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

  • Leo F. Goodstadt

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

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    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.

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    File URL: http://www.hkimr.org/uploads/publication/115/ub_full_0_2_228_wp-no-33_2009.pdf
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    Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 332009.

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    Length: 25 pages
    Date of creation: Nov 2009
    Date of revision:
    Handle: RePEc:hkm:wpaper:332009
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    1. Yuliya Demyanyk & Otto Van Hemert, 2008. "Understanding the subprime mortgage crisis," Proceedings 1092, Federal Reserve Bank of Chicago.
    2. J. A. Kregel, 1998. "Derivatives and Global Capital Flows: Applications to Asia," Macroeconomics 9809001, EconWPA.
    3. 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.
    4. 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.
    5. 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, 03.
    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, MIT Press, vol. 125(1), pages 307-362, February.
    7. 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.
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