Financial Regulation: A Transatlantic Perspective
The 2007 to 2009 financial crisis resulted in the re-emergence of the debate on financial regulation and its relationships with other macroeconomic policies, particularly monetary policy. In Europe, the financial crisis was followed by the sovereign debt crisis, as the bail-out of the financial sector put strains on public finances in several countries. The sequence of events called for a strengthening of the union, ranging from a common framework for supervisory policy that could minimize the risk of unforeseen bank or country defaults to a common resolution mechanism that could set equal rules across countries and reduce ex-ante mis-incentives to risk-taking and moral hazard.
This analysis of the state of and prospects for financial regulation examines the lending and saving behavior of banks and households as well as their borrowing activities in order to understand the conflicting priorities and complicated decisions involved in the development and implementation of financial legislation.
This volume provides readers with an overview of the recent changes in regulation of the financial sector, an assessment of the interplay with monetary policy, and how the two affect the lending, saving and borrowing behavior of banks and households. It features contributions from renowned scholars from the fields of economics and law as well as from practitioners active in the reform developments. The development of the book, published by Cambridge University Press, was supported by the SAFE Policy Center and the Center for Financial Studies.
All contributors: Ignazio Angeloni, Luca Enriques, Ester Faia, Luigi Guiso, Andreas Hackethal, Michael Haliassos, Gerard Hertig,Howell Jackson, Jan Pieter Krahnen, Katja Langenbucher, Niall Lenihan,Tobias Linzert, Niamh Moloney, Laura Moretti, Athanasios Orphanides, Marco Pagano, Isabel Schnabel, Frank Smets, Tobias Tröger