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New Directions in Financial Services Regulation$
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Roger B. Porter, Robert R. Glauber, and Thomas J. Healey

Print publication date: 2011

Print ISBN-13: 9780262015615

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262015615.001.0001

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The Morning After: A Road Map for Financial Regulatory Reform

The Morning After: A Road Map for Financial Regulatory Reform

Chapter:
(p.77) The Morning After: A Road Map for Financial Regulatory Reform
Source:
New Directions in Financial Services Regulation
Author(s):

R. Glenn Hubbard

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262015615.003.0007

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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