Prasanna Gai, Nigel Jenkinson and Sujit Kapadia
In recent years, the financial system has been changing rapidly. At the same time, macroeconomic volatility has fallen in developed countries. The purpose of this paper is to…
Abstract
Purpose
In recent years, the financial system has been changing rapidly. At the same time, macroeconomic volatility has fallen in developed countries. The purpose of this paper is to examine how these developments may have affected the nature of systemic crises. The paper also aims to discuss how central banks and other financial regulators might respond to these developments with a clearer, more rigorous, operational framework for their systemic financial stability work.
Design/methodology/approach
The paper describes analytical models developed at the Bank of England to assess how recent developments may have affected the probability and potential impact of systemic financial crises. The results from these models help to shape the practical framework for the Bank's financial stability work.
Findings
The models suggest that financial innovation and integration, coupled with greater macroeconomic stability, have served to make systemic crises in developed countries less likely than in the past, but potentially more severe. Implementing a practical framework for financial stability work in response to this raises many formidable challenges.
Practical implications
If individuals are risk‐averse, the recent change in the profile of crises could lower welfare and would suggest that policymakers should place a higher premium on actions to monitor and mitigate systemic risk. The analysis also highlights the importance of differentiating the probability of risks from their potential impact.
Originality/value
The paper will be of interest to academics interested in systemic risk, central bankers, financial regulators, and financial market participants.
Details
Keywords
This paper reports a study of recidivism rates following psychodynamic psychotherapy amongst male offenders with intellectual disabilities. The recipients were 18 men who had been…
Abstract
This paper reports a study of recidivism rates following psychodynamic psychotherapy amongst male offenders with intellectual disabilities. The recipients were 18 men who had been diverted to the clinical psychology service for adults with intellectual disabilities from the criminal justice system. Thirteen participated in treatment and five refused it during assessment. Participants were followed up for 4 years after treatment. Of the 13 who completed treatment two re‐offended. All five of the men who refused treatments re‐offended. In view of the preliminary nature of these findings they are discussed in relation to methodological issues and future research.
One of the major developments of the post‐War years has been the rise of consumer protection ‘watchdog’ committees galore, a flood of legislation and completely changed…
Abstract
One of the major developments of the post‐War years has been the rise of consumer protection ‘watchdog’ committees galore, a flood of legislation and completely changed enforcement methods by existing local authority officers who to all and intents have become a completely new service. Voluntary agencies, national and local, based on the local High Street, have appointed themselves the watchdogs of the retail trade; legislation and central departments, the larger scene. The new service has proved of inestimable value in the changed conditions; it continues to develop. When shopping was a personal transaction, with the housewife making her purchases from the shopkeeper or his staff on the opposite side of the counter; when each was well known to the other and the relationship had usually lasted for many years, often from one generation to the next, things were very different, complaints few, unsatisfactory items instantly replaced, usually without question. This continuing state of equanimity was destroyed by the retail revolution and new methods of advertising and marketing. Now, the numbers of complaints dealt with by consumer protection and environmental health departments of local authorities are truly enormous. We have become a nation of “complainers,” although in all conscience, we have much to complain about. Complaints cover the widest possible range of products and services, of which food and drink form an integral component. The complaints to enforcement authorities include many said to be unjustified, but from the reports of legal proceedings under relevant enactments, it is obvious that the bulk of them now originate from consumer complaints. Not all complainants, however, relish the thought of the case going before the courts. Less is heard publicly of complaints to the numerous voluntary bodies. Enforcement authorities see complaints in terms of infringements of the law, although their role as honest broker, securing recompense to the aggreived customer, has become important; a few departments being able to claim that they secured reimbursements and replacements of value totalling upwards of amounts which annually run into six figures. The broker role is also that adopted by voluntary bodies but with much less success since they lack the supporting authority of legal sanction.
THE end of October saw the return of most of our overseas visitors, continental and otherwise, to their homes, leaving with us pleasant memories of a mutually successful visit…
Abstract
THE end of October saw the return of most of our overseas visitors, continental and otherwise, to their homes, leaving with us pleasant memories of a mutually successful visit. The Englishman's proverbial difficulties with foreign tongues, even of neighbouring France, did not complicate matters unduly or reduce too much those interchanges which conference and school afforded. We can repeat our frequently‐expressed hope that there will be an ever increasing series of visits, both of the foreigner to England and of ourselves as foreigners to other countries. We would welcome longer stays in both cases. Nothing but good can come from them.
THE earliest catalogue of Cambridge University documents was compiled by Mr. William Rysley, in 1420. Most of the documents enumerated in this list are still extant. An…
Abstract
THE earliest catalogue of Cambridge University documents was compiled by Mr. William Rysley, in 1420. Most of the documents enumerated in this list are still extant. An interesting List of the Documents in the University Registry, from the year 1266 to the year 1544, was communicated to the Cambridge Antiquarian Society by the Rev. H. R. Luard, B.D., then University Registrar, on March 6th, 1876. From this, it appears that “The earliest document which the University possesses is so late as the year 1266. The earliest in the Record office is dated 16th July, 13 Hen. III., i.e. 1229. This is a permission to scholars of the University of Paris to come to England, and remain for purposes of study.”