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Verdict on the Crash: Causes and Policy Implications
     

Verdict on the Crash: Causes and Policy Implications

by Philip Booth (Editor), John Blundell, James Alexander, Michael Beenstock, Booth
 

With contributions from James Alexander, Michael Beenstock, Eamonn Butler, Tim Congdon, Laurence Copeland, Kevin Dowd, John Greenwood, Samuel Gregg, John Kay, David Llewellyn, Alan Morrison, D. R. Myddelton, Anna Schwartz, and Geoffrey Wood, this book challenges the myth that the recent banking crisis was caused by insufficient statutory regulation of financial

Overview

With contributions from James Alexander, Michael Beenstock, Eamonn Butler, Tim Congdon, Laurence Copeland, Kevin Dowd, John Greenwood, Samuel Gregg, John Kay, David Llewellyn, Alan Morrison, D. R. Myddelton, Anna Schwartz, and Geoffrey Wood, this book challenges the myth that the recent banking crisis was caused by insufficient statutory regulation of financial markets. Though it finds that statutory regulation failed, and that market participants took more risks than they should have, it appears that statutory regulation made matters worse rather than better. Furthermore the 15 experts who have contributed to this study find that government policy failed in other respects too. As with the boom and bust that led to the Great Depression, loose monetary policy on both sides of the Atlantic helped to promote an asset price bubble and credit boom which, at some stage, was bound to have serious consequences. Rejecting the failed approach of discretionary detailed regulation of the financial system, the authors instead propose specific and incisive regulatory tools that are designed to target, in a non-intrusive way, particular weaknesses in a banking system that is backed by deposit insurance. This study, by some of the most eminent authors in the field, is essential reading for all those who are interested in the policy implications of recent events in financial markets.

Product Details

ISBN-13:
9780255366359
Publisher:
Institute of Economic Affairs
Publication date:
05/01/2009
Pages:
208
Product dimensions:
8.30(w) x 5.40(h) x 0.50(d)

Meet the Author

Philip Booth is editorial and program director at the Institute of Economic Affairs and a professor of insurance and risk management at Cass Business School. He worked for the Bank of England as an advisor on financial stability issues and has written widely, including a number of books, on investment, finance, social insurance, and pensions, as well as on the relationship between Catholic social teaching and economics. He is editor of economic affairs and associate editor of the Annals of Actuarial Science and the British Actuarial Journal.

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