2,290 research outputs found
Sustainable investing: How to do it. Bruegel Policy Contribution Issue n˚23 | November 2018
Full text linkSustainable investment is gaining momentum in Europe, but its current proposed taxonomy might hinder innovation in the field. In this Policy Contribution, Dirk Schoenmaker advocates for an active investment approach with concentrated portfolios, and sets out a six-point plan for sustainable investing
Scaling Up Sustainable Finance and Investment in the Global South: Introduction
Full text linkCreating economically and politically legitimate solutions to tackle climate change is one of the most pressing and challenging issues of our time. For emerging and developing economies, the task is made more difficult due to a lack of financing, increasing debt accumulation and the need to address domestic socio-economic issues. This eBook provides a comprehensive overview of the financing gap that emerging and developing countries face to meet the Sustainable Development Goals and Paris climate goals. It provides detailed country- and region-level analysis of the challenges and opportunities of scaling up sustainable finance and investment and discusses the range of instruments that could be used to reach these climate and development objectives
European deposit insurance: financing the transition. CEPS Commentary, 6 September 2012
Full text linkArguing that the planned move to put the ECB in charge of banking supervision would be incomplete without a European Deposit Insurance and Resolution Authority (EDIRA), Daniel Gros and Dirk Schoenmaker spell out in a new CEPS Commentary some underlying principles to guide a gradual transition under which only future risks would be shared while past losses would remain at the national level. They show that ultimately such a new institution would serve as a genuine source of confidence in the European banking system
Le « partage de la charge » : de la théorie à la pratique
No full textBurden Sharing : from Theory to Practice.
The handling of cross-border banks in difficulties gives rise to coordination problems between home and host countries. Goodhart and Schoenmaker (2006, 2009) have suggested to implement an ex ante burden sharing mechanism to overcome the co-ordination failure of national authorities. While burden sharing is technically not very difficult, it requires political cooperation between sovereign nations. The financial crisis has provided some spectacular examples of coordination failure : the failures of Fortis, Lehman Brothers and the Icelandic banks illustrate how much damage the absence of an adequate cross-border framework can do to the stability of the global banking system. In the aftermath of the financial crisis, some burden sharing agreements are now being put in place.
Classification JEL : F50, F53.Le traitement des banques internationales en difficulté crée des problèmes de coordination entre pays d’origine et pays d’accueil. Goodhart et Schoenmaker (2006, 2009) ont proposé de mettre en oeuvre un mécanisme de partage de la charge ex ante afin de surmonter l’échec de la coordination entre autorités nationales. Si le partage de la charge ne présente pas de grande difficulté sur le plan technique, il exige en revanche une coopération politique entre nations souveraines. La crise financière a fourni quelques exemples spectaculaires d’échecs de la coordination : les défaillances de Fortis, de Lehman Brothers et des banques islandaises illustrent l’importance des dommages qui peuvent résulter de l’absence d’un dispositif international approprié pour la stabilité du système bancaire mondial. Quelques accords de partage de la charge sont actuellement mis en place, dans le sillage de la crise financière.
Classification JEL : F50, F53.Schoenmaker Dirk. Le « partage de la charge » : de la théorie à la pratique. In: Revue d'économie financière, n°100, 2010. Le risque systémique 1. Repenser la finance. pp. 163-185
Can EU actors keep using common law after Brexit?
