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Marxer & Partner Rechtsanwälte - Liechtenstein Business Law

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Marxer & Partner Rechtsanwälte (ed.)

Liechtenstein Business Law

2022

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Part V Financial Market Law S. 247-320

„… . Orders of theFMA may be appealed within 14 days of service (Article 35 of the Financial MarketSupervisory …” „… LawChapter 24Integrated Financial Market SupervisionSources: B. Raschauer, Finanzmarktaufsichtsrecht (2015 …” „… ).ContentsI. Liechtenstein Financial Market Supervision . . . . . . . . . . . . . . . . . . . . 24.1II …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245Part VFinancial Market LawChapter 24 Integrated Financial Market Supervision …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247I. Liechtenstein Financial Market Supervision …” „… , Chair of Banking and Financial Market Law, VaduzMag. Franziska Goop-Monauni, LL.M., Lawyer, Marxer …”

Index S. 545-564

„… – – Fiduciary examination 46.23– – Financial Market Supervisory Authority46.23, 46.25– – Liechtenstein Institute …” „… Di-rective 30.24– – Transparency obligations of issuers 30.25– – UCITSG 30.17– Market abuse law– – Financial …” „… 21.2– – Financial Market Supervisory Authority21.2– – Paper Trail 21.6– Internal Organization …”

Part IV Due Diligence Law, Criminal Law and Mutual Legal Assistance Law S. 193-246

„… . In addition, various guide-lines, instructions and communications issued by the Financial Market …” „… incorporated into Liechtenstein law throughamendments to the Financial Market Supervisory Act …” „… disproportionate or likely to jeopardize thestability of the financial markets or ongoing investigations, the …”

Part I Fundamentals S. 1-32

„… website of the Liechtenstein Financial MarketAuthority (FMA)31 and the Foundation Supervisory Authority …” „… of financial market law are publishedannually online in “FMA-Praxis” reports of the Financial Market …” „… 4 of the Appeals Commission Act [Beschwerde-kommissionsgesetz]). In financial market law, the …”

Part III Taxes S. 159-192

„… the Multilateral Competent Authority Agreementon the Automatic Exchange of Financial Account …” „… , financial institutions submitreports to the Liechtenstein Tax Administration on accounts held by U.S …” „… financial statement to be preparedunder the Persons and Companies Act. However, a number of mandatory …”

Part II Persons and Companies Law S. 33-158

„… entities,companies or trusts for third parties. The Financial Market Authority (FMA) is respon-sible for granting …” „… Council of 15 May 2014 on mar-kets in financial instruments and amending Directive 2002/92/EC and …” „… Directive 2011/61/EU(Markets in Financial Instruments Directive II), OJ L 2014/173, 349.7.307.317.327.337.34 …”

Legal Terms and Phrases S. 499-544

„… = branch insolvencyFinanzmarktangelegenheiten = financial market mattersFinanzsicherheiten = financial …” „… = Nebenleistungsaktieancillary right = Nebenrechtancillary service = Nebendienstleistungannual financial statement …” „… = Wertschriftenfinancial market matters = Finanzmarktangelegenheitenfiscal year = Geschäftsjahrfishing expedition …”

Part VI Aspects of Civil Law S. 321-382

„… contract following the grace pe-riod, the debtor is obliged to put the creditor in the same financial …” „… seqq.). The fiduciary as financial intermediary(cf. 46.23 et seqq.) is an occupational title. Depending …” „… must put the beneficiary in such a financial position as if the guar-anteed success had been achieved …”

Part IX Other Areas of Law S. 449-498

„… Financial Market Authority (Fi-nanzmarktaufsicht, FMA)629, which is granted to EEA nationals (nationals of …” „… stricter penal provisions in Arti-cles 80 et seq. TrHG.The Financial Market Authority (FMA) is responsible …” „… MarketSupervisory Authority’s website provides lists of fiduciaries, fiduciaries with restrictedlicenses, as well as …”

Part VII Private International Law S. 383-394

„… implementing Directive 2002/47/EC534 on financial collateral arrangements, a specialnexus is provided for “book …” „… Parliament and of the Council of 6 June 2002 on finan-cial collateral arrangements, OJ L 2002/168, 43.535 OGH …” „… , all claims are subject to the law of the state, whose marketis affected by the competition (principle …”

doi.org/10.5771/9783214165017

Thomas M.J. Möllers - Vielfalt und Einheit

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Thomas M.J. Möllers (ed.)

Vielfalt und Einheit

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 19 2008

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Eddy Wymeersch Standardisation by law and markets especially in financial services S. 19-38

„… 19 Standardisation by law and markets especially in financial services Eddy Wymeersch I …” „… by the markets 25 IV. The functions of standardisation in the financial services field 29 V …” „… extreme sensitiveness of the financial markets can be compared with the somewhat lower sensitivity in the …”

Titelei/Inhaltsverzeichnis S. 2-8

„… sechs Referenzgebieten (Financial Markets, Corporate Governance, Environment, Health Care, Legal …” „… Wymeersch Standardisation by law and markets especially in financial services 19 Manuel René Theisen …”

Abkürzungsverzichnis S. 9-18

„… Monatsschrift für deutsches Recht Med Klin Medizinische Klinik MedR Medizinrecht Mifid Markets in Financial …” „… ed. Edition ED-IFRS Entwurf eines International Financial Reporting Standard EDV Elektronische …” „… Chemotherapie-schema FOLFOX Chemotherapie-schema FS Festschrift FSAP Financial Sector Assessment Programmes FT …”

Manuel René Theisen Herausforderungen und Hürden für eine "Gute Corporate Governance“ – eine betriebswirtschaftliche Standortanalyse. S. 39-64

„… Finanzen vgl. zuletzt Wymeersch, Standardization by law and markets especially in financial services …” „… die spezifische „in-between“-Situation zwischen „law“ und „market“, die damit verbundenen …” „… ” and “market” are the 40 opposite positions. The article gives some ideas of the challenges and …”

BERND HANSJÜRGENS, Christoph Schröter-Schlaack Standards und ökonomische Anreize im Umweltrecht: Handelbare Flächenausweisungsrechte zur Steuerung der Siedlungsentwicklung S. 181-208

