Regulatory Shortcomings, Supervisory Shortcomings

Pierluigi Ciocca
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Pierluigi Ciocca: Accademia Nazionale dei Lincei

Chapter 7 in Stabilising Capitalism, 2015, pp 36-40 from Palgrave Macmillan

Abstract: Abstract The financial sector did in fact remain among the most regulated branches of the economy.1 Although the intermediaries that developed fastest were those, new or “shadow”, that were least controlled, it is reductive and inaccurate to pigeonhole the approach that prevailed in the world between the 1970s and 2008 under the label of financial “deregulation”. In reality, that period saw the easing of some constraints on banks but also the introduction of a host of new rules. They especially concerned the correct behaviour and transparency of financial markets on the assumption that a market marked by rigorous codes of conduct and by information efficiency is also, in itself, stable.2 The assumption was then proved wrong by the crisis and weaknesses are discernible in the rules and in the philosophy upon which they were based.

Keywords: Financial Intermediary; Capital Ratio; Regulatory Shortcoming; Credit Rating Agency; Federal Deposit Insurance Corporation (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-55551-9_7

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DOI: 10.1057/9781137555519_7

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