Financial market regulation in the wake of financial crises: the historical experience
AbstractThe focus of the present volume - which originates from a workshop held at the Bank of Italy on 16 and 17 April 2009 - is the regulatory response given to financial crises in the past, across countries. Alongside the scholarly interest of such a review its aim is also to offer some insights that may be useful in re-designing regulation in the present time of distress. Financial crises have been examined under many perspectives, including that of regulatory failures. The studies assembled in this volume, which touch on a significant array of countries, can be viewed as part of a historical survey on this issue. The basic question is whether regulatory responses form a pattern, and more specifically, whether they tend to be biased with respect to an optimum, however defined. In the end, rather than finding one pattern of response, we were able to identify the "disturbances" which most often enter the post-crisis decisional process. The awareness of such factors, and some knowledge of their functioning, are instrumental in understanding (for academics) and in governing (for policy makers) the response to major financial crises.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Workshop and Conferences with number 1.
Date of creation: Nov 2009
Date of revision:
Financial crises; financial regulation; economic history;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-12-19 (All new papers)
- NEP-CFN-2009-12-19 (Corporate Finance)
- NEP-FMK-2009-12-19 (Financial Markets)
- NEP-HIS-2009-12-19 (Business, Economic & Financial History)
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- Sophia Lazaretou, 2011. "Financial crises and financial market regulation: the long record of an ‘emerger’," Working Papers 140, Bank of Greece.
- Signorino, Rodolfo, 2010. "Economics in the mirror of the financial crisis," MPRA Paper 39470, University Library of Munich, Germany.
- Eugene N. White, 2011. "“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision," NBER Working Papers 16825, National Bureau of Economic Research, Inc.
- Otaviano Canuto & Swati R. Ghosh, 2013. "Dealing with the Challenges of Macro Financial Linkages in Emerging Markets," World Bank Publications, The World Bank, number 16202, March.
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