UID:
edoccha_9958126556902883
Format:
1 online resource (25 p.)
ISBN:
1-4623-5077-1
,
1-4527-3800-9
,
1-283-51282-3
,
1-4519-1276-5
,
9786613825278
Series Statement:
IMF working paper ; WP/07/260
Content:
European finance is becoming increasingly cross-border, while the European architecture for safeguarding financial stability - including decision-making processes for providing financial-stability public goods - have remained decentralized with some explicit mechanisms for coordination across countries. Policy makers are aware of the limitations of the existing institutional setting, but opinions on how to proceed, including on burden sharing, are lining up along national and regional political lines with less attention paid to European needs. This paper applies the 'economics of alliances' to examine these European policy challenges. The paper establishes benchmarks for assessing the ability of Europe's existing institutional architecture to efficiently allocate resources to safeguard the EU financial system against systemic threats to stability, such as the insolvency of a pan European bank.
Note:
"November 2007."
,
Contents; I. Introduction; II. Existing Framework for Safeguarding Financial Stability and the Ongoing EU Debate; A. Policy Debate; B. Are There Incentives to Cooperate in Safeguarding EU Financial Stability?; Table 1: Incentives to cooperate and likely outcomes in sharing costs of resolution; III. Modeling Europe's Financial-Stability Challenge of Providing a Pan-European Public Good; IV. Approaches for Evaluating Current EU Financial Stability Frameworks; A. Decentralized Decision-Making in Providing a 'Pure' Public Good
,
B. Decentralized Decision-Making in Providing Both 'Exclusive' and 'Pure' Public GoodsV. Summary and Conclusions; Annex: The Models; Bibliography
,
English
Additional Edition:
ISBN 1-4518-6823-5
Language:
English
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