„… paper analyses both standards (in the form of planning instruments) and market bases instruments (in the …” „… properties of two classes of designs for transferable discharge permit markets. In: Journal of Environmental …” „… reaching ambient standards in non-attainment areas: Financial burden and efficiency considerations. In …”

doi.org/10.5771/9783845208480

Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

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Financial Market Theory S. 33-42

„… financial instability as a common agency problem between international investors and emerging market …” „… to improve global financial stability. 1.2.3 Financial Market Theory Financial crises are a main …” „… source of global financial instability. In contrast to proponents of the efficient markets hypothesis in …”

Bibliography S. 347-374

„… Mexican Peso Crisis: Implications for the Regulation of Financial Markets. Essays in International …” „… . Financial Crises, Banking Crises, Stock Market Crashes and the Money Supply: Some International Evidence …” „… Andrés Velasco. 1998a. Financial Crises in Emerging Markets: A Canonical Model. NBER Working Paper No …”

Four Types of Currency Crises S. 47-52

„… negative3. Analysing the impact of financial liberalisation on stock market volatility yields similar …” „… results: While in the long-run stock market cycles are not extended by financial liberalisation, in the …” „… Michael Bordo. 1986. “Financial Crises, Banking Crises, Stock Market Crashes and the Money Supply: Some …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… their capital markets. As a result, one-size-fits-all approaches to financial sector regulation are …” „… financial system33. Allowing foreign banks to operate in domestic markets further raises the share of …” „… . Barfield (Ed.). 1996. International Financial Markets: Harmonization versus Competition. Washington, DC …”

Introduction S. 15-20

„… , contemporary emerging market crises have the ability to destabilise the global financial system. Contagion not …” „… ’ exposure to emerging markets can threaten mature financial systems even in advanced industrial economies …” „… emerging markets unlikely7. Conceding the fact that financial crises will remain a more or less regular …”

Lending-in-last-resort as Input in Monetary Policy S. 153-157

„… sophistication of modern financial systems. The market is expected to bring liquidity efficiently to its best …” „… calls for emerging market authorities to improve their financial systems and the regulation of banking …” „… . Nevertheless, the effectiveness of this approach to manage financial crises is controversial and crucially …”

Public Choice Theory S. 25-33

„… . Excessive volatility and over-reaction by markets can be perceived as a negative externality of financial …” „… markets’ function to price risks. It occurs when financial panics and herd behaviour lead to sharp …” „… movements in asset prices which cannot be justified by currently available information24. Financial market …”

Improved Transparency and Higher Regulatory Standards S. 68-71

„… , there will always remain financial market participants, governments as well as investors or financial …” „… be different degrees of information between different participants in financial markets for …” „… information asymmetries are intrinsic to financial markets6. Improving the availability of accurate financial …”

The Asian Financial Crisis S. 131-138

„… financial panic and collapsing stock markets. Fears of hyperinflation, further devaluation and potential …” „… to the International Financial Market: 1992–2000. Acta Slavica Iaponica. Tomus 21: 23–46 46 GKO …” „… a trade surplus of USD 7.4 billion. Mexico was saved from default by pledges for financial support …”

Lending Rules Governing ELA Facilities S. 323-327

„… PRGF and SBA facilities are not sufficient to restore confidence in the financial markets. If during a …” „… funds lent under Stand-By Agreements are to be raised above the market rate of interest. Funds can be …” „… last resort. IMF funds may not be used by central banks to intervene in the currency markets for the …”

The Meltzer Report S. 84-86

„… the global financial system, to enhance the functioning of markets and to assist countries in pursuing …” „… its member countries’ economies to provide financial markets with the information necessary to reach …” „… been established as has the Capital Markets Consultative Group. In this context the Financial Sector …”

Evidence on Creditor-side Moral Hazard S. 233-241

„… 9 See Steven Kamin. 2002. Identifying the Role of Moral Hazard in International Financial Markets …” „… countries increased significantly after the Russian crisis indicating that international financial markets …” „… , namely equity markets and financial sector stocks. Regarding equities, they analyse the influence of news …”

Theoretical Considerations S. 104-107

„… economy and the financial system declined due to lower shipping costs and increased supply from the United …” „… States. In the financial sector, bigger and better managed joint-stock and deposit banks replaced the …” „… large number of small and vulnerable country banks; as a consequence, stability of the financial sector …”

Evaluation S. 63-66

„… Charles Wyplosz. 1998. Globalized Financial Markets and Financial Crises. Paper presented at the …” „… factors were pre-eminent during financial turmoil in Southeast Asia. What emerging market crises had in …” „… , financial system instability and herding behaviour all account to some degree for recent emerging market …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… Fund. 2002. Global Financial Stability Report: A Quarterly Report on Market Developments and Issues …” „… restrictions on the level of sovereign indebtedness. Excessive levels of sovereign debt increase financial …” „… instability and can trigger violent capital flow reversals. Although financial crises can occur even in …”

Transparency Criteria S. 206-211

„… functioning of international capital markets. Almost every proposal to reform the international financial …” „… of book instead of market values to measure asset values, the meaningfulness of financial statements …” „… times. Otherwise, liquidity assistance by the international community would at best postpone financial …”

Walter Bagehot (1826–1877) S. 98-104

„… function, as argued by Thornton and the Banking School, it should do so at a rate above the market—a …” „… reserves; financial crises were exclusively attributed to an over-issuance of notes, in which case the …” „… of 1844 failed to prevent subsequent financial crises; in 1847, 1857 and 1866 the government was …”

The Setting S. 117-120

„… were responsible for the weak financial condition of New York’s money market in which the collapse of a …” „… , distressed New York money markets made the financial system of the United States far more vulnerable to …” „… 117 5. The Lender of Last Resort: The Concept in Practice In past financial crises the …”

The Mexican Peso Crisis S. 129-131

„… Crises in the 1990s The financial crises in emerging market economies that have occurred since 1995 share …” „… for the Regulation of Financial Markets. Essays in International Financial & Economic Law 4. London …” „… economies. Successful intervention in the currency markets is a costly undertaking and requires access to …”

