chicago, US

image040

 

 

Table of Contents:

Foreword
Joseph J. Norton

Foreword
Arthur E. Wilmarth, Jr.

Preface
John Raymond LaBrosse, James F McCollum, Rodrigo Olivares-Caminal and Dalvinder Singh

PART I: CONTAINING THE FINANCIAL CRISIS

1. Managing Crises without Government Guarantees: How do we Get There?
Christine Cumming

2. Improving the Decision-making Framework for Financial Crisis Management
John Raymond LaBrosse and Dalvinder Singh

3. Powers and Scope of the Macro-prudential Authority
Charles A.E. Goodhart

4. Resolving Systemically Important Financial Institutions (SIFIs) – The FSB Key Attributes of Effective Resolution Regimes
Eva Hüpkes

 

PART II: THE SPECIAL PROBLEMS OF EUROPE

5. Crisis Management and Guarantees in Europe
Charles Enoch

6. Regulatory Responses to the Financial Crisis
Rosa M. Lastra

7. The Federal Agency for Financial Market Stabilisation: From Rescuing to Restructuring
Christopher Pleister

8. Extraordinary Measures for Extraordinary Times and the Need for Effective Bank Resolution Laws in Europe
Gillian G. Garcia and Maria J. Nieto

 

PART III: THE USE OF GOVERNMENT GUARANTEES AND OTHER INITIATIVES

9. The Fault Lines in Cross-border Banking: Lessons from the Icelandic Case
Már Guðmundsson

10. Government Guarantees and Contingent Capital: Choosing Good Shock Absorbers
David G. Mayes

11. Public Guarantees on Bank Bonds: Effectiveness and Distortions
Giusèppe Grande, Aviram Levy, Fabio Panetta and Andrea Zaghini

12. The Impact of Sovereign Guarantees on the Quality of Bank Debt: Theory and Evidence from Europe
Arturo Estrella and Sebastian Schich

13. An Insurance Approach for Preventing Financial Crises
Michael Faure and Klaus Heine

14. Transforming Bailouts into Investments: A Proposal for the Creation of the Federal Government Investment Corporation
Jeffrey Manns

 

PART IV: SOVEREIGN DEBT ISSUES

15. The Treatment of Contingent Liabilities in a Sovereign debt Restructuring
Lee Buchheit and Mitu Gulati

16. The European Stability Mechanism: Some Notes on a New EU Institution Designed to Avert Financial Crises
Rodrigo Olivares-Caminal

17. Liquidity Spillovers in Credit Markets During the Eurozone Crisis
Giovanni Calice, Jing Chen and Julian Williams

 

organised by:
Patterson & LaBrosse Financial Consultants Ltd