Overview

Most countries lack an effective framework for dealing with failing systemically important financial institutions (SIFIs). This report argues that any serious attempt to stabilize the global financial system must include carefully crafted policies for restructuring these too big to fail cross-border institutions. The report recommends approaches for resolving SIFIs in a way that will maintain national sovereignty, enhance international financial integration, and preserve financial stability. Copublished with the International Center for Monetary and Banking Studies (ICMB)

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9781907142093

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Stijn Claessens is assistant director in the research department of the International Monetary Fund. Richard J. Herring is Jacob Safra Professor of International Banking and codirector of the Wharton Financial Institutions Center at the University of Pennsylvania. Dirk Schoenmaker is dean of the Duisenberg School of Finance and professor of finance, banking, and insurance at the VU University Amsterdam.

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