A regulatory placebo, or the strange case of Dr Kaufman and Mr SEIR

Article Abstract:

George Kaufman argues that failures of individual banks tend not to have serious consequences, and it is very rare that systemic failure results from contagion. Flawed government regulation can create problems, and are more likely to do so than factors inherent in the banking system. Kaufman then goes on to propose a Structured Early Intervention and Resolution (SEIR) program. This program is better than the system it would replace, yet Kaufman's proposal contradicts his earlier arguments.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Banking Regulation, Banking industry, Laws, regulations and rules, Banks (Finance), Banking law, Bank failures

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Exchange rate systems in perspective

Article Abstract:

The disparity between wealthy and poor nations is due to the combined effects of freedom of contract, limited government, and secure property rights. Floating exchange rates are preferable to fixed rates when dealing with a variety of currencies.

Prices and rates, Foreign exchange, Foreign exchange rates

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World monetary policy after the euro

Article Abstract:

The euro has the potential to become strong enough to compete with the US dollar and act as a brake on Federal Reserve policy. If the euro fails, European and US inflation will probably increase.

Management, United States. Federal Reserve Board, Euro (Currency), European Union. European Central Bank

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