Guardians of finance : making regulators work for us / James R. Barth, Gerard Caprio, Jr., and Ross Levine.

Format:

Book

Author/Creator:

Barth, James R., author.

Caprio, Gerard, author.

Levine, Ross, author.

Language:

English

Subjects (All):

Financial crises--United States.

Financial crises.

Financial crises--United States--Prevention.

Finance--Government policy--United States.

Finance.

Financial institutions--United States.

Financial institutions.

Banks and banking--United States.

Banks and banking.

Global Financial Crisis, 2008-2009.

Physical Description:

1 online resource (295 p.)

Place of Publication:

Cambridge, Mass. : MIT Press, ©2012.

Language Note:

English

Summary:

"The recent financial crisis was an accident, a 'perfect storm' fueled by an unforeseeable confluence of events that unfortunately combined to bring down the global financial systems. And policy makers? They did everything they could, given their limited authority. It was all a terrible, unavoidable accident. Or at least this is the story told and retold by a chorus of luminaries that includes Timothy Geithner, Henry Paulson, Robert Rubin, Ben Bernanke, and Alan Greenspan. In Guardians of Finance, economists James Barth, Gerard Caprio, and Ross Levine argue that the financial meltdown of 2007 to 2009 was no accident; it was negligent homicide. They show that senior regulatory officials around the world knew or should have known that their policies were destabilizing the global financial system, had years to process the evidence that risks were rising, had the authority to change their policies--and yet chose not to act until the crisis had fully emerged. The current system, the authors write, is simply not designed to make policy choices on behalf of the public. It is virtually impossible for the public and its elected officials to obtain informed and impartial assessment of financial regulation and to hold regulators accountable. Barth, Caprio, and Levine propose a reform to counter this systemic failure: the establishment of a 'Sentinel' to provide an informed, expert, and independent assessment of financial regulation. Its sole power would be to demand information and to evaluate it from the perspective of the public--rather than that of the financial industry, the regulators, or politicians"--Provided by publisher.

Contents:

Introduction

Regulating finance is hard to do

Incentives run amok

How U.S. regulators encouraged the financial crisis

American crisis? Ain't necessarily so

Been down this road many times before

More of the same: post 2007-2009 financial crisis regulation

Making the guardians of finance work for us.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

OCLC-licensed vendor bibliographic record.

ISBN:

0-262-30076-1

1-280-49895-1

9786613594181

0-262-30152-0

OCLC:

778067463

Publisher Number:

9786613594181

ebr10531189