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Responsibilities of Financial Regulation

In: Financial Boom and Gloom

Author

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  • Dimitris N. Chorafas

    (New York Academy of Sciences)

Abstract

The incarnation of the concept of market regulation first saw the day in ancient Athens, when the city-state appointed a regulator of the grain trade. In more recent times, regulatory rules imposed against deception and price manipulation were first put forward in the late seventeenth and early eighteenth centuries. Compared with these efforts, the need for a broader perspective on bank regulation is a relatively recent concept. To operate effectively and within reasonable limits, markets need clear and explicit rules, which include: Legally binding and enforced contracts, Protection of each party’s proprietary and trading rights, A system of traffic lights all players must observe, and Corrective action for those who get out of line.

Suggested Citation

  • Dimitris N. Chorafas, 2009. "Responsibilities of Financial Regulation," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Financial Boom and Gloom, chapter 8, pages 183-208, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-23583-0_8
    DOI: 10.1057/9780230235830_8
    as

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