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Some preliminary proposals for re-regulating financial systems

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  • Mario Tonveronachi

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  • Elisabetta Montanaro

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    Abstract

    Unlike the official view which ascribes the current crisis to some anomalies of the securitisation processes, and consistently proposes minor adjustments to the existing regulatory apparatus, our opinion is that we are facing the last episode of a string of crises originated by the structural evolution of the financial systems in the last decades. Adopting a systemic approach, we summarise this evolution in six critical points and show the necessity of a radical overhaul of the regulatory framework. A preliminary scheme of consistent regulatory measures is then proposed, aiming at an acceptable degree of systemic stability while reasserting the fundamental function of the financial sector of promoting private productive investments and innovation

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    Bibliographic Info

    Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 553.

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    Date of creation: Jan 2009
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    Handle: RePEc:usi:wpaper:553

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    Keywords: financial regulation; international finance; crises; systemic stability;

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    References

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    1. Daníelsson, Jón, 2008. "Blame the models," Journal of Financial Stability, Elsevier, vol. 4(4), pages 321-328, December.
    2. Merton, Robert C., 1995. "Financial innovation and the management and regulation of financial institutions," Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 461-481, June.
    3. Andrew Cornford & Jan Kregel, 1998. "Globalization, Capital Flows, and International Regulation," Macroeconomics 9807005, EconWPA.
    4. Jan Kregel, 2008. "Financial Flows and International Imbalances--The Role of Catching-up by Late Industrializing Developing Countries," Economics Working Paper Archive wp_528, Levy Economics Institute.
    5. Jan KREGEL, 2004. "External Financing For Development And International Financial Instability," G-24 Discussion Papers 32, United Nations Conference on Trade and Development.
    6. Claudio E. V. Borio, 2007. "Change and constancy in the financial system: implications for financial distress and policy," BIS Working Papers 237, Bank for International Settlements.
    7. Jan Kregel, 2009. "Managing the Impact of Volatility in International Capital Markets in an Uncertain World," Economics Working Paper Archive wp_558, Levy Economics Institute.
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    Cited by:
    1. Carlo D'Ippoliti, 2012. "Josef Steindl: Introduzione: sulle cause reali della crisi finanziaria (Introduction: on the real causes of the financial crisis)," Moneta e Credito, Economia civile, vol. 65(260), pages 279-292.
    2. Mario Tonveronachi & Elisabetta Montanaro, 2010. "Restructuring the Financial System: A Synthetic Presentation of an Alternative Approach to Financial Regulation," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(57-58), pages 127-143, January -.
    3. Mario Tonveronachi & Elisabetta Montanaro, 2012. "Financial re-regulation at a crossroads: How the European experience strengthens the case for a radical reform built on Minsky's approach," PSL Quarterly Review, Economia civile, vol. 65(263), pages 335-383.

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