Money: Theory, policy, and institutions

Business & Money

Crockett, Andrew

Economics

Nelson

This text aims to give students a deeper understanding of the connection between monetary theory and the factors that influence the framing of monetary policy.

International

Money; theory, policy and institution

<p>Recent corporate scandals and the stock market crash that started in March 2000 have increased concerns about conflicts of interest in the financial services industry. This CEPR Report analyzes what conflicts of interest are and why we care about them, and develops a framework for evaluating policies to remedy them. Eugene White has written a new addendum to the report providing an in-depth look at the mutual fund scandal.</p>

Conflicts of Interest in the Financial Services Industry: What Should We Do About Them?

Computers & Technology

Programming

International Center for Monetary and Banking Studies

<p>This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund's Board of Governors and were subsequently discussed by the Fund's Executive Board in early 1986.</p>

Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators (International Monetary Fund Occasional Paper)

Intl Monetary Fund

Launched in 1999 by CEPR and the International Center for Monetary and Banking Studies, the Geneva Reports on the World Economy series consists of an annual report, written by a team of internationally-known macroeconomists, and occasional Special Reports.

Geneva Reports on the World Economy 11: The Fundamental Principles of Financial Regulation

Brunnermeier, Markus

Goodhart, Charles

Persaud, Avinash D.

Shin, Hyun

Center for Economic Policy Research

The fifth report in this series focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. In the recent stock market collapse, confidence in the financial industry was shaken by numerous scandals. Beginning with Enron in 2001, scandals brought about the demise of prominent financial figures, damaged the reputation of premiere firms and destroyed the global accounting giant Arthur Andersen. Central to this crisis was the exploitation of conflicts of interest. Research analysts at investment banks were found to be distorting information at the behest of underwriting departments eager to promote new issues. Auditors appeared to sanction misleading accounting in order to gain business for the consulting side of their firms. Policy response in the United States was quick. Large fines were levied and regulators compelled the separation of financial security function, constraining financial conglomerates. But are these new regulations and safeguards adequate protection? What costs do they impose on the industry? This fifth title in the ICMP/CEPR series of Geneva Reports on the World Economy examines the problem of conflicts of interest in the financial system. Conflicts of interest lead to a decrease in information that makes it harder for the system to provide savers wit the accurate, essential information that induces them to provide credit to borrowers. This study focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. Determining the appropriate remedy for a conflict is a challenge because the elimination of conflicts may also eliminate benefits from economies of scope. This study examines five generic remedies: market discipline, regulation for increased transparency, supervisory oversight, separation of financial activities by function, and socialization of the collection and distribution of information. The authors apply this framework to assess critically the Sarbanes-Oxley Act and the Global Settlement between American regulators and investment banks.

Conflicts of Interest in the Financial Services Industry: What Should We Do About Them?: Geneva Reports on the World Economy 5

Mishkin, Frederic S.

Harris, Trevor

White, Eugene N.

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