Jump to ContentJump to Main Navigation
New Directions in Financial Services Regulation$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 06 July 2022

Comments by William Poole

Comments by William Poole

(p.111) Comments by William Poole
New Directions in Financial Services Regulation

Roger B. Porter

Robert R. Glauber

Thomas J. Healey

The MIT Press

This chapter is composed of the insights on how to restore calm and stability after the financial crisis of 2008. Though the chapter may agree with much of the content of the previous chapters, there remain certain disagreements. This chapter mentions an essential topic that is lacking in previous chapters: the consideration of public-choice aspects of this policy area. The core failure, as perpetuated by this chapter, is not from regulatory failure, but in economic analysis. No party seemed to understand the risks and consequences of declining house prices. Regulatory reform, then, should be viewed as emphasizing statutory revision and not enlarging regulatory discretion. The chapter questions Glenn Hubbard’s argument that international coordination is necessary for reform, because this is practically impossible. The chapter’s solution, then, is that the U.S. act unilaterally when necessary.

Keywords:   public-choice aspects, regulatory failure, economic analysis, declining house prices, statutory revision, Glenn Hubbard

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.