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The Financial Crisis and the Regulation of Finance

Edited by Christopher J. Green, Professor of Economics and Finance, Eric J. Pentecost, Professor of Economics and Tom Weyman-Jones, Professor of Industrial Economics, Loughborough University, UK
The 2007–08 financial crisis has posed substantial challenges for bankers, economists and regulators: was it preventable, and how can such crises be avoided in future? This book addresses these questions.

The Financial Crisis and the Regulation of Finance includes a comprehensive overview of the crisis and reviews the theory and practise of regulation in the UK and worldwide. The contributors – all international experts on financial markets and regulation – provide perspectives and analysis on macro-prudential regulation, the regulation of financial firms, and the role of shareholders and disclosure.
Extent: 296 pp
Hardback Price: $151.00 Web: $135.90
Publication Date: 2011
ISBN: 978 1 84980 870 5
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  • Economics and Finance
  • Financial Economics and Regulation
  • Money and Banking
The 2007–08 financial crisis has posed substantial challenges for bankers, economists and regulators: was it preventable, and how can such crises be avoided in future? This book addresses these questions.

The Financial Crisis and the Regulation of Finance includes a comprehensive overview of the crisis and reviews the theory and practise of regulation in the UK and worldwide. The contributors – all international experts on financial markets and regulation – provide perspectives and analysis on macro-prudential regulation, the regulation of financial firms, and the role of shareholders and disclosure.

This rigorous book will be of great interest to all those with an interest in banking and finance including academics, professionals, bankers, regulators, advisors and civil servants. Students on banking and finance courses will also find this clear and compact resource invaluable.
‘With weighty issues being assessed and addressed by major economists, this book proves to be a very worthwhile read. The chapters investigate and address most of the challenges that financial regulators and supervisors are still confronted with and offers leads that are indeed on their agenda for reforming the architecture of regulation.’
– Catherine Lubochinsky, SUERF
Contributors: P. Andrews, M. Balling, C. Borio, F. Bruni, F. Capie, G. Dennis, R.A. Eisenbeis, C. Goodhart, C.J. Green, D. Grimsey, S. Heffernan, R.J. Herring, G.G. Kaufman, M.K. Lewis, D.G. Mayes, A. Mullineux, E.J. Pentecost, R.H. Schmidt, T. Weyman-Jones, G. Wood
Contents:

PART I: THE FINANCIAL CRISIS
1. Introduction
Christopher J. Green, Eric J. Pentecost and Tom Weyman-Jones

2. ‘The Day the Music Died’: The Financial Tsunami of 2007–09
Christopher J. Green

3. An Emerging Markets Perspective on the Recent Crisis
Geoffrey Dennis

PART II: REGULATION IN RETROSPECT AND PROSPECT
4. Economic Evidence and Financial Regulation
Peter Andrews

5. The Economic Rationale for Financial Regulation Reconsidered: An Essay in Honour of David Llewellyn
Richard J. Herring and Reinhard H. Schmidt

6. Moral Hazard
Charles Goodhart

PART III: MACROPRUDENTIAL REGULATION
7. Implementing the Macroprudential Approach to Financial Regulation and Supervision
Claudio Borio

8. Rules for Money and Rules for Finance: A New Relationship After the Crisis?
Franco Bruni

9. Financial Crises from 1803 to 2009: The Crescendo of Moral Hazard
Forrest Capie and Geoffrey Wood

PART IV: REGULATION OF FINANCIAL FIRMS
10. Early Intervention and Prompt Corrective Action in Europe
David G. Mayes

11. The World of Unintended Consequences: A Post-Mortem on Regulation Q and Prologue for the Future
Robert A. Eisenbeis and George G. Kaufman

12. UK Financial Reform Post Crisis: Is More Regulation the Answer?
Shelagh Heffernan

PART V: INFORMATION, SHAREHOLDERS AND PROJECTS
13. Asymmetries in Financial Information, Risk and Know-how: The Roles of Disclosure Rules, Financial Safety Nets and Market Discipline
Morten Balling

14. ‘The New Masters of the Universe’: Institutional Shareholder Engagement and the Regulation and Governance of Banks
Andy Mullineux

15. Minimizing Collateral Damage: Options for Financing Public–Private Partnerships in the Wake of the Financial Crisis
Darrin Grimsey and Mervyn K. Lewis

Index