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It Takes a Village to Maintain a Dangerous Financial System

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  • Admati, Anat R.

    (Stanford University)

Abstract

I discuss the motivations and actions (or inaction) of individuals in the financial system, governments, central banks, academia and the media that collectively contribute to the persistence of a dangerous and distorted financial system and inadequate, poorly designed regulations. Reassurances that regulators are doing their best to protect the public are false. The underlying problem is a powerful mix of distorted incentives, ignorance, confusion, and lack of accountability. Willful blindness seems to play a role in flawed claims by the system's enablers that obscure reality and muddle the policy debate.

Suggested Citation

  • Admati, Anat R., 2016. "It Takes a Village to Maintain a Dangerous Financial System," Research Papers 3426, Stanford University, Graduate School of Business.
  • Handle: RePEc:ecl:stabus:3426
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    File URL: http://www.gsb.stanford.edu/gsb-cmis/gsb-cmis-download-auth/417406
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    Cited by:

    1. Ms. Deniz O Igan & Thomas Lambert, 2019. "Bank Lobbying: Regulatory Capture and Beyond," IMF Working Papers 2019/171, International Monetary Fund.
    2. Mosk, Thomas, 2021. "Captured by financial institutions? New academic insights for EU policy makers," SAFE White Paper Series 77, Leibniz Institute for Financial Research SAFE.

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