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Post‐crisis financial reform: where do we stand?

Author

Listed:
  • Alessandro Giustiniani
  • John Thornton

Abstract

Purpose - The purpose of this paper is to provide an overview of current progress in financial sector reform and outline some of the remaining challenges. Design/methodology/approach - The paper presents an analytical survey of recent developments. Findings - The reform agenda is broad, ranging from strengthening prudential regulation; to enhancing supervision; from mitigating pro‐cyclicality to integrating micro‐ and macro‐prudential oversight; from reducing the systemic risk associated with large and complex financial institutions to expanding resolution process and fortifying financial market structure. Reforms are proceeding slowly but important building blocks have been laid down, such as Basel III; other difficult reforms are in the making, such as the resolution framework for cross‐border financial institutions or how to deal with systemically important financial institutions. Originality/value - The paper presents a concise, comprehensive, and timely survey of the myriad financial reform efforts.

Suggested Citation

  • Alessandro Giustiniani & John Thornton, 2011. "Post‐crisis financial reform: where do we stand?," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 19(4), pages 323-336, November.
    • Handle: RePEc:eme:jfrcpp:v:19:y:2011:i:4:p:323-336
    DOI: 10.1108/13581981111182938
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    References listed on IDEAS

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    1. Luis Garicano & Rosa M. Lastra, 2010. "Towards a New Architecture for Financial Stability: Seven Principles," Journal of International Economic Law, Oxford University Press, vol. 13(3), pages 597-621, September.
    2. William Dudley, 2010. "Basel and the wider financial stability agenda," Speech 31, Federal Reserve Bank of New York.
    3. Jennifer A. Elliott & Aditya Narain & Ian Tower & José Vinãls & Pierluigi Bologna & Michael Hsu & Jonathan Fiechter, 2010. "The Making of Good Supervision; Learning to Say "No"," IMF Staff Position Notes 2010/008, International Monetary Fund.
    4. Gabriele Galati & Richhild Moessner, 2013. "Macroprudential Policy – A Literature Review," Journal of Economic Surveys, Wiley Blackwell, vol. 27(5), pages 846-878, December.
    5. Brierley, Peter, 2009. "Financial Stability Paper No 5: The UK Special Resolution Regime for Failing Banks in an International Context," Bank of England Financial Stability Papers 5, Bank of England.
    6. International Monetary Fund, 2010. "United States: Publication of Financial Sector Assessment Program Documentation: Financial System Stability Assessment," IMF Staff Country Reports 2010/247, International Monetary Fund.
    7. Giuseppe De Martino & Massimo Libertucci & Mario Marangoni & Mario Quagliariello, 2010. "Countercyclical contingent capital (CCC): possible use and ideal design," Questioni di Economia e Finanza (Occasional Papers) 71, Bank of Italy, Economic Research and International Relations Area.
    8. Jennifer A. Elliott & Aditya Narain & Ian Tower & José Vinãls & Pierluigi Bologna & Michael Hsu & Jonathan Fiechter, 2010. "The Making of Good Supervision; Learning to Say "No"," IMF Staff Position Notes 2010/08, International Monetary Fund.
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    Cited by:

    1. Shazleena Mohamed Zainudin & Siti Zaleha Abdul Rasid & Rosmini Omar & Rohail Hassan, 2019. "The Good and Bad News about the New Liquidity Rules of Basel III in Islamic Banking of Malaysia," JRFM, MDPI, vol. 12(3), pages 1-15, July.
    2. Elisabeth Paulet & Miia Parnaudeau & Francesc Relano, 2015. "Banking with Ethics: Strategic Moves and Structural Changes of the Banking Industry in the Aftermath of the Subprime Mortgage Crisis," Journal of Business Ethics, Springer, vol. 131(1), pages 199-207, September.
    3. Roszkowska Paulina & Prorokowski Łukasz, 2013. "Model of Financial Crisis Contagion: A Survey-based Simulation by Means of the Modified Kaplan-Meier Survival Plots," Folia Oeconomica Stetinensia, Sciendo, vol. 13(1), pages 22-55, December.

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