Enhancing Access to Foreign Currency S. 90-92

„… of capital inflows remained stable3. A market-based strategy for governments to ensure access to …” „… financial sector that channels funds to their most effective uses and provides firms with the capital they …” „… need. Without liquidity, the financial sector cannot fulfil this role. Without access to capital, firms …”

The Case for an International Lender of Last Resort S. 107-109

„… Asia have shown, in times of uncertainty financial markets can be unwilling to extend loans even to …” „… enabling central banks to intervene in foreign exchange markets. The provision of foreign currency would …” „… currency from excessive depreciation. Since a substantial depreciation can trigger financial crises via …”

Liquidity Gaps in the Past S. 166-170

„… countries with access to international capital markets hold currency reserves worth over USD 1700 billion …” „… assistance in case financial panic develops. The resources necessary for an international lender of last …” „… responsibility lies in fostering global financial stability, its core objective must be to provide liquidity …”

Lending-in-last-resort as Input in Banking Policy S. 157-160

„… in need of hard currency. To rebuild confidence in the financial system, markets must be convinced …” „… 157 rency into the domestic financial system until the demand for short positions in local currency …” „… rate by intervention in the currency markets alone, indeed almost unlimited amounts of foreign currency …”

The Report by the Independent Task Force S. 80-84

„… ’ economies to provide financial markets with the information necessary to reach informed investment decisions …” „… sector creditors, to introduce market-based incentives for crisis prevention and resolution, to refocus …” „… Task Force on the Future of the International Financial Architecture sponsored by the Council of …”

General Membership S. 315-317

„… ability in preventing and mitigating financial crises. To achieve this goal, two degrees of membership …” „… . The SDDS was introduced in 1996 to serve as guidance on the provision of economic and financial data …” „… to the public for countries seeking access to international capital markets. It identifies four …”

The Problem of Contagion S. 52-53

„… markets. Accordingly, the Thai financial crisis in 1997 alerted the market to problems of weak financial …” „… . 1998. Financial Crises in Emerging Markets: A Canonical Model. NBER Working Paper No. 6606. Cambridge …” „… of factors are used to explain the contemporaneous development of financial distress in several …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… Monetary System. Third, due to advanced financial regulation and banking practices, and given comparably …” „… economies, particularly by their public and financial sectors. Financial statistics collected by IMF, BIS …” „… BIS reporting banks. 18 See International Financial …”

Opposition by Developed Countries and the G-7 S. 331-336

„… ex-ante conditionality is likely to enhance market confidence and to rebuild the institution’s credibility …” „… Fund’s effectiveness in reducing the frequency and severity of financial crises. But recent developments …” „… significant reforms to 332 the international financial architecture. At the same time, comments and policy …”

Pressure on Money, Stock and Call Loan Markets S. 121-123

„… Pressure on Money, Stock and Call Loan Markets From the trust companies financial distress spread to both …” „… the whole New York money market, support strategies were deliberated by various actors. Executives of …” „… decreased only to put focus on the call loan market of the New York stock exchange. A further loan of USD 25 …”

The IMF as International Lender of Last Resort S. 111-113

„… achieved: To create confidence in the market and thereby reduce the likelihood that financial panics …” „… of financial crises in emerging market economies. In many instances, policy mistakes stem directly …” „… international financial system40. The IMF indeed provided at several occasions substantial foreign currency …”

Financial Assets S. 176-181

„… financial support conditional on privatisation goals and were well received by financial markets …” „… 176 assets must be liquid and safe. In Thailand, banks and other financial institutions lent their …” „… create incentives for financial institutions to hold in their portfolios safe and liquid assets that …”

The Fund’s Record as Crisis Manger S. 113-116

„… attack for its handling of financial crises in emerging market economies. In many instances, policy …” „… became a financially attractive source of capital for emerging market countries despite the need to …” „… last resort cannot be achieved: To create confidence in the market and thereby reduce the likelihood …”

Structure of the Analysis S. 42-46

„… . Chapter 2 attempts to clarify the concept of financial crisis. It indicates that recent emerging market …” „… . Subsequently statutory and market-based approaches to restructure sovereign debt burdens are discussed. It is …” „… capital markets. The chapter concludes by asserting that while both statutory and market-based approaches …”

The Tobin Tax S. 72-74

„… severely impede the functioning of financial markets. Moreover, even if a Tobin tax would influence the …” „… this issue appears unlikely at best. Furthermore, financial markets constantly generate innovative …” „… products. It would be surprising if financial markets would struggle to devise innovative instruments …”

Principles for Effective Monitoring and Supervisory Work S. 313-315

„… macroeconomic data and financial sector stability to international capital markets. To do so, the institution’s …” „… financial data to the public for countries seeking access to international capital markets. It identifies …” „… functioning of financial markets both domestically and internationally. As of April 2005 over 60 IMF members …”

Transition Period S. 328-330

„… the financial markets, funds available for liquidity support should be above the minimum amount …” „… market-based economies such as supervisory, monitoring and regulatory authorities, but also effective …” „… advanced IMF membership. By pursuing prudent financial and economic policies major emerging economies …”

Lessons and Implications S. 66-67

„… weaknesses. The emergence of global capital markets has further strengthened the important role the financial …” „… liberalisation of the financial system, in essence the opening of the market for foreign financial institutions …” „… regarding policy prescriptions to increase global financial stability. 2.3.3 Lessons and Implications A …”

The Köhler Approach: Procedural Changes S. 86-88

„… established as has the Capital Markets Consultative Group. In this context the Financial Sector Assessment …” „… promoting sound economic policies and structural reforms and to oversee the international financial system …” „… and quantity of financial information released by its members have increased. In its surveillance role …”

Principles for Effective Liquidity Assistance S. 311-313

„… a fundamentally solvent country from default. Calming panics in financial markets and restoring …” „… enabling the Fund to empower emerging market central banks to act as effective lenders of last resort to …” „… fundamentally healthy economies could be put in a position to prevent financial sector collapse and to avoid a …”

