Regulation And Regulators After Global Financial Crises
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The Regulatory Aftermath Of The Global Financial Crisis
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Author : Eilís Ferran
language : en
Publisher: Cambridge University Press
Release Date : 2012-11-15
The Regulatory Aftermath Of The Global Financial Crisis written by Eilís Ferran and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-15 with Law categories.
The EU and the US responded to the global financial crisis by changing the rules for the functioning of financial services and markets and by establishing new oversight bodies. With the US Dodd–Frank Act and numerous EU regulations and directives now in place, this book provides a timely and thoughtful explanation of the key elements of the new regimes in both regions, of the political processes which shaped their content and of their practical impact. Insights from areas such as economics, political science and financial history elucidate the significance of the reforms. Australia's resilience during the financial crisis, which contrasted sharply with the severe problems that were experienced in the EU and the US, is also examined. The comparison between the performances of these major economies in a period of such extreme stress tells us much about the complex regulatory and economic ecosystems of which financial markets are a part.
From Crisis To Crisis
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Author : Ross P. Buckley
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2011-01-01
From Crisis To Crisis written by Ross P. Buckley and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
The global financial system has proven increasingly unstable and crisis-prone since the early 1980s. The system has failed to serve either creditors or debtors well. This has been reinforced by the global financial crisis of 2008, where we have seen systemic weaknesses bring rich countries to the brink of bankruptcy and visit appalling suffering on the poorest citizens of poor countries. Yet the regulatory responses to this crisis have involved little thinking from outside the box in which the crisis was delivered to the world. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and analyses new regulatory measures with the potential to make a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the past three decades, the authors clearly show how misconceived economic policy responses have paved the way for each next 'crash'. Among the numerous topics that arise in the course of this revealing analysis are the following: overvalued exchange rates; excess liquidity in rich countries; premature liberalisation of local financial markets; capital controls; derivatives markets; accounting standards; credit ratings and the conflicts in the role of credit rating agencies; investor protection arrangements; insurance companies; and payment, clearing and settlement activities. The authors offer detailed commentary on: the role of multilateral development banks, the IMF and the WTO in responding to crises; the role of the Basel Accords, the Financial Stability Forum and Board, and the responses of the European Commission, the US, and the G20 to the most recent crisis. The book concludes by exploring systemic game-changing reforms such as bank levies, financial activities taxes and financial transaction taxes, and a global sovereign bankruptcy regime; as well as measures to remove the currency mismatches from the balance sheets of developing countries. Apart from its great usefulness as a detailed introduction to the international financial system and its regulation, the book is enormously valuable for its clear identification of the areas of regulatory failure, and its analysis of new regulatory approaches that offer the potential for a genuinely more stable system. Banking and investment policymakers at every level, the lawyers that serve these markets and the regulators that seek to regulate them, cannot afford to neglect this book.
The Central Bank And The Financial System
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Author : Charles Albert Eric Goodhart
language : en
Publisher: MIT Press
Release Date : 1995
The Central Bank And The Financial System written by Charles Albert Eric Goodhart and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system. This book brings together twenty-one of his previously published articles dealing with the changing functions of central banks over time, recent efforts to maintain price stability, and debates over specific financial regulation proposals in the UK. Although the current day-to-day operations of central banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole has generally been accepted without much question, despite several attempts by economists in recent decades to challenge the value of the institution. C. A. E. Goodhart brings his knowledge of both the theoretical arguments and the actual working of central banks to bear in these essays. Part I looks at the general purposes and functions of central banks within the financial system and their evolution over time. Part II concentrates on the current objectives and operations of central banks, and the maintenance of price stability in particular. Part III analyzes the broader issues of financial regulation.
Regulation And Regulators After Global Financial Crises
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Author : Aleksandra Jordanoska
language : en
Publisher: Taylor & Francis
Release Date : 2024-12-31
Regulation And Regulators After Global Financial Crises written by Aleksandra Jordanoska and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-31 with Business & Economics categories.
