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Financial Regulation: Law and Policy (2d Edition) introduces the field of financial regulation in a new and accessible way. Even though a decade has passed since the most systemic financial crisis in the last 70 years and eight years have elapsed since a major shift in regulatory design, the world is still grappling with the aftermath. In addition, technology innovations, including Bitcoin and other cryptocurrencies, market forces and a changing political environment all have combined to reframe and reorient public debate over financial regulation. The book has kept up to date with all of these changes. The book analyzes and compares the market and regulatory architecture of the entire U.S. financial sector as it exists today, from banks, insurance companies, and broker-dealers, to asset managers, complex financial conglomerates, and government-sponsored enterprises. The book explores a range of financial activities, from consumer finance and investment to payment systems, securitization, short-term wholesale funding, money markets, and derivatives. The book examines a range of regulatory techniques, including supervision, enforcement, and rule-writing, as well as crisis-fighting tools such as resolution and the lender of last resort. Throughout the book, the authors note the cross-border implications of U.S. rules, and compare, where appropriate, the U.S. financial regulatory framework and policy choices to those in other places around the globe, especially the European Union.
Forrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is a former editor of the Economic History Review, one of the leading academic journals in this discipline. Under the steely editorship of Geoffrey Wood, this book brings together a stellar line of of contributors - including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen, Charles Calomiris, and Anna Schwartz. The book analyzes many of the mainstream themes in economic and financial history - monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets - where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as ‘lessons of history’ are sought. These themes also reflect the breadth of Capie’s work in terms of time periods and topics.
'In this very nice volume reputed academics and central bankers discuss recent regulatory reforms in financial governance from a political economy perspective. Therefore it is invaluable for both policymakers and scholars interested in financial governance and market regulation.' - Sylvester C.W. Eijffinger, Tilburg University, The Netherlands, Centre for Economic Policy Research, UK and CESifo Research Network, Munich, Germany This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation.
This Handbook presents in-depth research conducted on a myriad of issues within the field of financial literacy. Split into six sections, it starts by presenting prevalent conceptions of financial literacy before covering financial literacy in the policy context, the state and development of financial literacy within different countries, issues of assessment and evaluation of financial literacy, approaches to teaching financial literacy, and teacher training and teacher education in financial literacy. In doing so, it provides precise definitions of the construct of financial literacy and elaborates on the state and recent developments of financial literacy around the world, to show ways of measuring and fostering financial literacy and to give hints towards necessary and successful teacher trainings. The book also embraces the diversity in the field by revealing contrasting and conflicting views that cannot be bridged, while at the same time making a contribution by re-joining existing materials in one volume which can be used in academic discourse, in research-workshops, in university lectures and in the definition of program initiatives within the wider field of financial literacy. It allows for a landscape of financial literacy to be depicted which would foster the implementation of learning opportunities for human beings for sake of well-being within financial living-conditions. The Handbook is useful to academics and students of the topic, professionals in the sector of investment and banking, and for every person responsible for managing his or her financial affairs in everyday life.
The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice
Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
"Lawrence H. White deals with a major issue of the 1990s—reprivatization of money. He makes a cogent argument and presents evidence that private, competing currencies would provide more monetary stability than do central banks. Surprisingly enough, modern private money may emerge first in Eastern Europe, where the gap between the economy's need and the government's money is greates." —Richard Rahn, Vice President and Chief Economists, U.S. Chamber of Commerce. "Boldly, White makes a persuasive case for free banking....In time, we may well look back and regard Competition and Currency as crucial in the development of the economy and economic thought of the future." — The New York City Tribune "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. Avery worthwhile collection of essays for all students of monetary theory." —Philip Cagan, Columbia University "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. A very worthwhile collection of essays for all students of monetary theory." —Phillip Cagan, Columbia University "Newcomers to the literature...would be recommended to start with White's volume, where each paper is self-contained in its handling of particular aspects of free banking...Highly recommended as clear, well-argued expositions of the case for free banking, challenging assumptions common to much of monetary economics. It is particularly apposite that these assumptions be questioned at a time when institutional reform is so much on the agenda." —Sheila C. Dow, The Economic Journal