Titelei/Inhaltsverzeichnis S. 2-12

„… ........................................................................... 31 1.2.3 Financial Market Theory …” „… Concerns on the Effectiveness of Collective Action Clauses ................... 304 11.4.2 Market-based …” „… ............................................................................ 33 1.2.3.1 The Efficient Markets Hypothesis …”

Access to Large-scale Liquidity Assistance S. 317-322

„… 317 instrument to provide liquidity assistance in times of financial distress. Its subsidized …” „… achieve World Bank rather than IMF objectives. As both facilities’ effectiveness in weathering financial …” „… economies IMF membership is essential to retain access to international capital markets, particularly …”

Evidence on Debtor-side Moral Hazard S. 241-244

„… banks’ market value. According to Haldane and Scheibe this response of market prices is consistent with …” „… increased incentives to take emerging market risks22. Considering not only equity, but also sovereign debt …” „… 1383. In order to assess the impact of program news on specific financial institutions, banks were …”

Third Generation Models S. 58-62

„… third generation of models developed in reflection of the emerging market crises in the 1990s second …” „… of attempts to explain financial turmoil in Mexico, Southeast Asia, Russia, Brazil and Argentina …” „… , Contagion and the Emerging Market Crises. IMF Working Paper No. 99/164. Washington, DC: International …”

Lending Rules Governing PRGF and SBA Facilities S. 322-323

„… PRGF and SBA facilities are not sufficient to restore confidence in the financial markets. If during a …” „… 322 tries’ financial sectors, empirical evidence suggests that for developing countries the …” „… benefits from lowering barriers to entry into their financial sectors generally outweigh costs. Box 12.4 …”

Empirical Evidence on Catalytic Finance S. 244-249

„… invalidating too-big-too-fail, too-strategic-to-fail and too-nuclear-to-fail hypotheses among financial market …” „… to face financial difficulties to qualify for liquidity assistance by the official sector. Examining …” „… the stability of the international financial system when governments are induced to pursue …”

First Generation Models S. 53-56

„… . 1998. Financial Crises in Emerging Markets: A Canonical Model. NBER Working Paper No. 6606. Cambridge …” „… 53 one economy may force fund managers to sell off investments in other markets in order to satisfy …” „… to leverage. Assuming asymmetric information, cross-market portfolio re-balancing may mistakenly be …”

Conclusion and Implications S. 170-172

„… central bank in order to effectively address the problem of global financial instability. As industrial …” „… prevent a collapse of their financial systems, not to manipulate their currency’s exchange rate since the …” „… does not imply that domestic central banks should lend to every financial institution in need for …”

The Asian Crisis’ Aftermath S. 138-143

„… to the International Financial Market: 1992–2000. Acta Slavica Iaponica. Tomus 21: 23–46 46 GKO …” „… financial crises in emerging market economies thus requires to analyse policy mistakes and to draw the …” „… 138 5.3.3 The Asian Crisis’ Aftermath The 1990s emerging market crises did not end with the Asian …”

Lessons from Emerging Market Crises S. 143-145

„… crises are lacking. Exploring more effective ways of dealing with financial crises in emerging market …” „… agreements with local banks on USD 60 billion of short-term debt but markets remained concerned with the …” „… cents for the dollar. 5.3.4 Lessons from Emerging Market Crises The crisis episodes discussed above …”

A Global Central Bank S. 74-75

„… best. Furthermore, financial markets constantly generate innovative products. It would be surprising if …” „… financial markets would struggle to devise innovative instruments allowing to trade currencies without …” „… 74 transactions costs. Similarly, there is no evidence that asset markets with higher transactions …”

Creditor Country Interests S. 255-259

„… 255 importance to global financial stability, its debt owed to industrial countries’ commercial …” „… commercial banks and other private financial institutions investing in developing countries the Fund’s …” „… premia for emerging market risk while due to implicit bailout guarantees the creditworthiness of emerging …”

Lessons of the Sterling Crisis S. 128-129

„… before. 5.3 Emerging Market Crises in the 1990s The financial crises in emerging market economies that …” „… financial hegemony, during the Franc Crisis in 1968 France drew its USD 100 million swap facility with the …” „… a fundamentally different type of financial crisis: While in 1907 a lack of liquidity endangered the …”

Problems due to Renegade Creditors S. 290-293

„… holdout creditors. The large level of abstention highlights that many financial market participants …” „… emerging economies to borrow from international capital markets remains to be seen. However, the Argentine …” „… perceive both process and outcome of the restructuring as financial murder on behalf of the Argentine …”

Necessary Funding for an International Lender of Last Resort S. 160-161

„… in need of hard currency. To rebuild confidence in the financial system, markets must be convinced …” „… unlimited funding. But to defend a currency peg the market perceives as overvalued, unlimited resources are …” „… necessary. In practice, resources required to maintain a fixed exchange rate against market pressure may not …”

Regional Monetary Cooperation S. 337-341

„… financial stability, interests of industrial countries are far more aligned than those of developing …” „… countries and emerging market economies. Broad consent among all types of developing countries only exists …” „… market economies from effectively pushing for altering the Fund’s operational procedures and lending …”

Regime Theory S. 20-25

„… . Implicit assumptions are certainly present, but they draw on the vast pool of economic and financial market …” „… rests on specific assumptions regarding financial markets and the occurrence of financial crises. 1.2.1 …” „… policy-making at its emerging market members. The differences between the domestic and the international …”

Fundamental Differences between International and Domestic Settings S. 109-111

„… uncertainty financial markets can be unwilling to extend loans even to fundamentally solvent sovereign debtors …” „… lender of last resort. Experience contradicts Schwartz’ claim that markets are always willing to provide …” „… financial sector and the economy at large over and over again. Without central banks, the occurrence of …”

Interests of Borrowing Countries S. 253-255

„… . 10.1 The Actors’ Interests Financial crises affect all key participants in international capital …” „… markets: hence debtor countries, creditor countries and international investors alike share an interest in …” „… maintaining or re-establishing global financial stability. However, while debtor countries and international …”

