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An International Rule System to Avoid Financial Instability

  • Horst Siebert
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In a series of summits, leading countries of the world will meet to draw up an in¬ternational arrangement for financial stability. Such a rule system should prevent a financial crisis as we have seen it in 2007 and 2008. It should include appropriate principles of mone¬tary policy, rules for financial soundness and agreements on the role of prudent regulation. The paper discusses the lessons from the subprime crisis, failures of regulation, crisis man¬agement in the US and in the EU and considers the problems that have to be solved by an in¬ternational rule system

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File URL: https://www.ifw-members.ifw-kiel.de/publications/an-international-rule-system-to-avoid-financial-instability/KAP1461.pdf
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1461.

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Length: 34 pages
Date of creation: Nov 2008
Date of revision:
Handle: RePEc:kie:kieliw:1461
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  1. Howard Davies, 2008. "The Future of Financial Regulation," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 9(1), pages 11-34, January.
  2. Williamson, John, 1993. "Exchange Rate Management," Economic Journal, Royal Economic Society, vol. 103(416), pages 188-97, January.
  3. Horst Siebert, 2007. "China: Coming to Grips with the New Global Player," The World Economy, Wiley Blackwell, vol. 30(6), pages 893-922, 06.
  4. Charles Goodhart, 2008. "The Regulatory Response to the Financial Crisis," FMG Special Papers sp177, Financial Markets Group.
  5. Markus K. Brunnermeier, 2008. "Deciphering the Liquidity and Credit Crunch 2007-08," NBER Working Papers 14612, National Bureau of Economic Research, Inc.
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