Systemic Implications of Transatlantic Regulatory by Simon J. Evenett, Robert M. Stern

By Simon J. Evenett, Robert M. Stern

Rules and enforcement judgements that in the first place seem to have just a family effect may have huge spillover results on different countries' economies. adventure has proven repeatedly that there's no cause to anticipate that those results are constrained to jurisdictions on the comparable point of improvement. Governments on each side of the Atlantic realize this, but their responses in lots of coverage components aren't aligned -- occasionally intentionally so. This creates a posh regulatory panorama that looks to be the manufactured from either cooperation and festival, and which could basically be absolutely understood through searching through a few disciplinary lenses.

Drawing on the superior criminal, monetary and political technology services from either side of the Atlantic, in addition to at the wisdom of officers and personal practitioners with adventure in either industrialized and constructing nations, this well timed ebook assesses the systemic, worldwide implications of transatlantic regulatory cooperation and pageant. Insights from thematic papers are built-in with these from sector-specific analyses, and a wealthy set of implications for policymakers, company and civil society is accessible.

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The mirage of self-regulation of financial markets A centerpiece of the efficient market theory was that financial markets were capable of self-regulation, making government regulation redundant. And since bureaucrats lack the expertise and the incentives to regulate, government regulation was seen as harmful. Two mechanisms were seen as central in making self-regulation work. One was the role of rating agencies; the other was the use of mark-to-market rules. November 25, 2010 34 15:44 9in x 6in b997-ch02 Systemic Implications of Transatlantic Regulatory Cooperation… P.

References Chancellor, Edward (1999). Devil Take the Hindmost: A History of Financial Speculation. New York: Farrar, Straus and Giroux. De Grauwe, Paul, and Marianna Grimaldi, (2006). The Exchange Rate in a Behavioural Finance Framework. Princeton University Press. Garber, Peter (2000). Famous First Bubbles: The Fundamentals of Early Manias. Cambridge, Mass: MIT Press. ) (2002). Financial Crises, Contagion, and the Lender of Last Resort: A Reader. Oxford University Press. Greenspan, Alan (2007).

By assuming that changes in stock prices are normally distributed, these models underestimate risk in a spectacular way. As a result, investors have been misled in a very big way, believing that the risks they were taking were small. The risks were very big. , a liquidity crisis (a typical tail risk), central banks would provide the liquidities. This created the perception in banks that liquidity risk was not something to worry about. 5. On Causes and Triggers The fundamental cause of the banking crisis is a structural one.

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