Clark Center Forum

About the Clark Center Forum

The Forum for the Kent A. Clark Center for Global Markets is home to the European, Finance, and US Economic Experts Panels as well as a repository of thoughtful, current, and reliable information regarding topics of the day.
US

Policy Responses to Recent Bank Failures

Question A:

Policy Responses to Recent Bank Failures


The response to recent bank failures should be to: Expand central banks’ lender of last resort facilities for banks.

Responses

Source: Clark Center Economic Experts Panel
Methodology
Question B:

The response to recent bank failures should be to: Substantially increase the limit on bank deposit insurance.

Responses

Source: Clark Center Economic Experts Panel
Methodology
Question C:

The response to recent bank failures should be to: Substantially increase bank capital requirements.

Responses

Source: Clark Center Economic Experts Panel
Methodology
Question D:

The response to recent bank failures should be to: Use market values of all traded assets to compute banks’ regulatory capital.

Responses

Source: Clark Center Economic Experts Panel
Methodology
 
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Business Cycles, Recessions, & Crises
Europe

Debt Sustainability

Question A:

Debt Sustainability


Debt sustainability analysis – for example, as practiced currently by the International Monetary Fund – substantially improves the ability to predict future sovereign debt crises.

Details on IMF debt sustainability analysis are here: https://www.imf.org/en/About/Factsheets/Sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries

Responses

Source: European Clark Center Economic Experts Panel
Methodology
Question B:

The European Commission’s proposed move from the existing EU fiscal rules to ones based on debt sustainability analysis would be a measurable improvement.

Details on the EU’s propose fiscal rules are here: https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2393

Responses

Source: European Clark Center Economic Experts Panel
Methodology
Question C:

A move from the existing fiscal rules to independent fiscal councils would be more effective than a move to rules based on debt sustainability.

Details on the EU’s propose fiscal rules are here:
https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2393

Responses

Source: European Clark Center Economic Experts Panel
Methodology
 
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Public Debt & Deficits
US

Debt Sustainability

This US survey examines (a) Debt sustainability analysis – for example, as practiced currently by the International Monetary Fund – substantially improves the ability to predict future sovereign debt crises; (b) The European Commission’s proposed move from the existing EU fiscal rules to ones based on debt sustainability analysis would be a measurable improvement; (c) A move from the existing fiscal rules to independent fiscal councils would be more effective than a move to rules based on debt sustainability. 
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Public Debt & Deficits
Finance

Enhanced Regulation of Private Fund Advisers

This Finance survey examines (a) The benefits of the new SEC rules on private funds - which require private funds to provide transparency to their investors regarding the fees and expenses and other terms of their relationship with private fund advisers and the performance of such private funds - substantially exceed their costs; (b) The new SEC rules will have a substantially negative impact on the industry by stifling capital formation and reducing competition; (c) It is appropriate policy for the SEC to impose such rules on private funds even though the investors (limited partners) are sophisticated entities 
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Financial Regulation
Europe

Europe’s Environmental Taxonomy

This European survey examines (a) The EU's taxonomy for sustainable activities - a classification system that defines criteria for economic activities that are aligned with a net zero trajectory by 2050 and the broader environmental goals other than climate - is an effective way to steer greener investment and the energy transition by firms and financial institutions.
Details on the taxonomy are here: https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en; (b) Use of the EU taxonomy for sustainable activities is likely to stifle important innovations, including in green technology; (c) On balance, use of the taxonomy in EU directives and regulation is likely to be net beneficial to European citizens. 
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Environment, Climate Change, & Natural Resources
Europe

Fiscal Rules

This European survey examines (a) Fiscal rules on budget deficits and public debt levels are an essential part of a sound fiscal framework; (b) Since the inception of the Stability and Growth Pact, budget deficits in Europe have been measurably lower, on average, than would have been the case without common budget rules; (c) Since the inception of the Stability and Growth Pact, the path of GDP growth in Europe has been measurably more stable than would have been the case without common budget rules 
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Business Cycles, Recessions, & Crises
US

Fiscal Rules

This US survey examines (a) Fiscal rules on budget deficits and public debt levels are an essential part of a sound fiscal framework; (b) Since the inception of the Stability and Growth Pact, budget deficits in Europe have been measurably lower, on average, than would have been the case without common budget rules; (c) Since the inception of the Stability and Growth Pact, the path of GDP growth in Europe has been measurably more stable than would have been the case without common budget rules 
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Business Cycles, Recessions, & Crises
US

Non-Bank Financial Intermediaries

This US survey examines (a) Non-bank financial intermediaries pose a substantial threat to financial stability; (b) Regulating the leverage and liquidity of non-bank financial intermediaries would substantially improve financial stability; (c) Given current regulations, non-bank financial intermediaries should not have access to central bank support 
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Business Cycles, Recessions, & Crises
Europe

Non-Bank Financial Intermediaries

This European survey examines (a) Non-bank financial intermediaries pose a substantial threat to financial stability; (b) Regulating the leverage and liquidity of non-bank financial intermediaries would substantially improve financial stability; (c) Given current regulations, non-bank financial intermediaries should not have access to central bank support 
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Business Cycles, Recessions, & Crises
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