 Can the European Community Afford to Neglect the Need for More Accountable Safety-Net Management?No 11860, NBER Working Papers from National Bureau of Economic Research, Inc Abstract: As financial institutions and markets transact more and more cross-border business, gaps and flaws in national safety nets become more consequential. Because citizens of host (home) countries may be made to pay for mistakes made in the home (host) country, Basel's lead-regulator paradigm violates the principle of democratic accountability. Because important differences exist in policymaking authority, instruments, and goals, banking supervisors need to improve their ability to monitor and mitigate the consequences of defects in one another's performance. A straightforward way to enhance both capacities would be to establish opportunities for public trading in debt obligations and reinsurance derivatives issued by country-level deposit-insurance entities. JEL-codes: G21 G28 P51 (search for similar items in EconPapers) Published as Kane, Edward J. "Can the European Community Afford to Neglect the Need for More Accountable Safety-Net Management?" Atlantic Economic Journal 34, 127-144. 2006. Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:11860 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC. |
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