Lessons of 1907 S. 123-124

„… the pattern observed in emerging market crises during the 1990s. An already strained financial …” „… 123 5.1.4 Lessons of 1907 The panic of 1907 can serve as a prime example for a typical financial …” „… crisis: it shows how panic can develop into crisis in a vulnerable financial system as a consequence of …”

IMF Induced Moral Hazard S. 230-233

„… Resolution of Emerging Market Financial Crises. Paper presented at the Bank of England Conference on the Role …” „… problems IMF interventions during the 1990s have actually increased both number and scale of financial …” „… crises in emerging market economies1. While moral hazard problems resulting from IMF interventions can be …”

Need for Reform S. 293-294

„… international capital markets for a period of several years. Hutchinson and Neuberger attempt to identify the …” „… costs of sovereign default and subsequent financial crises. They find that the cumulative effect of …” „… during the 1980s16 and Barro who analysed the effects on growth of financial crises in East Asia17. Given …”

The Crisis S. 125-128

„… fostered a climate of uncertainty in the capital markets. Doubts about the sustainability of fixed exchange …” „… setting for the multiple speculative attacks on currencies which were to follow. A visible sign of market …” „… account deficits and a drain on international reserves induced speculation in the capital markets on the …”

Securitisation of Future Flow Receivables S. 188-199

„… 188 ations. However, due to weak capitalization, the market value of most other stateowned banking …” „… assets is limited. 7.2.3 Securitisation of Future Flow Receivables Aside from pledging financial assets …” „… to obtain loans or reduce borrowing costs. Assuming perfect capital markets, this form of financing …”

The Lacking Clout of Developing Economies S. 336-337

„… particularly emerging market economies would benefit from reforming the IMF into a quasi international lender …” „… instead inclined to follow prudent fiscal and monetary policies and strengthen their financial sectors …” „… , indicates that the reform proposal would be likely to find support by many emerging market policy makers …”

Collateralising Equity S. 181-188

„… conditional on privatisation goals and were well received by financial markets. Privatisation programs were …” „… Russia.” The Financial Times. August 24, 2004 188 ations. However, due to weak capitalization, the market …” „… 181 7.2.2 Collateralising Equity Another financial asset to be pledged as collateral by countries …”

Current Funding Needs of the IMF S. 146-153

„… emergency loans to Russia above the USD 4.8 billion already dispersed was a correct one, financial realities …” „… Schwartz (1999) 2 Barry Eichengreen. 1999. Towards a New Financial Architecture. Washington, DC: Institute …” „… December 2004 stood at USD 112.0 (SDR 71.9) billion. Table 6.1 IMF Financial Resources 2002–2004 (SDR/USD …”

Conclusion: Pre-qualification Is the Way Forward S. 228-229

„… other, ex-ante conditionality would enable financial market participants to reach more accurate …” „… solving its financial crisis. Their fulfilment indicates that the crisis is likely to be a temporary …” „… and the internationalisation of the financial sector signal that liquidity assistance would not be …”

The Calomiris Proposal S. 78-80

„… . 3.2.2 The Calomiris Proposal Charles Calomiris’ Blueprints for a New Financial Architecture suggest to …” „… qualifying ex-ante by following prudent economic and financial policies. Countries failing to fulfil these …” „… financial crises would be considerably enhanced. At the same time, the proposal goes a long way in …”

Conclusion S. 88-89

„… access to international capital markets during the emergency loan’s duration. Finally, the adjustment …” „… stability of the global financial system by reducing the frequency and severity of financial crises …” „… . Proposals to introduce a Tobin tax and approaches focussing on data dissemination standards and financial …”

The Run on Banks and Trust Companies S. 120-121

„… merit, distressed New York money markets made the financial system of the United States far more …” „… financial distress spread to both call loan and stock markets. Since the most liquid assets trust companies …” „… directorships and ties to these banks as depositors began running on all financial institutions Morse and Heinze …”

New Money Approach S. 283-286

„… rather than illiquid, began to settle by the late 1980s. Market-based approaches accepted the reality …” „… distress and sovereign defaults are no new phenomena. As financial crises in general, debt crises have …” „… would have had on the stability of the global financial system. But on the other, the agreements …”

The Concept of Collateral S. 173-176

„… also reduces incentives for governments and financial sector institutions to pursue prudent economic …” „… private sector by increasing liquidity in the market for defaulted debt securities1. Restricting liquidity …” „… financial sector is not easy. Accurately determining the solvency status of sovereign borrowers and whole …”

Successful Restructurings S. 287-290

„… percent of holdout creditors. The large level of abstention highlights that many financial market …” „… years of maturity and were thereafter adjusted to market-based coupons. FLIRBs were collateralised by …” „… 287 Commercial banks willing to retain some exposure to emerging markets could exchange their loans …”

Interests of International Investors S. 255

„… 255 importance to global financial stability, its debt owed to industrial countries’ commercial …” „… commercial banks and other private financial institutions investing in developing countries the Fund’s …” „… premia for emerging market risk while due to implicit bailout guarantees the creditworthiness of emerging …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… , too-strategic-to-fail and too-nuclear-to-fail hypotheses among financial market participants; the moral hazard play has …” „… thus become a significantly less attractive investment strategy for emerging market investors. Both …” „… portfolio investors and lending banks have experienced the dangers of investing in emerging markets without …”

Abbreviations S. 345-346

„… on Effective Banking Supervision BCRA Banco Central de la Republica Argentina BFSR Bank Financial …” „… Extended Liquidity Assistance Facility EMBI Emerging Markets Bond Index EMS European Monetary System EMTA …” „… Trade Association for the Emerging Markets EMU European Monetary Union ESAF Enhanced Structural …”

A Code of Good Conduct S. 294-297

„… Emerging Markets (EMTA), the International Primary Market Association (IPMA), the Securities Industry …” „… Association (SIA), the Bond Market Association (TBMA), the International Securities Market Association (ISMA …” „… ) and the Emerging Markets Creditor Association (EMCA). 295 emerging markets19. At their Berlin Meeting …”

Changes Inside the IMF S. 341-344

„… effectively address financial crises in the future. Similar arrangements were negotiated for USD 2 billion …” „… and credibility as the central and most effective instrument to reduce global financial instability …” „… , and implementation of its economic and financial policies15. It also committed to tailor programs and …”

