Comments by Joel Seligman
Comments by Joel Seligman
This chapter first makes three points on the current financial system: first that it is far more interdependent than first imagined, second is that there is a disconnection between the financial system and financial regulation, and third is that effective regulation is complex and more difficult to achieve than one assumes. The chapter then addresses several complexities in effective regulation that are difficult to resolve, one of which is that leadership of an agency entails large consequences for its performance. Another complexity involved in financial regulation is the need to answer the international reality of firms, which has yet to be effectively resolved. Yet another concern that the chapter cites is the tendency to regulate far too well, which then creates an alternative risk to chill innovation and capital formation. The chapter concludes, therefore, that regulation will not last and is only fleeting as is seen throughout history.
Keywords: financial system, financial regulation, effective regulation, leadership of an agency, chill innovation, capital formation
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