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Comments: Panel on the Role of the State

In: The International Financial Crisis Have the Rules of Finance Changed?

Author

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  • Peter J. Wallison

    (American Enterprise Institute, USA)

Abstract

We all understand that the role the state plays in the financial system can be helpful or harmful. In the current crisis, the historical consensus is likely to be that the extraordinary actions of the Fed and of the government generally — particularly after the collapse of Lehman Brothers — were helpful. However, a more important question is not what was done, but rather how we got into a position where they had to be done. Here, I think, the role of the state — at least in the U.S. — was harmful; and if that role had not been carried out as it was, we might not be talking about this subject today…

Suggested Citation

  • Peter J. Wallison, 2011. "Comments: Panel on the Role of the State," World Scientific Book Chapters, in: Asli Demirgüç-Kunt & Douglas D Evanoff & George G Kaufman (ed.), The International Financial Crisis Have the Rules of Finance Changed?, chapter 16, pages 227-233, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814322096_0016
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