The Morning After: A Road Map for Financial Regulatory Reform
The Morning After: A Road Map for Financial Regulatory Reform
This chapter begins mapping out a path towards financial regulatory reform. Using the belief that the financial crisis is the result of a lack of effective regulation, the chapter examines several themes that have emerged: one is more effective regulation, second is an increase in transparency in the financial system, and a final one is the formation of a financial regulatory structure that will be capable of achieving these goals. The chapter tackles the severity of the crisis, citing the International Monetary Fund’s estimate of total near-term global losses on U.S. credit-related debt to be $2.7 trillion. The origin of this financial crisis is believed to have its foundations in risk, particularly the mispricing of risk. The chapter then states that a rapid response is important to sustaining economic recovery, and the harmonization of economies is important when seeking to resolve financial crises.
Keywords: financial regulatory reform, effective regulation, financial regulatory structure, International Monetary Fund, near-term global losses, mispricing of risk
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