Secrecy, Systemic Risk, and the Freedom of Information Act’s ‘Confidentiality’ Exemption

Macroprudential Policy Instruments of Central Banks

Voprosy Ekonomiki ◽

10.32609/0042-8736-2012-8-32-47 ◽

2012 ◽

pp. 32-47

Author(s):

S. Andryushin ◽

V. Kuznetsova

Keyword(s):

Systemic Risk ◽

Financial Stability ◽

Financial System ◽

Policy Instruments ◽

Central Banks ◽

Macroprudential Policy ◽

Policy Studies ◽

The Future ◽

Financial Cycles

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

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Presidential Privilege and the Freedom of Information Act

10.3366/edinburgh/9781474442442.001.0001 ◽

2019 ◽

Author(s):

Kevin M. Baron

Keyword(s):

Social Learning ◽

Historical Analysis ◽

Public Information ◽

Executive Branch ◽

Executive Power ◽

Power Dynamics ◽

Freedom Of Information ◽

Freedom Of Information Act ◽

Contemporary Politics ◽

Government Secrecy

Executive privilege (EP) as a political tool has created a grey area of constitutional power between the legislative and executive branches. By focusing on the post-WWII political usage of executive privilege, this research utilizes a social learning perspective to examine the power dynamics between Congress and the president when it comes to government secrecy and public information. Social learning provides the framework to understand how the Cold War's creation of the modern American security state led to a paradigm shift in the executive branch. This shift altered the politics of the presidency and impacted relations with Congress through extensive use of EP and denial of congressional requests for information. When viewed through a social learning lens, the institutional politics surrounding the development of the Freedom of Information Act is intricately entwined with EP as a political power struggle of action-reaction between the executive and legislative branches. Using extensive archival research, this historical analysis examines the politics surrounding the modern use of executive privilege from Truman through Nixon as an action-reaction of checks on power from the president and Congress, where each learns and responds based on the others previous actions. The use of executive privilege led to the Freedom of Information Act showing how policy can serve as a congressional check on executive power, and how the politics surrounding this issue influence contemporary politics.

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Freedom of Information

10.1533/9781780630694 ◽

2004 ◽

Author(s):

Liz Taylor

Keyword(s):

Freedom Of Information

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Freedom of Information and the Developing World

10.1533/9781780630205 ◽

2010 ◽

Cited By ~ 41

Author(s):

Colin Darch ◽

Peter G. Underwood

Keyword(s):

Developing World ◽

Freedom Of Information

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Risk Factors of Collateralized Loan Obligations and Corporate Bonds

Zeitschrift für Bankrecht und Bankwirtschaft ◽

10.15375/zbb-2020-0604 ◽

2020 ◽

Vol 32 (6) ◽

pp. 347-355

Author(s):

Mark Wahrenburg ◽

Andreas Barth ◽

Mohammad Izadi ◽

Anas Rahhal

Keyword(s):

Risk Factors ◽

Risk Factor ◽

Asset Pricing ◽

Systemic Risk ◽

Corporate Bonds ◽

Risk Exposure ◽

Expected Returns ◽

Yield Spreads ◽

Pricing Factors ◽

Return Difference

AbstractStructured products like collateralized loan obligations (CLOs) tend to offer significantly higher yield spreads than corporate bonds (CBs) with the same rating. At the same time, empirical evidence does not indicate that this higher yield is reduced by higher default losses of CLOs. The evidence thus suggests that CLOs offer higher expected returns compared to CB with similar credit risk. This study aims to analyze whether this return difference is captured by asset pricing factors. We show that market risk is the predominant risk factor for both CBs and CLOs. CLO investors, however, additionally demand a premium for their risk exposure towards systemic risk. This premium is inversely related to the rating class of the CLO.

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