By George G. Kaufman (auth.), George G. Kaufman (eds.)

ISBN-10: 9400921977

ISBN-13: 9789400921979

ISBN-10: 9401074852

ISBN-13: 9789401074858

In mild of the periodic malfunctions in vital sectors of the finan­ cial providers in recent times, resembling advertisement banking, thrift associations, and the securities industry, quite a few proposals were built for restructuring the economic system to enhance either its protection and potency. one of the teams interpreting the functionality of the economic system and recommending adjustments the place important, has been the Shadow monetary Regulatory Committee. This Committee, that is defined in better element in bankruptcy 1, comprises 12 self sufficient banking specialists from the educational and practitioner worlds that meet quarterly to research present advancements within the monetary companies indus­ try to to make thoughts for advancements that might be within the public curiosity. the aim of the Committee, its individuals, and an inventory of coverage statements are integrated within the Appendix. All yet one of many chapters during this quantity symbolize essays by means of indi­ vidual individuals of the Committee on concerns mentioned by way of the Committee at fresh conferences and that, for the main half, led to coverage country­ ments. They essentially speak about the explanations for the coverage assertion followed and position the problem in viewpoint. the place acceptable, the rele­ vant portion of the respective coverage assertion is gifted on the start­ ning of every bankruptcy. each one essay, besides the fact that, displays purely the perspectives of the person writer and never inevitably these of different contributors of the Committee or of the Committee as a whole.

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First, the cornerstone for a safe and sound banking system is assuring that banks have sufficient capital to absorb almost all losses that might be incurred. 3 Adequate capital is required because all enterprises, including banks, are subject to losses that must be covered to prevent insolvency. Banks must hold sufficient capital to make it very unlikely that losses will be absorbed by the federal deposit insurance agencies, or the taxpayer. In addition, capital gives the private market incentives to evaluate and monitor continuously risktaking by banks.

The analysis considers and contrasts market-value accounting for nonbanks and banks: Section 1 considers the benefits for enterprises generally, followed by a brief discussion of costs in Section 2. Section 3 delineates the incentives to adopt market-value accounting by five groups of users or preparers of financial statements: stockholders, depositors and other creditors, managers, public accountants, and regulators and taxpayers. This section and the previous two sections lead to the conclusion that, on balance, only regulators should demand market-value accounting.

Hence, if market values rather than traditional accounting numbers would provide better information, net of cost, it is likely that such data would be produced. Alternatively, one might expect creditors to ask for whatever information that would enable them to evaluate the risks they are asked to take. One study that examined this situation was conducted by Benston and Krasney [1978]. They asked the investment officers of insurance companies to specify the information they requested from companies that offered the insurance companies their long-term debt as direct investments (private placements).

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Restructuring the American Financial System by George G. Kaufman (auth.), George G. Kaufman (eds.)


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