ERM frameworks [21]

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Bullet points include: In terms of banking system problems, countries that came out better were generally ones that either Imposed additional constraints, or Were more interventionist. E.g. Canada: central bank imposed liquidity ratios, questioned bank takeovers on risk and prudential grounds and constrained mortgage lending. E.g. Spain: basic Basel system supplemented with additional (anti-cyclical) capital requirements and limits on liquidity-hungry off-balance sheet entities. Of course, neither were immune to subsequent economic troubles

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