Navigating Higher Rates, Volatility, and Liquidity Crises: Finance and Regulation in the New Monetary Order

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Navigating Higher Rates, Volatility, and Liquidity Crises

Finance and Regulation in the New Monetary Order

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Language: English

Published/Copyright: 2025

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This book is in the series

Volume 28 | Institute for Law and Finance Series

About this book

When central banks started raising interest rates in reaction to the spike in inflation which followed the COVID-19 epidemic, they put an end to a more than a decade of "low for longer" interest rates to which the financial sector had adjusted their balance sheets and business models. The resulting "new monetary order" has required all parts of the financial sector to make serious adjustments. The fate of the US and Swiss banks caught up in the March 2023 "bank turmoil" can be seen as a cautionary tale for those who do not adjust in a timely fashion. This book reviews how the financial sector evolved during "low for longer" and examines how monetary policy, financial regulation and supervision, the banking and the non-bank financial sectors can be expected to evolve under this new order.

Examines the challenges facing central bank monetary policy
Discusses whether the March 2023 "banking turmoil" calls for a change
Evaluates the consequences of the shift in market share between banking and non-bank financial institutions

Author / Editor information

Andreas Dombret, Frankfurt am Main, Germany; Patrick S. Kenadjian, London, UK.

Topics

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Frontmatter
I

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Foreword
V
Oliver Wyman

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Preface
VII
Andreas Dombret and Patrick Kenadjian

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Contents
XV

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Introduction
XIX
Andreas Dombret and Patrick Kenadjian

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The Authors
XXIII

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Two forces shaping the financial and monetary order
1
Ravi Menon

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I. How the Financial Sector evolved during “Low for Long” and what Factors will drive Future Evolution
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How the new Monetary Order could impact Financial Services
11
Douglas Elliott and Umit Kaya

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Beyond “Low for Long” – charting the Future Course of the Financial Sector
33
Elizabeth McCaul

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Is Bank Consolidation an Opportunity or a Necessity?
41
Wim Mijs

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II. How will Monetary Policy evolve
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Macroprudential Policy and Financial Stability
47
Gaston Gelos

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Monetary Policy in Times of Uncertainty
55
Martin Mühleisen

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Navigating the new Monetary Order in Europe
65
Andreas Dombret and Oliver Wünsch

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III. How should Regulation and Supervision change
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We don’t need another Framework, we need more of this one
83
Nathalie Aufavre

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Stress Testing our post great Financial Crisis Reforms in 2023
91
Margarita Delgado

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Lessons learned from the U. S. regional Bank Failures of 2023
105
Martin J. Gruenberg

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Keep Calm and Carry On: Some Developments in Banking Regulation, 2022–2023
113
Randal K. Quarles

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Evolution, not Revolution: how should Regulation and Supervision change
123
Elke Koenig

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Banking Union, ten Years after
131
Lorenzo Bini Smaghi

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IV. How will the Banking Sector evolve
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From Building Resilience to Enabling Growth
143
James von Moltke

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Banking Union, Crises and Eu Integration
149
Pier Carlo Padoan

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Banking and Private Credit: Competition, Cooperation, Risk and Regulation
159
Christiana Riley

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Higher Returns, lower Valuations: Key Bank Investor Debates in the new Monetary Order
167
Britta Schmidt

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V. How will the Nonbank Financial Sector evolve
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Leveraged Investors & Financial Market Dysfunction: The Financial Stability Challenge
181
Martin Moloney

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Non-Bank Financial Intermediation is a Net Positive for Financial Stability
233
Barbara Novick

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Who’s afraid of Private Debt, and should we be?
245
Patrick Kenadjian

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VI. Conclusion
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Silicon Valley Bank and all that: Lessons from March 2023
277
Barry Eichengreen

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Publishing information

Pages and Images/Illustrations in book

eBook published on:

December 16, 2024

eBook ISBN:

9783111549651

Hardcover published on:

December 16, 2024

Hardcover ISBN:

9783111549590

Pages and Images/Illustrations in book

Front matter:

33

Main content:

281

Illustrations:

2

Coloured Illustrations:

32

https://doi.org/10.1515/9783111549651

eBook ISBN: 9783111549651

Hardcover ISBN: 9783111549590

Keywords for this book

Monetary policy; Financial sector regulation; Banking supervision; Future of the banking sector; Non bank financial institutions

Audience(s) for this book

Academics, practitioners, regulators and supervisors active in the financial services sector

Safety & product resources

Manufacturer information:
Walter de Gruyter GmbH
Genthiner Straße 13
10785 Berlin
productsafety@degruyterbrill.com

Navigating Higher Rates, Volatility, and Liquidity Crises

Overview

About this book

Author / Editor information

Topics

Table of contents

Frontmatter

Foreword

Preface

Contents

Introduction

The Authors

Two forces shaping the financial and monetary order

How the new Monetary Order could impact Financial Services

Beyond “Low for Long” – charting the Future Course of the Financial Sector

Is Bank Consolidation an Opportunity or a Necessity?

Macroprudential Policy and Financial Stability

Monetary Policy in Times of Uncertainty

Navigating the new Monetary Order in Europe

We don’t need another Framework, we need more of this one

Stress Testing our post great Financial Crisis Reforms in 2023

Lessons learned from the U. S. regional Bank Failures of 2023

Keep Calm and Carry On: Some Developments in Banking Regulation, 2022–2023

Evolution, not Revolution: how should Regulation and Supervision change

Banking Union, ten Years after

From Building Resilience to Enabling Growth

Banking Union, Crises and Eu Integration

Banking and Private Credit: Competition, Cooperation, Risk and Regulation

Higher Returns, lower Valuations: Key Bank Investor Debates in the new Monetary Order

Leveraged Investors & Financial Market Dysfunction: The Financial Stability Challenge

Non-Bank Financial Intermediation is a Net Positive for Financial Stability

Who’s afraid of Private Debt, and should we be?

Silicon Valley Bank and all that: Lessons from March 2023

Bibliographic data