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

Author

Listed:
  • 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

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    1. Peter Mooslechner & Helene Schuberth & Beat Weber (ed.), 2006. "The Political Economy of Financial Market Regulation," Books, Edward Elgar Publishing, number 3947, August.
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    5. J. A. Kregel, 2001. "Derivatives and Global Capital Flows: Applications to Asia," Palgrave Macmillan Books, in: Ha-Joon Chang & Gabriel Palma & D. Hugh Whittaker (ed.), Financial Liberalization and the Asian Crisis, chapter 4, pages 40-62, Palgrave Macmillan.
    6. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
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    9. Vanessa Redak, 2006. "Risks, Ratings and Regulation: Toward a Reorganization of Credit via Basel II?," Chapters, in: Peter Mooslechner & Helene Schuberth & Beat Weber (ed.), The Political Economy of Financial Market Regulation, chapter 8, Edward Elgar Publishing.
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    Cited by:

    1. Meier, Samira & Rodriguez Gonzalez, Miguel & Kunze, Frederik, 2021. "The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review," International Review of Law and Economics, Elsevier, vol. 65(C).

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