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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.

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  • 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.
    3. Anat R. Admati, 2017. "A Skeptical View of Financialized Corporate Governance," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 131-150, Summer.
    4. John Gallemore, 2023. "Bank financial reporting opacity and regulatory intervention," Review of Accounting Studies, Springer, vol. 28(3), pages 1765-1810, September.

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