Too Much Finance, Too Much Credit? Comments on Papers by Calomiris, Arcand–Berkes–Panizza, and Taylor

Eugene N. White
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Eugene N. White: Rutgers University, USA and National Bureau of Economic Research, USA

Chapter 6 in The Social Value of the Financial Sector:Too Big to Fail or Just Too Big?, 2013, pp 81-87 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe papers in this session treat different aspects of the unfinished business of reforming the financial system. Charles Calomiris offers a bold multipoint plan for reform, whose underlying theme is that we do not need more complex rules and more supervisory discretion but simpler rules that limit measurable risk and are easier to enforce. From his vantage point, there are four important components to supervision: regulation, measurement, supervision, and incentives for stake holders. It is hard to disagree with most of his assessment, but I would push his argument one step further and propose that there is too much emphasis currently on the development of more and more instruments of regulation, measurement, and supervision, and not enough on creating the incentives for stake holders to control excessive risk-taking. It is within this framework that my comments are offered…

Keywords: Depository Institutions; Banks; Too-Big-to-Fail; Financial Innovations (search for similar items in EconPapers)
Date: 2013
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