The Basel rules and the banking system: an American perspective

Steve Hanke

Chapter 7 in Money in the Great Recession, 2017, pp 164-178 from Edward Elgar Publishing

Abstract: The evidence for a medium-term relationship in the USA between changes in nominal GDP and changes in the quantity of money is compelling. But policy-makers responded to the Great Recession by pressure for higher bank capital/asset ratios. This pressure reduced the rate of money growth at just the wrong time and intensified the weakness of spending. The intellectual origins of the recapitalization demands came partly from the UK, where the Northern Rock crisis of September 2007 was seen as validating the case for more bank capital.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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