Full text linkEnglish common law is the choice of law for financial contracts, even for parties in EU members with civil law systems. This creates a lucrative legal sector in the UK, but Brexit could make UK court decisions difficult to enforce in the EU, say Uuriintuya Baatsaikhan and Dirk Schoenmaker. Parties will be able to continue using English common law after Brexit, but how will these contracts be enforced? Some continental courts are preparing to make judicial decisions on common law cases in the English language
A Social Licence to Operate for Business and Finance
No full textPeople keep talking about balancing profit with social and environmental impact. But this doesn’t come easily. Responsible business practices have shown positive financial and social outcomes. So how can businesses embrace impact through strategy, business models and measurement? And how can the financial sector steer this process by investing in and lending to companies that balance profit and impact? In this open lecture, Dirk Schoenmaker, professor of banking and finance, will discuss: · What can companies do to earn their licence to operate? · Which skillset and mindset do corporate managers need to capture societal trends? · How can companies measure and target impact? · How can finance embrace sustainability? You’ll also learn how this works in banking practice and politics from Kees Vendrik, the chief economist of Triodos Bank and member of the Dutch senate for political party GroenLinks
The impact of the legal and operational structures of euro-area banks on their resolvability
No full textIn the aftermath of the financial crisis, the question of how to handle a big bank's collapse has arisen. Large banks perform functions that if disrupted could seriously damage the financial sector and the real economy. The European Union's new resolution regime introduced by the Bank Recovery and Resolution Directive (BRRD) aims at orderly resolution of banks, with creditors - and to greatest the extent possible, not the taxpayer - bearing the cost of bankruptcy, while the banking functions crucial to the financial system and the economy continue to be performed. The Single Resolution Board (SRB) has been set up exactly to carry out this task in the banking union. This Policy Contribution evaluates the obstacles to resolvability that the legal and operational structures of the large euro-area banks could present, assuming that it is possible to liquidate smaller and medium-sized banks through transfer of their relevant activities to other banks. Dirk Schoenmaker classifies the large euro-area banks according to their number of legal entities, foreign assets and their governance. From this, he identifies three groups of banks: 1.domestic banks with a limited number of entities; 2.domestic cooperative banks with more complicated legal and decision-making structures; 3.cross-border banks with complex structures operating in multiple jurisdictions. The paper focuses on specific aspects of the SRB's resolvability assessment process. The legal and operational structures of banks should facilitate the separation of critical and non-critical bank operations. Non-critical operations should be liquidated when a bank is in resolution. The SRB should take a strict line on critical functions and, if necessary, overrule national resolution authorities (NRAs). The SRB should not only simplify complex legal structures but also streamline protracted decision-making procedures within banks. Only when effective cooperation arrangements with foreign resolution authorities are in place, should the SRB rely on the efficient single-point-of-entry (SPE) approach. Otherwise, a multiple-point-of-entry (MPE) approach is more realistic. Within the banking union, the SRB should promote the more efficient SPE approach in cooperation with NRAs. There is currently no clarity on the provision of liquidity to a resolved bank. Liquidity is important if the resolved bank is to re-open for business. Dirk Schoenmaker recommends that the European Central Bank should clarify that it is prepared to provide emergency liquidity assistance (ELA) to properly resolved banks
A Social Licence to Operate for Business and Finance
No full textPeople keep talking about balancing profit with social and environmental impact. But this doesn’t come easily. Responsible business practices have shown positive financial and social outcomes. So how can businesses embrace impact through strategy, business models and measurement? And how can the financial sector steer this process by investing in and lending to companies that balance profit and impact? In this open lecture, Dirk Schoenmaker, professor of banking and finance, will discuss: · What can companies do to earn their licence to operate? · Which skillset and mindset do corporate managers need to capture societal trends? · How can companies measure and target impact? · How can finance embrace sustainability? You’ll also learn how this works in banking practice and politics from Kees Vendrik, the chief economist of Triodos Bank and member of the Dutch senate for political party GroenLinks
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Institutional structure of financial regulation ::theories and international experiences /
No full text"In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the program to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffery Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics"--"Institutional structure of financial regulation is currently a subject of significant academic and practical interest, in light of the ongoing global financial crisis. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels. Financial regulatory structure has now been considered a key issue behind the financial crisis and as such, a wave of financial regulatory reform has ensued in major markets overseas, including the enactment of the Dodd-Frank Act in the US and the program to split the Financial Services Authority in the UK. Mainland China and Hong Kong are no exceptions. In Hong Kong, the much-publicized Lehman Brothers minibond saga has prompted the Hong Kong government to reconsider its financial regulatory regime. Likewise, the Mainland has recently staged a reshuffle at the top financial regulators.This book examines the institutional structure reform of financial regulation presently going on at the international level, and the resulting policy implications for the local reforms in Hong Kong and Mainland China. The book will consist of three parts the first of which explores the theory of financial regulatory structure, the second considers international perspectives on financial regulatory structures, and the third focuses on local issues in Mainland China and Hong Kong. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffery Carmichael, Robin Hui Huang, Dirk Schoenmaker, Andrew Sheng and Michael Taylor allowing for authoritative and interdisciplinary analyses"-
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