Financial Regulation After The Global Recession

Hardcover | December 15, 2009

byCarlos M. Peláez, Carlos A. Peláez

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The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of principles, institutions and experience of financial regulation, to help illustrate current regulatory proposals. 

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The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of principles, institutions and experience of financial regulation, to help illustrate current regulatory proposals. 

CARLOS M. PELEZ received a PhD and BS, Phi Beta Kappa from Columbia University, City of New York. CARLOS A. PELEZ received the AB in Statistics from the University of Chicago, USA and the JD from the University of Pennsylvania Law School, where he was a Senior Editor of the Journal of International Law.

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Format:HardcoverDimensions:208 pages, 9.02 × 5.69 × 0.76 inPublished:December 15, 2009Publisher:Palgrave MacmillanLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0230239021

ISBN - 13:9780230239029

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Extra Content

Table of Contents

List of Tables
List of Diagrams
List of Abbreviations
Acknowledgments
Introduction, Scope and Content
PART I: GOVERNMENT INTERVENTION AND FINANCE
Introduction
The First Best of Efficiency and Satisfaction
The Theory of Second Best
The Public Interest View
Imperfect Information
Government Failure
Transactions Costs and Property Rights
The New Institutional Economics
The Economic Theory of Regulation
Rent-seeking and Public Choice
The View of Disclosure and Regulation
The Political Economy of the Regulatory State
Contrasts of Public and Private Interest Views
Applied Welfare Economics
Finance, Efficiency and Growth
Summary
Appendix: Security Prices and Cost/Benefit Analysis
PART II: BANK REGULATION
Introduction
Approaches to Bank and Financial Regulation
Banks Versus Finance
Prudential and Systemic Regulation
Functional and Structural Finance
The Law and Finance View
Bank Functions
Monitoring and Diversification
Liquidity Transformation
Housing Finance
Securitization and Credit-risk Transfer
Bank Capital Theory and Requirements
International Capital Requirements
Deposit Insurance
Political Economy
Summary
PART III: BANK CONCENTRATION AND CENTRAL BANKS
Introduction
Banking Market Organization
Competition and Productivity
Restrictions on Markets
Bank Concentration
Central Banks
The Federal Reserve System and US Regulators and Supervisors
The European Central Bank
The Bank of Japan
The Bank of England
General Principles of Central Banking
Central Banking in the United Kingdom
Monetary Policy, Income and Prices
Summary
PART IV: UNIVERSAL BANKING, GOVERNANCE AND COMPENSATION
Introduction
Universal and Specialized Banking
The Political Economy of Securities Legislation
Economic Analysis of Glass-Steagall
The Gramm-Leach-Bliley Financial Modernization Act
Hedge Funds
Corporate Governance
Remuneration
Corporate Law
Summary
PART V: REGULATION OF SECURITIES AND CAPITAL MARKETS
Introduction
Rules and Principles
The SEC and Self-regulatory Organizations
The Financial Services Authority
Proposals of Capital Market Regulators
The Sarbanes-Oxley Act of 2002
The Law
Economic Evaluation
Corporate Governance and Performance
Gatekeepers
Regulation and the Choice of Exchange Listing
Summary
PART VI: REGULATION AND POLICY IN THE GLOBAL RECESSION
Introduction
The New Deal
What Caused the Credit Crisis and Global Recession?
The Instruments of Monetary Policy
The Troubled Assets Relief Program
Financial Stability Plan
Mortgage Modification
Fiscal Policy
Liquidity Guarantee
The Swedish Bank Workout
Regulation
Summary
Conclusion
Notes
Index