Financial Regulation after the Global Recession 1st Edition by Carlos Peláez, Carlos Peláez 0230239021 9780230239029

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Product details: 

ISBN 10: 0230239021

ISBN 13: 9780230239029

Author: Carlos M. Peláez; Carlos A. Peláez

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.

Financial Regulation after the Global Recession 1st Table of contents: 

1 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

2 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

3 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

4 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

5 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

6 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

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