Xavier Freixas's Books

Systemic Risk, Crises, and Macroprudential Regulation

By: Xavier Freixas,Luc Laeven,Jose-Luis Peydro

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Systemic Risk, Crises, and Macroprudential Regulation

By: Xavier Freixas,Luc Laeven,Jose-Luis Peydro

A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation. It defines systemic risk and macroprudential policy, cutting through the generalized confusion as to their meaning; contrasts macroprudential to microprudential approaches; discusses the interaction of macroprudential policy with macroeconomic policy (monetary policy in particular); and describes macroprudential tools and experiences with macroprudential regulation around the world. The book also considers the remaining challenges for establishing effective macroprudential policy and broader issues in regulatory reform. These include the optimal size and structure of the financial system, the multiplicity of regulatory bodies in the United States, the supervision of cross-border financial institutions, and the need for international cooperation on macroprudential policies.

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Page Count

487

Publisher

MIT Press

Published Date

ISBN 10

0262328615

ISBN 13

9780262328616

Microeconomics of Banking, second edition

By: Xavier Freixas,Jean-Charles Rochet

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Microeconomics of Banking, second edition

By: Xavier Freixas,Jean-Charles Rochet

The second edition of an essential text on the microeconomic foundations of banking surveys the latest research in banking theory, with new material that covers recent developments in the field. Over the last thirty years, a new paradigm in banking theory has overturned economists' traditional vision of the banking sector. The asymmetric information model, extremely powerful in many areas of economic theory, has proven useful in banking theory both for explaining the role of banks in the economy and for pointing out structural weaknesses in the banking sector that may justify government intervention. In the past, banking courses in most doctoral programs in economics, business, or finance focused either on management or monetary issues and their macroeconomic consequences; a microeconomic theory of banking did not exist because the Arrow-Debreu general equilibrium model of complete contingent markets (the standard reference at the time) was unable to explain the role of banks in the economy. This text provides students with a guide to the microeconomic theory of banking that has emerged since then, examining the main issues and offering the necessary tools for understanding how they have been modeled. This second edition covers the recent dramatic developments in academic research on the microeconomics of banking, with a focus on four important topics: the theory of two-sided markets and its implications for the payment card industry; “non-price competition” and its effect on the competition-stability tradeoff and the entry of new banks; the transmission of monetary policy and the effect on the functioning of the credit market of capital requirements for banks; and the theoretical foundations of banking regulation, which have been clarified, although recent developments in risk modeling have not yet led to a significant parallel development of economic modeling. Praise for the first edition: "The book is a major contribution to the literature on the theory of banking and intermediation. It brings together and synthesizes a broad range of material in an accessible way. I recommend it to all serious scholars and students of the subject. The authors are to be congratulated on a superb achievement."—Franklin Allen, Nippon Life Professor of Finance and Economics, Wharton School, University of Pennsylvania "This book provides the first comprehensive treatment of the microeconomics of banking. It gives an impressive synthesis of an enormous body of research developed over the last twenty years. It is clearly written and apleasure to read. What I found particularly useful is the great effort that Xavier Freixas and Jean-Charles Rochet have taken to systematically integrate the theory of financial intermediation into classical microeconomics and finance theory. This book is likely to become essential reading for all graduate students in economics, business, and finance."—Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia University Graduate School of Business "The authors have provided an extremely thorough and up-to-date survey of microeconomic theories of financial intermediation. This work manages to be both rigorous and pleasant to read. Such a book was long overdue and shouldbe required reading for anybody interested in the economics of banking and finance."—Mathias Dewatripont, Professor of Economics, ECARES, Universit

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Page Count

389

Publisher

MIT Press

Published Date

ISBN 10

026230385X

ISBN 13

9780262303859

Microeconomics of Banking, third edition

By: Xavier Freixas,Jean-Charles Rochet

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Microeconomics of Banking, third edition

By: Xavier Freixas,Jean-Charles Rochet

The third edition of a leading text on the microeconomic foundations of banking, comprehensively updated with new coverage of the 2008 Global Financial Crisis, fintech, and the latest research in banking theory. The banking industry has undergone seismic change in the twenty-first century, from the overhaul of regulation in the wake of the 2008 Global Financial Crisis to the digitalization of the economy and the disruption of traditional business models by ascendant tech giants. Now in a comprehensively updated third edition, this essential graduate-level text on the microeconomic foundations of banking provides the rigorous theoretical approach required to understand these new structures and norms, functioning as a user’s guide to recent academic literature. Microeconomics of Banking offers a comprehensive view of the evolution of banking theory and the rapidly changing realm of financial intermediation, examining the central issues and offering the necessary tools for understanding how they have been modeled. New edition highlights: Up-to-date coverage of the latest research in banking theory as well as the events of the global financial crisis and resultant Basel III regulatory framework New chapters on liquidity and systemic risk New material throughout on cryptocurrencies, fintech, and other facets of a digitalized economy

