Wholesale Payments and Financial Discipline, Efficiency, and Liquidity

by D.F.I. Folkerts-Landau

The experience of a large number of countries since the mid-1970s suggests that there exists only limited potential for activist monetary and fiscal policy to influence real macroeconomic performance on a sustained basis. Instead, attention has turned to questions regarding the contribution that market infrastructure can make to support and enhance economic performance. In light of the central role of the financial sector in pricing and allocating capital and risk, attention has focussed on questions relating to the architecture of this sector. Issues pertaining to the relation between the central bank, commercial banks, and the wholesale payments system; the financial supervisory and regulatory environment; the development of capital markets; pension reforms; and risk management have moved to the top of the reform agenda in many countries.

28 pages, Kindle Edition

First published November 1, 1997

About the author

David Fokke Ihno Folkerts-Landau (born May 21, 1949) is a German born economist. He became member of the Deutsche Bank Group Executive Committee in 2012 and was named chief economist of Deutsche Bank on 1 June 2012.

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David Fokke Ihno Folkerts-Landau (* 21. Mai 1949 in Upleward) ist ein deutscher Volkswirt, Hochschullehrer und Sachbuchautor.