Passata E Futura Regolamentazione Per Prevenire Una Crisi Finanziaria Sistemica (Past and Future Regulations to Prevent a Systemic Financial Crisis) (Italian)
Moneta e Credito, Vol. 63, No. 249. pp. 7-33, 2010
27 Pages Posted: 19 Apr 2011 Last revised: 1 Apr 2014
Date Written: April 13, 2011
Past and future regulation to prevent a systemic financial crisis
Up to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary policy, and to rescue the battered financial system by injecting capital into giant banks and firms. The G20 is now turning its attention to financial regulation, with the FSB as its main operational arm. The ideas that are being proposed stress the need for disincentives toward too much risk taking (more capital, higher liquidity, limits to remunerations and bonuses, etc.), particularly by big and complex financial institutions that are likely to entail systemic risks. The paper maintains that, as the disincentive approach is insufficient to deter financial managers looking for power, some kind of segmentation needs to be introduced, as suggested by Paul Volcker.
Note: Downloadable document is in Italian.
Keywords: Introduction, Financial Crisis, Rules
JEL Classification: E44, G1, G18, G28
Suggested Citation: Suggested Citation
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