The governance of financial regulation: reform lessons from the recent crisis
AbstractThere was a systemic failure of financial regulation: senior policymakers repeatedly enacted and implemented policies that destabilised the global financial system. They maintained these policies even as they learned of the consequences of their policies during the decade before the crisis. The crisis does not primarily reflect an absence of regulatory power, unclear lines of regulatory authority, capital account imbalances, or a lack of information by regulators. Rather, it represents the unwillingness of the policy apparatus to adapt to a dynamic, innovating financial system. A new institution is proposed to improve the design, implementation and modification of financial regulations.
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Bibliographic InfoPaper provided by Bank for International Settlements in its series BIS Working Papers with number 329.
Length: 34 pages
Date of creation: Dec 2010
Date of revision:
financial institutions; regulation; policy; financial crisis;
Other versions of this item:
- Ross Levine, 2012. "The Governance of Financial Regulation: Reform Lessons from the Recent Crisis," International Review of Finance, International Review of Finance Ltd., vol. 12(1), pages 39-56, 03.
- NEP-ALL-2010-12-18 (All new papers)
- NEP-BAN-2010-12-18 (Banking)
- NEP-CBA-2010-12-18 (Central Banking)
- NEP-FMK-2010-12-18 (Financial Markets)
- NEP-REG-2010-12-18 (Regulation)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Speaking of independent economic institutions
by Nicholas Gruen in Club Troppo on 2010-12-20 07:23:56
- Thorsten Beck, 2013. "Finance, growth and fragility: the role of government," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(1/2), pages 49-77.
- Duchin, Ran & Sosyura, Denis, 2014. "Safer ratios, riskier portfolios: Banks׳ response to government aid," Journal of Financial Economics, Elsevier, vol. 113(1), pages 1-28.
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