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Too Much Finance, Too Much Credit? Comments on Papers by Calomiris, Arcand–Berkes–Panizza, and Taylor

In: The Social Value of the Financial Sector Too Big to Fail or Just Too Big?

Author

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  • Eugene N. White

    (Rutgers University, USA and National Bureau of Economic Research, USA)

Abstract

The papers in this session treat different aspects of the unfinished business of reforming the financial system. Charles Calomiris offers a bold multipoint plan for reform, whose underlying theme is that we do not need more complex rules and more supervisory discretion but simpler rules that limit measurable risk and are easier to enforce. From his vantage point, there are four important components to supervision: regulation, measurement, supervision, and incentives for stake holders. It is hard to disagree with most of his assessment, but I would push his argument one step further and propose that there is too much emphasis currently on the development of more and more instruments of regulation, measurement, and supervision, and not enough on creating the incentives for stake holders to control excessive risk-taking. It is within this framework that my comments are offered…

Suggested Citation

  • Eugene N. White, 2013. "Too Much Finance, Too Much Credit? Comments on Papers by Calomiris, Arcand–Berkes–Panizza, and Taylor," World Scientific Book Chapters, in: Viral V Acharya & Thorsten Beck & Douglas D Evanoff & George G Kaufman & Richard Portes (ed.), The Social Value of the Financial Sector Too Big to Fail or Just Too Big?, chapter 6, pages 81-87, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814520294_0006
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