The Regulatory Responses To The Global Financial Crisis
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The Regulatory Responses to the Global Financial Crisis
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2014-03-14 |
Genre | : Business & Economics |
ISBN | : 1484336658 |
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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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