Balancing the Banks

1. Auflage 2010
ISBN: 978-0-691-14523-5
Verlag: Princeton University Press

Buch, Englisch, 160 Seiten, Format (B × H): 151 mm x 226 mm, Gewicht: 349 g

The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future. While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of an adaptive prudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints. Offering a global perspective, Balancing the Banks should be read by anyone concerned with solving the current crisis and preventing another such calamity in the future.

Autoren/Hrsg.

Dewatripont, Mathias

Rochet, Jean-Charles

Tirole, Jean

Weitere Mitwirkende

Tribe, Keith

Fachgebiete

• Sozialwissenschaften Politikwissenschaft Regierungspolitik Wirtschafts- und Finanzpolitik
• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzkrisen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft
• Wirtschaftswissenschaften Volkswirtschaftslehre Finanzkrisen, Wirtschaftskrisen

Inhaltsverzeichnis

Acknowledgments vii

Chapter 1: Introduction by Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole 1

Regulation in a Historical Perspective 1

To Regulate or Not to Regulate? 3

The Challenges Facing Prudential Regulation 6

Building an Adaptive Regulatory System in a Global World 7

Keeping a Balance 8

Chapter 2: Lessons from the Crisis by Jean Tirole 10

Part I: What Happened? 11

Part II: How Should the Financial System Be Reformed? 47

Chapter 3: The Future of Banking Regulation by Jean-Charles Rochet 78

The Basel Accords 78

The Breakdown of the Basel Prudential Regime 86

The Necessary Reforms 100

Chapter 4: The Treatment of Distressed Banks by Mathias Dewatripont and Jean-Charles Rochet 107

Reforming Prudential Policy for Distressed Banks 110

Macroeconomic and Systemic Considerations 118

International Cooperation 122

References 131

Index 137

Über Autor(innen)

Mathias Dewatripont is professor of economics at the Université Libre de Bruxelles (ECARES and Solvay Brussels School of Economics and Management), annual visiting professor of economics at the Massachusetts Institute of Technology, and research director of the Center for Economic Policy and Research. Jean-Charles Rochet is professor of mathematics and economics at the University of Toulouse I. Jean Tirole is chairman of the Foundation Jean-Jacques Laffont at the Toulouse School of Economics, scientific director of Toulouse's Industrial Economics Institute, and annual visiting professor of economics at the Massachusetts Institute of Technology.