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Page Count

229

Publisher

MIT Press

Published Date

ISBN 10

026237529X

ISBN 13

9780262375290

Competition and Stability in Banking

The Role of Regulation and Competition Policy

By: Xavier Vives

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Competition and Stability in Banking

The Role of Regulation and Competition Policy

By: Xavier Vives

A distinguished economist examines competition, regulation, and stability in today's global banks Does too much competition in banking hurt society? What policies can best protect and stabilize banking without stifling it? Institutional responses to such questions have evolved over time, from interventionist regulatory control after the Great Depression to the liberalization policies that started in the United States in the 1970s. The global financial crisis of 2007–2009, which originated from an oversupply of credit, once again raised questions about excessive banking competition and what should be done about it. Competition and Stability in Banking addresses the critical relationships between competition, regulation, and stability, and the implications of coordinating banking regulations with competition policies. Xavier Vives argues that while competition is not responsible for fragility in banking, there are trade-offs between competition and stability. Well-designed regulations would alleviate these trade-offs but not eliminate them, and the specificity of competition in banking should be accounted for. Vives argues that regulation and competition policy should be coordinated, with tighter prudential requirements in more competitive situations, but he also shows that supervisory and competition authorities should stand separate from each other, each pursuing its own objective. Vives reviews the theory and empirics of banking competition, drawing on up-to-date analysis that incorporates the characteristics of modern market-based banking, and he looks at regulation, competition policies, and crisis interventions in Europe and the United States, as well as in emerging economies. Focusing on why banking competition policies are necessary, Competition and Stability in Banking examines regulation's impact on the industry's efficiency and effectiveness.

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Page Count

344

Publisher

Princeton University Press

Published Date

ISBN 10

0691210039

ISBN 13

9780691210032

Spanish Gothic

National Identity, Collaboration and Cultural Adaptation

By: Xavier Aldana Reyes

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Spanish Gothic

National Identity, Collaboration and Cultural Adaptation

By: Xavier Aldana Reyes

This book presents the first English introduction to the broad history of the Gothic mode in Spain. It focuses on key literary periods, such as Romanticism, the fin-de-siècle, spiritualist writings of the early-twentieth century, and the cinematic and literary booms of the 1970s and 2000s. With illustrative case studies, Aldana Reyes demonstrates how the Gothic mode has been a permanent yet ever-shifting fixture of the literary and cinematic landscape of Spain since the late-eighteenth century. He proposes that writers and filmmakers alike welcomed the Gothic as a liberating and transgressive artistic language.

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Page Count

242

Publisher

Springer

Published Date

ISBN 10

1137306017

ISBN 13

9781137306012

Oligopoly Pricing

Old Ideas and New Tools

By: Xavier Vives

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Oligopoly Pricing

Old Ideas and New Tools

By: Xavier Vives

Applies a modern game-theoretic approach to develop a theory of oligopoly pricing. The text relates classic contributions to the field of modern game theory and discusses basic game-theoretic tools and equilibrium, paying particular attention to developments in the theory of supermodular games.

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Page Count

446

Publisher

MIT Press (MA)