This book provides an original theoretically and empirically grounded analysis of regulatory enforcement activism in post-crisis periods and the ensuing regulatory interactions. It critically addresses the ‘more regulation’ enforcement agenda relating to financial misconduct in the aftermath of the 2008 financial crisis, showing how misconduct was constructed through the enforcement policies and practices of the powerful UK financial conduct regulator and its interactions with the subjects of enforcement proceedings and their legal representatives during a tumultuous time in the financial markets. Drawing from interviews with regulators, professional intermediaries, and markets participants; documentary analysis of enforcement decisions and speeches; and observations, the volume adopts an interdisciplinary approach grounded in social constructivist perspectives on compliance and deviance, regulation theory, and socio-legal research. Through a multi-dimensional analytical framework of regulatory enforcement activism that links shifts in regulatory policymaking; experimentations with legal powers in information-gathering, legal and extra-legal penalties, and individual accountability; and the use of enforcement tools in micro-level interactions, the book documents a more interventionist and punitive post-crisis enforcement agenda. The findings challenge current thinking in the 'scandal and reform' literature. The work argues that despite the increased focus on enforcement, it is not necessarily the case that the power has tilted more towards the regulator. This fine-grained socio-legal enquiry makes innovative and timely theoretical contributions to our understanding of the limitations of regulatory activism and regulatory control, regulatory relationships, the governance of financial markets, and broader thinking on regulating corporations and the individuals within them. It will appeal to academics, researchers, regulators, and policymakers working in regulation across law, criminology, sociology, and politics.
Bank Liquidity And The Global Financial Crisis
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Author : LAURA. CHIARAMONTE
language : en
Publisher: Palgrave MacMillan
Release Date : 2019-08-02
Bank Liquidity And The Global Financial Crisis written by LAURA. CHIARAMONTE and has been published by Palgrave MacMillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-02 with categories.
One of the lessons learned from the Global Financial Crisis of 2007-9 is that minimum capital requirements are a necessary but inadequate safeguard for the stability of an intermediary. Despite the high levels of capitalization of many banks before the crisis, they too experienced serious difficulties due to insufficient liquidity buffers. Thus, for the first time, after the GFC regulators realized that liquidity risk can jeopardize the orderly functioning of a bank and, in some cases, its survival. Previously, the risk did not receive the same attention by regulators at the international level as other types of risk including credit, market, and operational risks. The GFC promoted liquidity risk to a significant place in regulatory reform, introducing uniform international rules and best practices. The literature has studied the potential effects of the new liquidity rules on the behaviour of banks, the financial system, and the economy as a whole. This book provides a comprehensive understanding of the bank liquidity crisis that occurred during the GFC, of the liquidity regulatory reform introduced by the Basel Committee with the Basel III Accord, and its implications both at the micro and macroeconomic levels. Università Cattolica del Sacro Cuore contributed to the funding of this research project and its publication.
Reluctant Regulators
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Author : Leo F. Goodstadt
language : en
Publisher: Hong Kong University Press
Release Date : 2011-04-01
Reluctant Regulators written by Leo F. Goodstadt and has been published by Hong Kong University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-01 with Business & Economics categories.
The 2007-2009 global financial crisis was predictable and avoidable, but American and British regulators chose not to intervene. They failed to implement their own policies because of an Anglo-American "regulatory culture" of non-intervention that dominated financial regulation worldwide. Hong Kong--the international financial center of an increasingly prosperous China--defied world opinion and made stability its priority. This policy ensured Hong Kong's robust performance during the last 15 years, and it made possible Hong Kong's impressive contributions to financing China's economic take-off and to the modernization of its financial institutions.Reluctant Regulatorsis a scathing indictment of regulatory inertia in the West. It provides original insights into the causes of financial crises and pays special attention to China's attempts at reform and Hong Kong's place in China's financial modernization. Leo F. Goodstadtwas chief policy adviser to the Hong Kong Government as head of its Central Policy Unit (1989-1997) and has had an extensive consultancy practice in Asian banking. He has written widely on the global financial crisis and on China's economic development.
Global Financial Development Report 2019 2020
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2019-11-22
Global Financial Development Report 2019 2020 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-22 with Business & Economics categories.
