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The Global Crisis: Fatal Decisions - Four Case Studies in Financial Regulation

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  • Leo F. Goodstadt

    (Hong Kong Institute for Monetary Research, Trinity College, University of Dublin, The University of Hong Kong)

Abstract

This paper uses four case studies to review the performance of the Anglo-American regulatory ¡¥culture¡¦. In the decade before the global financial crisis, American and British officials were almost identical in their analysis of and non-interventionist responses to identified threats from changing financial conditions in Asia; dependence of new financial products on the insurance industry; shortcomings of the rating agencies; and excesses in their property markets. They now acknowledge these past policy errors but continue to resist consumer protection and other reform initiatives.

Suggested Citation

  • Leo F. Goodstadt, 2009. "The Global Crisis: Fatal Decisions - Four Case Studies in Financial Regulation," Working Papers 332009, Hong Kong Institute for Monetary Research.
  • Handle: RePEc:hkm:wpaper:332009
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    References listed on IDEAS

    as
    1. Yuliya Demyanyk & Otto Van Hemert, 2011. "Understanding the Subprime Mortgage Crisis," Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 1848-1880.
    2. Karl E. Case, 2000. "Real Estate and Macroeconomy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 119-162.
    3. J. Caprio & P. Honohan, 2000. "Restoring Banking Stability: Beyond Supervised Capital Requirements," South African Journal of Economics, Economic Society of South Africa, vol. 68(1), pages 5-22, March.
    4. Nigel Jenkinson & Adrian Penalver & Nicholas Vause, 2008. "Financial Innovation: What Have We Learnt?," RBA Annual Conference Volume,in: Paul Bloxham & Christopher Kent (ed.), Lessons from the Financial Turmoil of 2007 and 2008 Reserve Bank of Australia.
    5. Kregel, J A, 1998. "Derivatives and Global Capital Flows: Applications to Asia," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 677-692, November.
    6. Benjamin J. Keys & Tanmoy Mukherjee & Amit Seru & Vikrant Vig, 2010. "Did Securitization Lead to Lax Screening? Evidence from Subprime Loans," The Quarterly Journal of Economics, Oxford University Press, vol. 125(1), pages 307-362.
    7. Vanessa Redak, 2006. "Risks, Ratings and Regulation: Toward a Reorganization of Credit via Basel II?," Chapters,in: The Political Economy of Financial Market Regulation, chapter 8 Edward Elgar Publishing.
    8. Charles Bean, 2007. "Globalisation and Inflation," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 8(1), pages 57-73, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Asia; China; Derivatives; Insurance; Credit Ratings; Property; Consumer Protection;

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