Image of Guardians of finance :making regulators work for us
Bookmark Share

Text

Guardians of finance :making regulators work for us

"The recent financial crisis was an accident, a 'perfect storm' fueled by an unforeseeable confluence of events that unfortunately combined to bring down the global financial systems. And policy makers? They did everything they could, given their limited authority. It was all a terrible, unavoidable accident. Or at least this is the story told and retold by a chorus of luminaries that includes Timothy Geithner, Henry Paulson, Robert Rubin, Ben Bernanke, and Alan Greenspan. In Guardians of Finance, economists James Barth, Gerard Caprio, and Ross Levine argue that the financial meltdown of 2007 to 2009 was no accident; it was negligent homicide. They show that senior regulatory officials around the world knew or should have known that their policies were destabilizing the global financial system, had years to process the evidence that risks were rising, had the authority to change their policies--and yet chose not to act until the crisis had fully emerged. The current system, the authors write, is simply not designed to make policy choices on behalf of the public. It is virtually impossible for the public and its elected officials to obtain informed and impartial assessment of financial regulation and to hold regulators accountable. Barth, Caprio, and Levine propose a reform to counter this systemic failure: the establishment of a 'Sentinel' to provide an informed, expert, and independent assessment of financial regulation. Its sole power would be to demand information and to evaluate it from the perspective of the public--rather than that of the financial industry, the regulators, or politicians"--Provided by publisher.OCLC-licensed vendor bibliographic record.

Availability

No copy data

Detail Information
Series Title
-
Call Number
-
Publisher
Cambridge : MIT Press,.,
Collation
1 online resource (xiii, 280 pages)
Language
English
ISBN/ISSN
9780262301527
Classification
NONE
Content Type
text
Media Type
computer
Carrier Type
online resource
Edition
-
Subject(s)
Finance
Banks and banking
Financial Crises
Financial institutions
Global Financial Crisis, 2008-2009.
Specific Detail Info
-
Statement of Responsibility
Other Information
Cataloger
-
Source
https://doi.org/10.7551/mitpress/9065.001.0001?locatt=mode:legacy;http://www.oclc.org/content/dam/oclc/forms/terms/vbrl-201703.pdf
Validator
hasyim
Digital Object Identifier (DOI)
https://doi.org/10.7551/mitpress/9065.001.0001
Journal Volume
-
Journal Issue
-
Subtitle
-
Parallel Title
-
Other version/related

No other version available

File Attachment
Comments
You must be logged in to post a comment