Recent Developments in Finance and Banking after the 2008 Crisis

Dear Colleagues,

One of the key lessons of the recent crisis is the close interdependence between the detailed features of financial systems and macroeconomic outcomes. Thus, the tight separation of financial and macroeconomic issues needs to be overcome. Initiatives to better analyze “macrofinancial” linkages and to conduct “macroprudential” policy have mushroomed since the start of the crisis, although they generally fall short of a fully joined-up framework. From this perspective, the focus of this volume will be:

First, on the financial regulation understood as a cluster of interrelated policies designed to ensure the proper functioning and integrity of financial systems. This scope includes public regulation and supervision of bank capital, leverage, liquidity, and risk management; control of moral hazard and financial industry incentives; protection of the customers of financial services; and the regulation of capital markets. Other reform areas such as capital-flow controls, prevention of money laundering, and the taxation of financial activities can complement this agenda,

and

Second, Banks had mismanaged their liquidity positions and failed to secure stable and diversified sources of income and to contain costs, while opaque balance sheets significantly impaired analyses of risk, thus preventing a timely awareness of the weakness of banks’ capital buffers. The lessons learned from the crisis have influenced markets’ and analysts’ perception of banks and have led to new regulatory initiatives that will shape banks’ post-crisis business models. The financial crisis has shown that banks need to better understand interactions between risk, return, capital and liquidity. Banks should therefore focus on developing a holistic approach. This means not only involving all business units and areas, but also taking into account certain external factors, such as macroeconomic scenarios.

Prof. Dr. Nicholas Apergis
Prof. Dr. James Earl Payne
Guest Editor

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• 2008 crisis
• financial and capital industry
• banking institutions
• regulation
• capital flows
• liquidity
• leverage
• risk management
• moral hazard