An International Rule System to Avoid Financial Instability
AbstractIn a series of summits, leading countries of the world will meet to draw up an in¬ternational arrangement for financial stability. Such a rule system should prevent a financial crisis as we have seen it in 2007 and 2008. It should include appropriate principles of mone¬tary policy, rules for financial soundness and agreements on the role of prudent regulation. The paper discusses the lessons from the subprime crisis, failures of regulation, crisis man¬agement in the US and in the EU and considers the problems that have to be solved by an in¬ternational rule system
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Bibliographic InfoPaper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1461.
Length: 34 pages
Date of creation: Nov 2008
Date of revision:
climate change; financial crises; the world trading system; oil supplies; immigration;
Find related papers by JEL classification:
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
- F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
- F5 - International Economics - - International Relations, National Security, and International Political Economy
- G2 - Financial Economics - - Financial Institutions and Services
- P00 - Economic Systems - - General - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-11-25 (All new papers)
- NEP-MAC-2008-11-25 (Macroeconomics)
- NEP-OPM-2008-11-25 (Open Economy Macroeconomics)
- NEP-PKE-2008-11-25 (Post Keynesian Economics)
- NEP-REG-2008-11-25 (Regulation)
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