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Some preliminary proposals for re-regulating financial systems

  • Mario Tonveronachi

    ()

  • Elisabetta Montanaro

    ()

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    Unlike the official view which ascribes the current crisis to some anomalies of the securitisation processes, and consistently proposes minor adjustments to the existing regulatory apparatus, our opinion is that we are facing the last episode of a string of crises originated by the structural evolution of the financial systems in the last decades. Adopting a systemic approach, we summarise this evolution in six critical points and show the necessity of a radical overhaul of the regulatory framework. A preliminary scheme of consistent regulatory measures is then proposed, aiming at an acceptable degree of systemic stability while reasserting the fundamental function of the financial sector of promoting private productive investments and innovation

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    File URL: http://www.econ-pol.unisi.it/quaderni/553.pdf
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    Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 553.

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    Date of creation: Jan 2009
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    Handle: RePEc:usi:wpaper:553
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    1. Claudio Borio, 2007. "Change and Constancy in the Financial System: Implications for Financial Distress and Policy," RBA Annual Conference Volume, in: Christopher Kent & Jeremy Lawson (ed.), The Structure and Resilience of the Financial System Reserve Bank of Australia.
    2. Merton, Robert C., 1995. "Financial innovation and the management and regulation of financial institutions," Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 461-481, June.
    3. Andrew Cornford & Jan A. Kregel, 1996. "Globalization, Capital Flows, and International Regulation," Economics Working Paper Archive wp_161, Levy Economics Institute.
    4. Jan Kregel, 2008. "Financial Flows and International Imbalances--The Role of Catching-up by Late Industrializing Developing Countries," Economics Working Paper Archive wp_528, Levy Economics Institute.
    5. Daníelsson, Jón, 2008. "Blame the models," Journal of Financial Stability, Elsevier, vol. 4(4), pages 321-328, December.
    6. Jan Kregel, 2009. "Managing the Impact of Volatility in International Capital Markets in an Uncertain World," Economics Working Paper Archive wp_558, Levy Economics Institute.
    7. Jan KREGEL, 2004. "External Financing For Development And International Financial Instability," G-24 Discussion Papers 32, United Nations Conference on Trade and Development.
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