The Global Crisis: Why Regulators Resist Reforms
AbstractAn Anglo-American regulatory ¡¥culture¡¦ became associated with 30 years of worldwide economic reforms, global growth and monetary stability. American and British officials identified major sources of instability in their own financial markets before 2007 but remained non-interventionist, invoking the concepts of virtuous markets and moral hazard. They also ignored the policy defects revealed by past crises. Despite record banking losses and fiscal imbalances during the global crisis, their current resistance to regulatory reforms is supported by a powerful political and business consensus.
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Bibliographic InfoPaper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 322009.
Length: 29 pages
Date of creation: Nov 2009
Date of revision:
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Non-Interventionism; Basel; Virtuous Markets; Moral Hazard; Regulatory Culture;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
- NEP-BAN-2010-05-02 (Banking)
- NEP-CBA-2010-05-02 (Central Banking)
- NEP-FDG-2010-05-02 (Financial Development & Growth)
- NEP-HIS-2010-05-02 (Business, Economic & Financial History)
- NEP-PKE-2010-05-02 (Post Keynesian Economics)
- NEP-REG-2010-05-02 (Regulation)
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