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The regulatory response to the financial crisis

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  • Goodhart, C.A.E.
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    Abstract

    There are numerous aspects concerning financial regulation which the current financial turmoil has high-lighted. These include: (1) the form of deposit insurance; (2) bank solvency regimes, 'prompt corrective action'; (3) Central Banks' money market operations; (4) commercial bank liquidity risk management; (5) procyclicality of CARs (and mark-to-market); lack of counter-cyclical instruments; (5) boundaries of regulation, conduits, SIVs and reputational risk; (6) crisis management: (a) within countries, e.g. UK Tripartite Committee; or (b) cross-border, how to allocate the burden of cross-border defaults? This paper describes how the crisis exposed regulatory failings, drawing largely on UK experience, and suggests remedies.

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    File URL: http://www.sciencedirect.com/science/article/B7CRR-4THSX5H-4/2/730449c01dee6d724ddfa7eedf657697
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Stability.

    Volume (Year): 4 (2008)
    Issue (Month): 4 (December)
    Pages: 351-358

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    Handle: RePEc:eee:finsta:v:4:y:2008:i:4:p:351-358

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    Web page: http://www.elsevier.com/locate/jfstabil

    Related research

    Keywords: Financial regulations Deposit insurance Prompt corrective action Crisis management Procyclicality;

    References

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    1. Asli Demirguc-Kunt & Edward J. Kane, 2002. "Deposit Insurance Around the Globe: Where Does It Work?," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 175-195, Spring.
    2. Asli Demirguc-Kunt & Enrica Detragiache, 2000. "Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation," Econometric Society World Congress 2000 Contributed Papers 1751, Econometric Society.
    3. Demirguc-Kunt, Asli & Huizinga, Harry, 2004. "Market discipline and deposit insurance," Journal of Monetary Economics, Elsevier, vol. 51(2), pages 375-399, March.
    4. Aggarwal, Raj & Jacques, Kevin T., 2001. "The impact of FDICIA and prompt corrective action on bank capital and risk: Estimates using a simultaneous equations model," Journal of Banking & Finance, Elsevier, vol. 25(6), pages 1139-1160, June.
    5. Christopher J. Pike & James B. Thomson, 1992. "FDICIA's prompt corrective action provisions," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep 1.
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    Cited by:
    1. De La Motte, Laura & Czernomoriez, Janna & Clemens, Marius, 2010. "Zur Vertrauensökonomik: Der Interbankenmarkt in der Krise von 2007-2009
      [Economics of trust: The interbank market during the crisis 2007-2009]      ," MPRA Paper 20357, University Library of Munich, Germany.

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