Empirical Evidence S. 62-63

„… Charles Wyplosz. 1998. Globalized Financial Markets and Financial Crises. Paper presented at the …” „… international financial crises experienced since the collapse of the Bretton Woods regime has led to large …” „… Middle East, financial crises tend to be preceded by falling exports, output and equity prices, rising …”

Henry Thornton (1760–1815) S. 92-98

„… inflows remained stable3. A market-based strategy for governments to ensure access to international …” „… or other financial institutions. Collateral may come in form of secure export earnings or revenues …” „… economies only. Many developing countries have only limited access to international capital markets and lack …”

An International Credit Insurance S. 71-72

„… majority of international creditors would feel no incentives to flee a country in financial difficulties …” „… default could still cause systemic risks to the financial system. Consequently, the credibility of the …” „… : Asia’s Crisis Demands a Rethink of International Regulation.” The Financial Times. December 31, 1997 8 …”

Governance Reform Proposals S. 275-279

„… efforts to restore market confidence and global financial stability. The consequence of developing …” „… 275 tries increase their chances of receiving development aid, market access and the likelihood …” „… consists predominantly of developing countries and emerging market economies. IMF lending facilities are …”

Second Generation Models S. 56-58

„… guarantees less and less credible. Fundamental models are successful in explaining financial crises during …” „… generation models describe currency crises as a consequence of markets moving from one equilibrium to another …” „… behaviour. In this view, currency crises are essentially self-fulfilling, as markets’ behaviour according to …”

Advantages of Pre-qualification S. 203-206

„… . Additional incentives come from financial markets since countries qualifying for international liquidity …” „… liquidity assistance would be an effective instrument to address individual financial crises exante. It …” „… financial sectors. In this respect prequalification can serve as a substitute for the regulatory powers …”

Funding Issues S. 327-328

„… assistance and to restore confidence in the financial markets, funds available for liquidity support should …” „… differ depending on a borrowing country’s market rate of interest. If under extraordinary circumstances …” „… facilities to intervene in the currency markets. Rule 2 ELA facilities are subject to a penalty interest …”

Appendix S. 345

„… on Effective Banking Supervision BCRA Banco Central de la Republica Argentina BFSR Bank Financial …” „… Extended Liquidity Assistance Facility EMBI Emerging Markets Bond Index EMS European Monetary System EMTA …” „… Trade Association for the Emerging Markets EMU European Monetary Union ESAF Enhanced Structural …”

Problems Arising from the Imposition of Strict Collateral Requirements S. 199-201

„… market exporters could provide collateral for no more than one third of the amounts required during …” „… financial crises in the last decade. 7.3 Problems Arising from the Imposition of Strict Collateral …” „… recently. During the League of Nations’ efforts to stabilise the financial system and restructure ailing …”

The Brady Plan S. 286-287

„… , began to settle by the late 1980s. Market-based approaches accepted the reality that debt reduction was …” „… below-market rate for the first 5 to 7 years of maturity and were thereafter adjusted to market-based coupons …” „… was to be increased allowing creditors to diversify risk and adjust their emerging market exposures …”

Collective Action Clauses S. 297-300

„… blocking restructuring agreements supported by the majority of creditors. Emerging market debt is issued in …” „… several markets, but the largest volumes by far are offered in London and New York. In the U.K. collective …” „… response to the sharp increase in the volume of tradable debt offered in the London market from the mid …”

A Sovereign Debt Restructuring Mechanism S. 300-303

„… establish a formal SDRM and a contractual, market-based approach entailing widespread use of collective …” „… that a formal SDRM is as market-based a solution as the proposals supported …” „… neither official sector institutions nor capital markets were willing to provide further credit. The …”

Implications for the Viability of an International Lender of Last Resort S. 201-202

„… International Financial Institution Advisory Commission. March 9, 2000. Washington, DC: Senate Banking Committee …” „… access to international capital markets. These motivations provide strong enough incentives for the vast …”

Voting Power at the IMF S. 264-275

„… efforts to restore market confidence and global financial stability. The consequence of developing …” „… ): 22 275 tries increase their chances of receiving development aid, market access and the likelihood …” „… consists predominantly of developing countries and emerging market economies. IMF lending facilities are …”

doi.org/10.5771/9783845201122

Erik R. Fasten - Financial Markets and Public Finance

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Erik R. Fasten

Financial Markets and Public Finance

Series: Neue Studien zur Politischen Ökonomie

Volume 10 2012

Results in this title

Financial market rescue measures: Direct impact S. 136-137

„… A.4 Financial market rescue measures: Direct impact on governmentdebt 2008-2009Capital injections …” „… methodology refer to van Riet (2010). The cut-off date is18 January 2010.136A.5 Financial market rescue …”

Financial market rescue measures: Contingent liability S. 137-138

„… AAASource: Own computation, Moodys.com, Fitch.com, Standard and Poor’s, Thomson Financial Datastream.Notes …”

Computation of market-implied default probabilities S. 127-134

„… contributes to the sound functioning of financial markets,even though they have been heavily criticised during …” „… cross-country spillover effects in a127secondary panel dataset. Financial market participants might alter their …” „… international coordination, e.g. inthe Financial Stability Board, increase transparency in financial markets and …”

Primary data set S. 33-36

„… different measures directedat the sound functioning of financial markets.29 In the last decades the …” „… financial sectorhas been characterized by a significant transformation process. Market integration increased …” „… until the next announcement.Financial market variables are included to proxy the overall financial …”

Introduction S. 17-18

„… Chapter 1: IntroductionThe interaction between public finances and financial markets has recently …” „… , governments are creditconstraint by financial markets if investors fear a high probability of …” „… . Institutions that evolved in both, financial markets and governance structures,are examined and their …”

Related Literature S. 20-22

„… . Financial market participants might alter their expectations on risks and theattached prices of …” „… financial market spillovers and assess the probability of default of sovereign entities. The literatureon …” „… general, financial markets sanction creditors for unsustainable fiscalpolicies if certain conditions are …”

