The Regulatory Responses to the Global Financial Crisis

Released on by Mr.Stijn Claessens
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  • The Regulatory Responses to the Global Financial Crisis Book Detail

  • Author : Mr.Stijn Claessens
  • Release Date : 2014-03-14
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 39
  • ISBN 13 : 1484336658
  • File Size : 91,91 MB
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The Regulatory Responses to the Global Financial Crisis by Mr.Stijn Claessens PDF Summary

Book Description: We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.

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Financial Crises

Financial Crises

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The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a w