Financial Regulation and Nation State Crisis Management: Evidence from Germany, Ireland and the UK
AbstractWe study the unfolding of the credit crisis until 2008, and the diversity of policy responses in Germany, Ireland, and the UK. We show that although the channels through which these three European states manifested financial distress were different, the crisis evoked similar reactions by regulators and national governments. Our conclusion emphasise the role of state regulatory bodies as a primary source of the “rules of the game” in financial markets, and they support several of the policy measures taken in the aftermath of the credit crisis. In particular, we argue that adverse regulatory incentives at a national level require strengthening regulation at the European level, to avoid national capture and a resulting race to the bottom by national financial regulators.
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Bibliographic InfoPaper provided by ZenTra - Center for Transnational Studies in its series ZenTra Working Papers in Transnational Studies with number 18.
Length: 26 pages
Date of creation: May 2013
Date of revision: May 2013
regulation; Europe; banking; financial crisis;
Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G01 - Financial Economics - - General - - - Financial Crises
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
- H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-16 (All new papers)
- NEP-BAN-2013-06-16 (Banking)
- NEP-EEC-2013-06-16 (European Economics)
- NEP-MAC-2013-06-16 (Macroeconomics)
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