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|z 9781484335970
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|a 1018-5941
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|a Claessens, Stijn.
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|a The Regulatory Responses to the Global Financial Crisis :
|b Some Uncomfortable Questions /
|c Stijn Claessens, Laura Kodres.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2014.
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|a 1 online resource (39 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents' incentives so as to align them better with societies' goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns - be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a 'do not harm' approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.
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|a Mode of access: Internet
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|a Kodres, Laura.
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|a IMF Working Papers; Working Paper ;
|v No. 2014/046
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2014/046/001.2014.issue-046-en.xml
|z IMF e-Library
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