Introduction S. 19-20

„… consequence of the financial crisis, the market reassessed creditrisks for sovereign entities and required …” „… financial market spillovers and assess the probability of default of sovereign entities. The literatureon …” „… general, financial markets sanction creditors for unsustainable fiscalpolicies if certain conditions are …”

Application to the Rating Market S. 95-100

„… turmoil of financial markets.Several arguments for the high concentration24 and the high profit margins in …” „… notrades were completed.27 Various financial institutions had to adjust their market-tomarket book values …” „… observations in the rating industry and discusses the findings. The increasing complexity of financial markets …”

Bibliography S. 159-169

„… ). News spillovers in the sovereign debt market.Journal of Financial Economics, 75(3):691–734.Giesecke, K …” „… , M. (1970). Taxes, market valuation and corporate financial policy. NationalTax Journal …” „… Spending Multipliers.Collins, D. and Gavron, S. (2004). Channels of financial market contagion …”

Introduction S. 77-78

„… andreveal the impact on gains of trade.Certifiers are most prominently present in financial markets. These …” „… buyers (investor-paymodel).2 Despite the important role in financial markets, demand for certification …” „… complexity of financial productsand the attached information asymmetries.77We differentiate a lemon market as …”

Theoretical Motivation S. 22-25

„… between domestic financial markets is ofeminent importance. Introducing a second asset j with i j allows …” „… from financial market data and their maindeterminants for euro area countries are assessed. Furthermore …” „… financial and economic crisis. Government interventions have revived markets, but at substantial costs …”

Titelei/Inhaltsverzeichnis S. 2-16

„… . Fasten2.AuflageSovereign Risks, Credit Markets and Fiscal FederalismFinancial Markets and Public …” „… Wort for the production of the book.5AbstractThe interaction between financial markets and public …” „… economic instability. This thesis examines institutionsthat evolved in both, financial markets and …”

Market-based implicit default probabilities S. 28-33

„… outset of the financial crisisin 2007.We compute the market-implied default probabilities in the crisis …” „… plans for European banks.2.4.2 Market-based implicit default probabilitiesFor the analysis in the …” „… determine the default probability we compute a market-based risk-free rate based onthe German benchmark …”

Cross-country spillovers S. 37-41

„… probability, ed fi,t is the expected default frequencyof the median financial institution in country i and ?i …” „… 2.4 shows the dynamic panel model results.The results suggest that a substantial part of the financial …” „… financial sectorrescue packages. The variable edf_rescue turns out to be highly significant. As theexpected …”

Institutions to contain indebtedness S. 58-62

„… are neither clear to the political actors nor to the financial market.In turn, the evaluation of local …” „… pure forms of eitherautonomy or vertical integration. The financial market will not limit the …” „… financing for the respective entities, and ultimately the financial market mechanism17 are often quoted as …”

Cost of public debt in the euro area S. 25-28

„… financial and economic crisis. Government interventions have revived markets, but at substantial costs …” „… centuriesand link the distress in financial markets to sovereign distress. They compile a data set on …” „… European banks.2.4.2 Market-based implicit default probabilitiesFor the analysis in the remainder of the …”

Risk transfer from the private to the public sector S. 36-37

„… suggests that the market anticipated the commitment of governments to bail out financial sector …” „… influence of the financial sector bailout proclamation by governments. We test the hypothesis that after the …” „… default of Lehman and theproclamation of rescue packages the default probability of financial institutions …”

Implications of the results S. 41-44

„… Financial Stability Board, increase transparency in financial markets and allowmarket participants to better …” „… with a j being foreign financial claims in country j, a¯i being the total foreign claimsof country …” „… financial linkages between governments.A country which is highly intertwined with countries that suffer …”

Devolution tendencies S. 54-58

„… responsibilities are neither clear to the political actors nor to the financial market.In turn, the evaluation of …” „… pure forms of eitherautonomy or vertical integration. The financial market will not limit the …” „… financing for the respective entities, and ultimately the financial market mechanism17 are often quoted as …”

Related literature S. 78-79

„… quality of the product.Related to the market of financial intermediaries the models show that the …” „… We differentiate a lemon market as introduced by Akerlof (1970) and a honey marketwhere trades …” „… market.The question of who demands certification services has not received much attention inthe literature …”

Conclusion S. 44-46

„… from government bond yield spreads. The sharp increase in the market-perceived sovereigndefault …” „… particular, the improvement in the surveillance of financial,fiscal and macroeconomic developments is …” „… showsthat the framework is credible, since the market reacts to news related to one MemberState by …”

Two-sided certification S. 90-95

„… discusses the findings. The increasing complexity of financial markets inthe last decades caused a massive …” „… andthe Honey Market.In the Lemon Market an informational advantage leads to winning the auction …” „… market.Proposition 7 captures the optimal pricing strategy for the certifier and the equilibriumoutcomes of the …”

Application to Germany S. 70-75

„… statesthat financial markets ultimately sanction governments if the probability of default ishigher than the …” „… resources in its own territories, theLänder should set up a horizontal financial equalisation scheme.The …” „… notion of cooperative federalism was stressed. In the financial reform of 1969, themixed responsibilities …”

Related Literature S. 104-107

„… research utilises financial market data onex-dividend prices and in this way separates the impact of …” „… on the financial accelerator4highlight new evidence on the impact of the monetary balance sheet …” „… . Several factorssuggest that asset markets currently have a higher impact on the economy than they didtwo …”

Role of Public Debt S. 47-54

„… financial and economic47crisis that started in 2007. This section describes the role of public debt, recent …” „… , 1989). The model impliesstrong assumptions that are often challenged: perfect capital markets, lump-sum …” „… markets are also often quoted to challenge the Ricardo-Barro equivalence proposition. In a perfect capital …”

Conclusion S. 75-76

„… , the market discipline hypothesis statesthat financial markets ultimately sanction governments if the …” „… hand, seek to signal sustainable publicfinance policies to the credit market and, on the other hand …” „… be clear to voters, financial investors andpolitician alike.76 …”

