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Reinventing financial regulation : a blueprint for overcoming systemic risk /

Reinventing Financial Regulation offers an analysis of the fundamental flaws that plague the current system of financial regulation, one built around ideas of "risk-sensitivity" and "capital adequacy." Author Avinash Persaud argues that while some sensible reforms have been intro...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Persaud, Avinash (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Berkeley, California] : Apress, [2015]
Temas:
Acceso en línea:Texto completo (Requiere registro previo con correo institucional)

MARC

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520 |a Reinventing Financial Regulation offers an analysis of the fundamental flaws that plague the current system of financial regulation, one built around ideas of "risk-sensitivity" and "capital adequacy." Author Avinash Persaud argues that while some sensible reforms have been introduced, a fresh approach--centered on risk capacity--is required. When the entire regime is compromised, simply slapping bandages on each new wound will do nothing to cure the underlying disease. Reinventing Financial Regulation goes beyond an urgent call to fix our profoundly troubled and damaged financial markets. It is a blueprint for an effective financial regulation system that could very well save the future of finance. What would a well-regulated financial system look like? Until now, policymakers, financial experts, and leading academics have been content to avoid facing this question head-on. We have been offered piecemeal reforms that ultimately leave the global financial system exposed to different versions of the same risks that so recently brought it to its knees. The world economy literally cannot afford to dodge this question any longer. Persaud's goal to bring clarity and a powerful simplicity to the financial regulation process results in a systematic and apolitical framework for fixing the world's fractured financial industry and transforming its regulation--not just for today's financial climate, but once and for all. 
505 0 |a Chapter 1: Reinventing Financial Regulation; Chapter 2: Why Do We Regulate Finance?; Introduction: Why Regulate?; Market Failures in Finance That Require Specialized Regulation; Lack of Consumer Protection; Systemic Risks; A Brief History of Financial Crises and Their Regulatory Response; Post-Bretton Woods; Banking Regulation Today; An Overreliance on Bank Capital; Chapter 3: What Causes Financial Crashes; Solutions in Search of a Problem; The Politicization of Financial Crashes; The Bad Apple Theory of Financial Crises; What Causes Banking Crises? 
505 8 |a Addressing the Boom Fools or Knaves?; The Failure of Risk-Based Capital to Safeguard the System; Structural Risk Limits Are Better; Chapter 4: Why Taxpayers Need to Be on the Hook; Locking Up Bankers May Be Satisfying; Why "Bail- Ins " Won't Work; Why Eliminating " Too-Big-to-Fail " Is Not a Solution to Systemic Risk; Ring Fencing ; Chapter 5: How Should We Regulate the Financial System?; Financial Regulation and Procyclicality; Macroprudential Responses; Risk Managing the Financial System; Risk-Absorptive Capacity; Conclusion; Chapter 6: Putting the New Framework to the Test. 
505 8 |a What's Wrong with the Current Approach to Insurance Regulation? The Fundamental Principles of Investment Risk ; How to Hedge Different Investment Risks; Different Capacities to Hedge Different Risks; The Challenge for Long-Term Investors Is Short-Fall Risk, Not Short-Term Volatility; The S & P 500, Life Insurers, Pension Funds, and Solvency II; Consumer Protection ; Systemic Risks ; Economic Growth; What Is to Be Done?; Conclusion; Chapter 7: Protecting Consumers; Why Do Financial Consumers Need More Protection Than Other Consumers?; The Elements of Modern Consumer Protection. 
505 8 |a The Historical Evolution of Modern Consumer Protection Regulation Is the Current Approach Working?; What Is the Problem We Need to Solve?; Should We Clamp Down On Hedge Funds and the Like In the Name of Consumer Protection?; Individual Capacity for Risk and Loss; Conclusion; Chapter 8: How Accounting, Credit, and Risk Standards Create Risk; From Bank Finance to Market Finance; The Perils of Homogeneity; Reintroducing and Developing Diversity in a Financial System; A Different Approach to Value Accounting; Accounting Treatment of Long-Term Savings Institutions; Conclusion. 
505 8 |a Chapter 9: What to Do About Complex Financial Instruments Political Pressures Postcrash; A Fundamental Defense of Complexity; Why We Need Over-the-Counter Markets or Even "Dark Pools"; Conclusion; Chapter 10: Bankers' Pay; Incentives Matter; A Brief History of Compensation Arrangements in Banking; Stock Options Were Also Part of the Zeitgeist of the 1980s and 1990s; When the Music Is Playing, You Have to Get Up and Dance; Stock Options, T rader Bonuses, and Gambling for Redemption; Current Proposals and Their Challenges; Psychology of Incentives; Conclusion. 
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