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Dirk Schoenmaker

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Dirk Schoenmaker

In the aftermath of the Great Financial Crisis, regulators have rushed to strengthen banking supervision and implement bank resolution regimes. While such resolution regimes are welcome as a means to reintroduce market discipline and reduce the reliance on taxpayer-funded bailouts, the effects on the wider banking system have not been properly considered. A macro approach to resolution is also needed, which should consider the contagion effects of bail-in and the continuing need for a fiscal backstop to the financial system. A joint fiscal backstop can be facilitated through the completion of a banking union in which the European Stability Mechanism (ESM) becomes the fiscal backstop to the euro-area banking system. Other countries have taken a stand-alone approach, which leads to multiple-point-of-entry resolution of international banks headquartered in those countries and contributes to fragmentation of the global banking system.

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Dirk Schoenmaker

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Dirk Schoenmaker

Banks have a special position in the financial system. Their exclusive link to the central bank puts them at the top of the financial system and enables banks to offer liquidity to the wider economy. They also provide loans and payment services to firms and households. This multifaceted nature of banking makes the economics of banking exciting. This Research Review assembles the best ‘banking’ papers on all these dimensions and will be invaluable for banking scholars and practitioners.
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Dirk Schoenmaker

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Dirk Schoenmaker