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Labour's Record on Financial Regulation

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  • Arupratan Daripa

    (Department of Economics, Mathematics & Statistics, Birkbeck)

  • Sandeep Kapur

    (Department of Economics, Mathematics & Statistics, Birkbeck)

  • Stephen Wright

    (Department of Economics, Mathematics & Statistics, Birkbeck)

Abstract

In 1997 the new Labour government launched major initiatives in the area of financial regulation, setting up the Financial Services Authority as a comprehensive regulatory body, supported by the legislative framework of the Financial Services and Markets Act 2000. We evaluate the Labour government’s record on financial regulation in terms of its achievements and failures, especially in dealing with the global financial crisis that started in 2007. While we identify some clear flaws in regulatory design and enforcement, our evaluation highlights some inherent difficulties of financial regulation.

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File URL: http://www.bbk.ac.uk/ems/research/wp/2013/PDFs/BWPEF1301.pdf
File Function: First version, 2013
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Bibliographic Info

Paper provided by Birkbeck, Department of Economics, Mathematics & Statistics in its series Birkbeck Working Papers in Economics and Finance with number 1301.

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Date of creation: Feb 2013
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Handle: RePEc:bbk:bbkefp:1301

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Keywords: Financial Regulation; New Labour; Financial Crisis;

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