Over a decade has passed since the collapse of the U.S. investment bank, Lehman Brothers, marked the onset of the largest global economic crisis since the Great Depression. The crisis revealed major shortcomings in market discipline, regulation and supervision, and reopened important policy debates on financial regulation. Since the onset of the crisis, emphasis has been placed on better regulation of banking systems and on enhancing the tools available to supervisory agencies to oversee banks and intervene speedily in case of distress. Drawing on ten years of data and analysis, Global Financial Development Report 2019/2020 provides evidence on the regulatory remedies adopted to prevent future financial troubles, and sheds light on important policy concerns. To what extent are regulatory reforms designed with high-income countries in mind appropriate for developing countries? What has been the impact of reforms on market discipline and bank capital? How should countries balance the political and social demands for a safety net for users of the financial system with potentially severe moral hazard consequences? Are higher capital requirements damaging to the flow of credit? How should capital regulation be designed to improve stability and access? The report provides a synthesis of what we know, as well as areas where more evidence is still needed.Global Financial Development Report 2019/2020 is the fifth in a World Bank series. The accompanying website tracks financial systems in more than 200 economies before, during, and after the global financial crisis (http://www.worldbank.org/en/publication/gfdr) and provides information on how banking systems are regulated and supervised around the world (http://www.worldbank.org/en/research/brief/BRSS).
Achieving Financial Stability Challenges To Prudential Regulation
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Author : Douglas D Evanoff
language : en
Publisher: World Scientific
Release Date : 2017-09-22
Achieving Financial Stability Challenges To Prudential Regulation written by Douglas D Evanoff and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-22 with Business & Economics categories.
The Great Financial Crisis of 2007-2010 exposed the existence of significant imperfections in the financial regulatory framework that encouraged excessive risk-taking and increased system vulnerabilities. The resulting high cost of the crisis in terms of lost aggregate income and wealth, and increased unemployment has reinforced the need to improve financial stability within and across countries via changes in traditional microprudential regulation, as well as the introduction of new macroprudential regulations. Amongst the questions raised are:
Regulation And Regulators After Global Financial Crises
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Author : Aleksandra Jordanoska
language : en
Publisher:
Release Date : 2024-12-31
Regulation And Regulators After Global Financial Crises written by Aleksandra Jordanoska and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-31 with Business & Economics categories.
This book provides an original theoretically and empirically grounded analysis of regulatory enforcement activism in post-crisis periods and the ensuing regulatory interactions. It critically addresses the 'more regulation' enforcement agenda relating to financial misconduct in the aftermath of the 2008 financial crisis, showing how misconduct was constructed through the enforcement policies and practices of the powerful UK financial conduct regulator and its interactions with the subjects of enforcement proceedings and their legal representatives during a tumultuous time in the financial markets. Drawing from interviews with regulators, professional intermediaries, and markets participants; documentary analysis of enforcement decisions and speeches; and observations, the volume adopts an interdisciplinary approach grounded in social constructivist perspectives on compliance and deviance, regulation theory, and socio-legal research. Through a multi-dimensional analytical framework of regulatory enforcement activism that links shifts in regulatory policymaking; experimentations with legal powers in information-gathering, legal and extra-legal penalties, and individual accountability; and the use of enforcement tools in micro-level interactions, the book documents a more interventionist and punitive post-crisis enforcement agenda. The findings challenge current thinking in the 'scandal and reform' literature. The work argues that despite the increased focus on enforcement, it is not necessarily the case that the power has tilted more towards the regulator. This fine-grained socio-legal enquiry makes innovative and timely theoretical contributions to our understanding of the limitations of regulatory activism and regulatory control, regulatory relationships, the governance of financial markets, and broader thinking on regulating corporations and the individuals within them. It will appeal to academics, researchers, regulators, and policymakers working in regulation across law, criminology, sociology, and politics.
The Regulatory Aftermath Of The Global Financial Crisis
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Author : Eilís Ferran
language : en
Publisher: Cambridge University Press
Release Date : 2012-11-15
The Regulatory Aftermath Of The Global Financial Crisis written by Eilís Ferran and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-15 with Business & Economics categories.
Provides an unrivalled understanding of major regulatory reforms that will profoundly affect the future of finance.