Data Description S. 62-66

„… stance in the country and reflect the financial market positions inthe respective year. Increasing values …” „… the credit market to follow prudent fiscal policies. In turn, thecredit rating of the jurisdiction is …” „… et al. (2002), and for a discussion aboutthe rating market, refer to Chapter 4.62own political power …”

Standard deviation of default probabilities of selected Euro area countries S. 139

„… variables applied in the panel estimationsVariable Description Sourceprob market-based implicit default …” „… 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09Source: Thomson Financial Datastream and own computations.Notes …” „… probabilities own computationbased on ThompsonFinancialedf expected default frequency of financial sector …”

Key variables applied in the panel estimations S. 139-140

„… variables applied in the panel estimationsVariable Description Sourceprob market-based implicit default …” „… 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09Source: Thomson Financial Datastream and own computations.Notes …” „… probabilities own computationbased on ThompsonFinancialedf expected default frequency of financial sector …”

Stylised sovereign balance sheet S. 134-135

„… credit markets- outstanding loansnet fiscal assets- present value of taxes, revenues andfees minus …” „… bankcontingent liabilities- accrued pension liabilities- financial sector support (guarantees fortoo-big-to-fail …” „… financial institutions,deposit insurance, etc.)- forthcoming ageing costs (health care,infrastructure, etc …”

Price-Earnings Ratios in Selected Countries S. 157-158

„… D.5 Price-Earnings Ratios in Selected CountriesUK-DS Market - PER051015202530351973 1983 1993 2003 …” „… US-DS Market - PER051015202530351973 1983 1993 2003GERMANY-DS Market - PER05101520251973 1983 1993 2003 …” „… EU-DS Market - PER0510152025301973 1983 1993 2003FRANCE-DS Market - PER0510152025301973 1983 1993 2003 …”

Sources of variables S. 156-157

„… .156D.5 Price-Earnings Ratios in Selected CountriesUK-DS Market - PER051015202530351973 1983 1993 2003 …” „… US-DS Market - PER051015202530351973 1983 1993 2003GERMANY-DS Market - PER05101520251973 1983 1993 2003 …” „… EU-DS Market - PER0510152025301973 1983 1993 2003FRANCE-DS Market - PER0510152025301973 1983 1993 2003 …”

Conclusion S. 100-102

„… Market. Appendix C.1 gives a summary report on the equilibrium valuesof the main variables in the model …” „… associated market outcomes. In an asymmetric information framework three options areconsidered: offering …” „… certification services merely to buyers or to sellers and the saleon both sides of the market. Buyers and …”

Appendix Proofs S. 146-153

„… Lemon Market overall realised welfare adds uptoW 38 1?? and a rent ofWmax?W1??8 is lost due to …” „… corresponding profit?C 18 . The remainder of the market (quality interval 0, q¯ ) is traded without a ratingat a …” „… price of q¯214 . As all products are traded in this market the seller’s profit is:?S Wmax??C1??2?18 (C.6 …”

Construction of the Effective Marginal Tax Rate S. 107-110

„… financial crisis that started in 2007, the values increased again,as private consumption is substituted by …” „… public deficit spending. Keynesian policieswere revived to fight the impact of the financial crisis on …” „… rate of the marginal investor that is willing to buy an asseton the market and in turn determines the …”

Sources of risk for the public balance sheet S. 135-136

„… finances. All sections aretherefore not complete135A.4 Financial market rescue measures: Direct impact on …”

Conclusion S. 124-126

„… activity and asset prices are affected by taxation in the long run.The fiscal financial accelerator …” „… literature yet. Due to the increasing importanceof asset markets for the economy, the fiscal transmission …”

Introduction S. 103-104

„… Chapter 5: The Fiscal-Financial Transmission Channel: Assetpricing in Germany5.1 IntroductionHow …” „… Scholes (1982)and Black and Scholes (1974) underline that in perfect capital markets, the marginalinvestor …”

Results and Transmission channel S. 123-124

„… run.The fiscal financial accelerator therefore should be considered in the future policy decisions …” „… fiscalpolicy was not considered in the fiscal literature yet. Due to the increasing importanceof asset markets …”

Static Analysis S. 66-69

„… financial market participants and therefore seek to establish self-imposed rules. Credibleself-imposed rules …” „… significantly influenced by the overall government debt. However, the actualrisk premia required by the market …” „… , as the markethypothesis by Lane (1993) proposes a significant influence of financing costs on the …”

Dynamic Analysis S. 69-70

„… have to signal sustainable public finances to financial market participants and therefore seek to …”

doi.org/10.5771/9783845239859

Hauke Brunkhorst - Demokratie in der Weltgesellschaft

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Hauke Brunkhorst (ed.)

Demokratie in der Weltgesellschaft

Series: Sonderheft Soziale Welt

Volume 2009

Results in this title

Anne van Aaken Democracy in Times of Transnational Administrative Law: The Case of Financial Markets S. 195-212

„… Democracy in Times of Transnational Administrative Law: The Case of Financial Markets Von Anne van …” „… European financial market regulation but may be generalized to other issue areas of global (administrative …” „… standard setting for international financial markets (II.1) as well as the European process of law-making …”

Titelei/Inhaltsverzeichnis S. 1-8

„… Internationalisierung Jürgen Bast 185 Democracy in Times of Transnational Administrative Law: The Case of Financial …” „… Markets Anne van Aaken 195 6 Inhaltsverzeichnis III Weltwirtschaft: Demokratie und …”

Craig Calhoun Cosmopolitanism and Hegemony S. 17-34

„… administered enterprises, the extension of trade into financial markets and production relations, and the …” „… or that all questions about world financial markets should be seen as matters to be decided by …” „… entwinement in the compromises and complex structures of states or markets. This was partly an illusion …”

Cristina Lafont Alternative Visions of a New Global Order. What should Cosmopolitans hope for? S. 231-250

„… globalization of the market economy, but genuine »political« questions such as the need to »overcome the extreme …” „… for financial aid. 11. Standards for deciding whether to prosecute or convict the leaders or former …” „… markets as much as poor countries are obligated to under the international trade regulations adopted by …”

doi.org/10.5771/9783845215921

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