Markets for Bank Subordinated Debt and Equity in Basel Committee Member Countries
Reint E. Gropp, Jukka M. Vesala
BCBS Working Papers, No. 12,
No. 12,
2003
Abstract
This Basel Committee working paper is a study of the markets for banks' securities in ten countries (Belgium, France, Germany, Japan, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, and the United States). It aims at contributing to the assessment of the potential effectiveness of direct and indirect market discipline. This is achieved through collecting a rich set of data on the detailed characteristics of the instruments used by banks to tap capital markets, the frequency and size of their issuance activity, and the share of issuing banks in national banking systems. Further, information is collected on the amounts of debt and equity outstanding and about trading volumes and liquidity. Developments over the period from 1990-2001 are evaluated.
The paper focuses on subordinated bonds among banks' debt instruments, because they are the prime class of uninsured instruments suited to generate market discipline and have been proposed by some observers as a mandatory requirement for banks.
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Social Security, Intergovernmental Fiscal Relations and Efficiency: The Case of the Two Systems of Public Assistance for the Unemployed in Germany
Martin T. W. Rosenfeld
Ethics and Social Security Reform. International Studies on Social Security,
2001
Abstract
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System change in statutory pension insurance does not solve the intergenerational distribution conflict
Olaf Fuchs
Wirtschaft im Wandel,
No. 16,
2000
Abstract
Der Mechanismus eines Umlageverfahren wird modelltheoretisch analysiert und mit dem des Kapitaldeckungsverfahrens verglichen. Es wird gezeigt, dass der wesentliche Unterschied des Umlageverfahrens eine Subventionierung der ersten Generationen auf Kosten später geborener Generationen ist. Der Übergang von einem Umlageverfahren zu einem Kapitaldeckungsverfahren kann daher die nachfolgenden Generationen nicht entlasten.
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Pension Reform in Hungary
Peter Gedeon
IWH-Sonderhefte,
No. 5,
2000
Abstract
In Hungary social policy reforms in general and the pension reform in particular followed the introduction of the institutions of market economy with a considerable time lag, if at all. Although it was clear from the outset that the communist welfare state could not be sustained, comprehensive institutional reforms in the pension or health care systems were not introduced in the first six years of the postsocialist transition. This uneasiness to reform the social security systems has to do with the contradicting constraints decision makers have to face in the process of systemic change.
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Reform of joint tasks: How far can the federal and state governments disengage? A contribution to the discussion about the new establishment of the German system of public finance
Martin T. W. Rosenfeld
IWH Discussion Papers,
No. 91,
1999
Abstract
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The Influence of the German Social Pension Insurance System on Private Savings and on Spatial Income Distribution
Ulrich Blum
Geld, Banken und Versicherungen III,
1985
Abstract
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