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Full Description
The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future. While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of an adaptive prudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints.
Offering a global perspective, Balancing the Banks should be read by anyone concerned with solving the current crisis and preventing another such calamity in the future.
Contents
Acknowledgments vii Chapter 1: Introduction by Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole 1 Regulation in a Historical Perspective 1 To Regulate or Not to Regulate? 3 The Challenges Facing Prudential Regulation 6 Building an Adaptive Regulatory System in a Global World 7 Keeping a Balance 8 Chapter 2: Lessons from the Crisis by Jean Tirole 10 Part I: What Happened? 11 Part II: How Should the Financial System Be Reformed? 47 Chapter 3: The Future of Banking Regulation by Jean-Charles Rochet 78 The Basel Accords 78 The Breakdown of the Basel Prudential Regime 86 The Necessary Reforms 100 Chapter 4: The Treatment of Distressed Banks by Mathias Dewatripont and Jean-Charles Rochet 107 Reforming Prudential Policy for Distressed Banks 110 Macroeconomic and Systemic Considerations 118 International Cooperation 122 References 131 Index 137
