EconPapers    
Economics at your fingertips  
 

A Theory of How and Why Central-Bank Culture Supports Predatory Risk-Taking at Megabanks

Edward Kane ()

Atlantic Economic Journal, 2016, vol. 44, issue 1, 51-71

Abstract: Abstract This paper applies Schein’s model of organizational culture to financial firms and their prudential regulators. It identifies a series of hard-to-change cultural norms and assumptions that support go-for-broke risk-taking by megabanks that meets the everyday definition of theft. The problem is not to find new ways to constrain this behavior, but to change the norms that support it by establishing that managers of megabanks owe duties of loyalty, competence, and care directly to taxpayers.

Keywords: Too-big-to-fail; Financial regulation; Financial crisis; Regulatory culture; Financial stability; G20 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s11293-016-9482-x Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
Working Paper: A Theory of How and Why Central-Bank Culture Supports Predatory Risk-Taking at Megabanks (2015) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:atlecj:v:44:y:2016:i:1:d:10.1007_s11293-016-9482-x

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/11293/PS2

Access Statistics for this article

Atlantic Economic Journal is currently edited by Kathleen S. Virgo

More articles in Atlantic Economic Journal from Springer, International Atlantic Economic Society Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2018-09-10
Handle: RePEc:kap:atlecj:v:44:y:2016:i:1:d:10.1007_s11293-016-9482-x