Published Date

ISBN 10

0262220601

ISBN 13

9780262220606

Microeconomics of Banking

By: Freixas Xavier Rochet Jean-Charles,Xavier Freixas,Jean-Charles Rochet

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Microeconomics of Banking

By: Freixas Xavier Rochet Jean-Charles,Xavier Freixas,Jean-Charles Rochet

Over the last thirty years, a new paradigm in banking theory has overturned economists' traditional vision of the banking sector. The asymmetric information model, extremely powerful in many areas of economic theory, has proven useful in banking theory both for explaining the role of banks in the economy and for pointing out structural weaknesses in the banking sector that may justify government intervention. In the past, banking courses in most doctoral programs in economics, business, or finance focused either on management or monetary issues and their macroeconomic consequences; a microeconomic theory of banking did not exist because the Arrow-Debreu general equilibrium model of complete contingent markets (the standard reference at the time) was unable to explain the role of banks in the economy. This text provides students with a guide to the microeconomic theory of banking that has emerged since then, examining the main issues and offering the necessary tools for understanding how they have been modeled. This second edition covers the recent dramatic developments in academic research on the microeconomics of banking, with a focus on four important topics: the theory of two-sided markets and its implications for the payment card industry; "non-price competition" and its effect on the competition-stability tradeoff and the entry of new banks; the transmission of monetary policy and the effect on the functioning of the credit market of capital requirements for banks; and the theoretical foundations of banking regulation, which have been clarified, although recent developments in risk modeling have not yet led to a significant parallel development of economic modeling.Praise for the first edition:"The book is a major contribution to the literature on the theory of bankingand intermediation. It brings together and synthesizes a broad range ofmaterial in an accessible way. I recommend it to all serious scholars andstudents of the subject. The authors are to be congratulated on a superbachievement." -- Franklin Allen, Nippon Life Professor of Finance and Economics, WhartonSchool, University of Pennsylvania"This book provides the first comprehensive treatment of the microeconomicsof banking. It gives an impressive synthesis of an enormous body ofresearch developed over the last twenty years. It is clearly written and apleasure to read. What I found particularly useful is the great effort thatXavier Freixas and Jean-Charles Rochet have taken to systematicallyintegrate the theory of financial intermediation into classicalmicroeconomics and finance theory. This book is likely to become essentialreading for all graduate students in economics, business, and finance." -- Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia University Graduate School of Business"The authors have provided an extremely thorough and up-to-date survey ofmicroeconomic theories of financial intermediation. This work manages to beboth rigorous and pleasant to read. Such a book was long overdue and shouldbe required reading for anybody interested in the economics of banking andfinance." -- Mathias Dewatripont, Professor of Economics, ECARES, Universit

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Page Count

392

Published Date

ISBN 10

0262273179

ISBN 13

9780262273176

Microeconomics of Banking, third edition

By: Xavier Freixas,Jean-Charles Rochet

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Microeconomics of Banking, third edition

By: Xavier Freixas,Jean-Charles Rochet

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Solve jigsaw puzzle

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Page Count

229

Publisher

MIT Press

Published Date

ISBN 10

0262048191

ISBN 13

9780262048194

Microeconomics of Banking, third edition

By: Xavier Freixas,Jean-Charles Rochet

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Microeconomics of Banking, third edition

By: Xavier Freixas,Jean-Charles Rochet

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Solve jigsaw puzzle

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Page Count

229

Publisher

MIT Press

Published Date

ISBN 10

026237529X

ISBN 13

9780262375290

Microeconomics of Banking, second edition

By: Xavier Freixas,Jean-Charles Rochet

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Microeconomics of Banking, second edition

By: Xavier Freixas,Jean-Charles Rochet

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Solve jigsaw puzzle

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Page Count

389

Publisher

MIT Press

Published Date

ISBN 10

026230385X

ISBN 13

9780262303859

Systemic Risk, Crises, and Macroprudential Regulation

By: Xavier Freixas,Luc Laeven,Jose-Luis Peydro

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Systemic Risk, Crises, and Macroprudential Regulation

By: Xavier Freixas,Luc Laeven,Jose-Luis Peydro

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Page Count

487

Publisher

MIT Press

Published Date

ISBN 10

0262549018

ISBN 13

9780262549011

Systemic Risk, Crises, and Macroprudential Regulation

By: Xavier Freixas,Luc Laeven,José-Luis Peydró

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Systemic Risk, Crises, and Macroprudential Regulation

By: Xavier Freixas,Luc Laeven,José-Luis Peydró

The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation. It defines systemic risk and macroprudential policy, cutting through the generalized confusion as to their meaning; contrasts macroprudential to microprudential approaches; discusses the interaction of macroprudential policy with macroeconomic policy (monetary policy in particular); and describes macroprudential tools and experiences with macroprudential regulation around the world.The book also considers the remaining challenges for establishing effective macroprudential policy and broader issues in regulatory reform. These include the optimal size and structure of the financial system, the multiplicity of regulatory bodies in the United States, the supervision of cross-border financial institutions, and the need for international cooperation on macroprudential policies.

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Solve jigsaw puzzle

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Page Count

472

Published Date

ISBN 10

0262328607

ISBN 13

9780262328609

Book's by Xavier Freixas

Systemic Risk, Crises, and Macroprudential Regulation

Systemic Risk, Crises, and Macroprudential Regulation

Microeconomics of Banking, second edition

Microeconomics of Banking, second edition

Microeconomics of Banking, third edition

Microeconomics of Banking, third edition

Competition and Stability in Banking

Competition and Stability in Banking

Spanish Gothic

Spanish Gothic

Oligopoly Pricing

Oligopoly Pricing

Microeconomics of Banking

Microeconomics of Banking

Microeconomics of Banking, third edition

Microeconomics of Banking, third edition

Microeconomics of Banking, third edition

Microeconomics of Banking, third edition

Microeconomics of Banking, second edition

Microeconomics of Banking, second edition

Systemic Risk, Crises, and Macroprudential Regulation

Systemic Risk, Crises, and Macroprudential Regulation

Systemic Risk, Crises, and Macroprudential Regulation

Systemic Risk, Crises, and Macroprudential Regulation

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