Regulatory Cycles: Revisiting the Political Economy of Financial Crises - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Regulatory Cycles: Revisiting the Political Economy of Financial Crises write by Jihad Dagher. This book was released on 2018-01-15. Regulatory Cycles: Revisiting the Political Economy of Financial Crises available in PDF, EPUB and Kindle. Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Regulatory Cycles: Revisiting the Political Economy of Financial Crises
Regulatory Cycles: Revisiting the Political Economy of Financial Crises - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Regulatory Cycles: Revisiting the Political Economy of Financial Crises write by Jihad Dagher. This book was released on 2018-01-15. Regulatory Cycles: Revisiting the Political Economy of Financial Crises available in PDF, EPUB and Kindle. Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Regulatory Cycles
Regulatory Cycles - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Regulatory Cycles write by Pooya Almasi. This book was released on 2018. Regulatory Cycles available in PDF, EPUB and Kindle. Financial regulatory policy in the U.S. has been conspicuously pro-cyclical over the last two decades. The 2000s financial boom coincided with a period of financial deregulation and the post-crisis response, a massive scaling up of regulation, was largely implemented during an economic downturn. Many argued that these regulatory waves were excessive. More recently, there are strong signs of a move toward deregulation, at a time of a booming economy and stock market. A closer look at historical financial boom-bust cycles suggests that, in fact, pro-cyclicality in financial regulation is a common and recurring pattern. This paper combines a signaling model of elections with a simple financial regulation model to study how public opinion, financial innovation, and policy-makers incentives shape financial regulation. While changes in voters' perceptions of financial innovation alone can generate a pro-cyclical pattern, we show that this cyclicality can be significantly amplified by politicians' electoral incentives: Both over-regulation and under-regulation can naturally arise in equilibrium, and small changes in public opinion can induce large regulatory shifts.
After the Crash
After the Crash - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook After the Crash write by Sharyn O'Halloran. This book was released on 2019-10-08. After the Crash available in PDF, EPUB and Kindle. The 2008 crash was the worst financial crisis and the most severe economic downturn since the Great Depression. It triggered a complete overhaul of the global regulatory environment, ushering in a stream of new rules and laws to combat the perceived weakness of the financial system. While the global economy came back from the brink, the continuing effects of the crisis include increasing economic inequality and political polarization. After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of experts and practitioners, including Joseph Stiglitz, a Nobel Prize winner; former congressman Barney Frank; former treasury secretary Jacob Lew; Paul Tucker, a former deputy governor of the Bank of England; and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis. Each poses crucial questions: What were the origins of the crisis? How effective were international and domestic regulatory responses? Have we addressed the roots of the crisis through reform and regulation? Are our financial systems and the global economy better able to withstand another crash? After the Crash is vital reading as both a retrospective on the last crisis and an analysis of possible sources of the next one.
Great Expectations, Slow Transformation
Great Expectations, Slow Transformation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Great Expectations, Slow Transformation write by Manuela Moschella. This book was released on 2014-07-01. Great Expectations, Slow Transformation available in PDF, EPUB and Kindle. n the aftermath of the financial crisis, why has the reform process been incremental yet the conditions for more rapid and abrupt transformations appeared to be available? Is there anything specific about financial policy that prevents more radical reforms? Drawing from Comparative Politics and Historical Institutionalism in particular, as well as International Political Economy, this book answers these questions by examining the particular institutional frictions that characterise global financial governance and influence the activity of change agents and veto players involved in the process of global regulatory change. The chapters in this volume collectively demonstrate that the process of change in financial rule-making as well as in the institutions governing finance does not fit with the punctuated model of policy change. The book also shows, however, that incremental changes can lead to fundamental shifts in the basic principles that inform global financial governance.
