An international rule system to avoid financial instability

Horst Siebert

No 1461, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: In a series of summits, leading countries of the world will meet to draw up an international arrangement for financial stability. Such a rule system should prevent a financial crisis as we have seen it in 2007 and 2008. It should include appropriate principles of monetary policy, rules for financial soundness and agreements on the role of prudent regulation. The paper discusses the lessons from the subprime crisis, failures of regulation, crisis management in the US and in the EU and considers the problems that have to be solved by an international rule system.

Keywords: Financial instability; lessons from the subprime crisis; failures of regulation; crisis management; elements of an international rule system; role of the IMF (search for similar items in EconPapers)
JEL-codes: E2 E3 E5 F02 F33 F37 F4 F5 G2 P00 (search for similar items in EconPapers)
Date: 2008
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1461

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