The Case for Rapid Resolution Plans

Richard J. Herring ()
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Richard J. Herring: The Wharton School, University of Pennsylvania, USA

Review of Economics & Finance, 2013, vol. 3, 1-17

Abstract: During the peak of the financial crisis, the Group of Twenty met to determine how to repair the financial system and prevent a similar crisis from erupting in the future. They agreed to introduce a new kind of tool to counter the too big to fail problem: rapid resolution plans. Within the framework established by the Financial Stability Board, most high-income countries are attempting to implement this concept to enable them to resolve a large, troubled institution rapidly while preserving its systemically important functions, but without disrupting the rest of the financial system. This paper highlights the challenge that international corporate complexity poses for the effective implementation of rapid resolution policy.

Keywords: Resolution; Too big to fail; Systemically important financial institutions; Corporate structure (search for similar items in EconPapers)
JEL-codes: G21 G28 G33 (search for similar items in EconPapers)
Date: 2013
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