scholarly journals Regulatory lessons from the leaky home experience

2010 ◽  
Vol 6 (2) ◽  
Author(s):  
Brian Easton
Keyword(s):  
Financial Crisis ◽  
Systems Analysis ◽  
Global Financial Crisis ◽  
Regulatory System ◽  
Legal Framework ◽  
Administrative Practices ◽  
Regulatory Failure ◽  
The Global Financial Crisis ◽  
The Way ◽  
Mathematical Systems

I begin this paper with a manufacturer’s warning: that I use the term ‘regulation’ slightly differently from the way it is used in some other papers presented in this symposium, coming as I do as an economist from the tradition of mathematical systems analysis. By that tradition’s standards, a market is a regulatory system, so it finds limiting the use of the term ‘regulation’ to just statutes and the regulations that are derived from them. It also recognises that some administrative practices are regulatory. The legal framework for regulation may be quite adequate but the administrators may fail to implement it effectively. So when I write about the global financial crisis being a result of regulatory failure I am allowing that the law, the market and the administration may all have had a role in that failure.

scholarly journals Universal corporate governance standards: recommendations following the global financial crisis

2014 ◽  
Vol 11 (3) ◽  
pp. 438-446
Author(s):  
Ronald Henry Mynhardt
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
The Global Financial Crisis ◽  
A Company ◽  
The Way

Corporate governance can be defined as: the set of processes, customs, policies, laws and institutions affecting the way a company is directed, administered or controlled. Suggestions were investigated that the global financial crisis revealed severe shortcomings in corporate governance. Research was conducted to establish whether these suggestions are accurate. The study found that it appeared that corporate governance has failed and action needs to be taken. The study recommends that a world supervisory body on corporate governance be established. It also proposes that a summit be called to discuss and create such an authority. In addition, the formulation of a set of universal corporate governance standards for implementation by the members was suggested

scholarly journals Which Way Now? Economic Policy after a Decade of Upheaval: A CAGE Policy Report

2019 ◽  
Author(s):  
Charlotte Cavaille ◽  
Federica Liberini ◽  
Michela Redoano ◽  
Anandi Mani ◽  
Vera E. Troeger ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Real Income ◽  
Legal Framework ◽  
Policy Uncertainty ◽  
Social Challenges ◽  
Related Risk ◽  
The Government ◽  
The Global Financial Crisis ◽  
The Uk

Most, if not all advanced economies have suffered gravely from the 2008 global financial crisis. Growth, productivity, real income and consumption have plunged and inequality, and in some cases poverty, spiked. Some countries, like Germany and Australia, were better able to cope with the consequences but austerity has taken its toll even on the strongest economies. The UK is no exception and the more recent period of economic recovery might be halted or even reversed by the political, economic, and policy uncertainty created by the Brexit referendum. This uncertainty related risk to growth could be even greater if the UK leaves the economic and legal framework provided by the EU. This CAGE policy report offers proposals from different perspectives to answer the overarching question: What is the role of a government in a modern economy after the global financial crisis and the Brexit vote? We report on economic and social challenges in the UK and discuss potential policy responses for the government to consider. Foreword by: Lord O’Donnell of Clapham.

Regulation of Commodities Trading

2020 ◽  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Eu Legislation ◽  
Cross Border ◽  
The Global Financial Crisis ◽  
The Uk ◽  
Domestic Level ◽  
The Eu ◽  
Commodities Markets ◽  
The Way

This book is the first to draw together the numerous different regulations which affect how commodities are traded in the EU. Having long been a largely deregulated industry, intense scrutiny in the aftermath of the global Financial Crisis in 2008 has left commodities trading subject to a raft of harmonized regulations, many of which have yet to be finalized. Regulation of both the physical and the financial commodities markets is undergoing significant change and participants and their advisers are struggling to understand the changes in each jurisdiction as well as the cross-border implications. The book pulls together these various pieces of EU legislation and examines how they influence the way that commodities are traded in Europe. It also provides coverage of regulation at domestic level in key jurisdictions active in the marketplace, namely the UK, US, Switzerland, and Singapore. Divided into eight sections, the book includes analysis of the commodities trading houses (including their motives and methods), the main trading venues, trading practices, and potential illicit practices and market abuses. Each section has a detailed transnational component in which the position in each specific jurisdiction is explained, drawing parallels and setting out the differences between these countries.

The global financial crisis and Islamic finance: a review of selected literature

2015 ◽  
Vol 6 (1) ◽  
pp. 94-106 ◽  
Author(s):  
Abdou DIAW
Keyword(s):  
Financial Crisis ◽  
Risk Sharing ◽  
Global Financial Crisis ◽  
Financial System ◽  
Lessons Learned ◽  
Islamic Finance ◽  
Regulatory Body ◽  
Content Type ◽  
The Global Financial Crisis ◽  
The Way

Purpose – This paper aims to critically analyze the opinions of Islamic economists about the global financial crisis to examine: their views on the causes of the crisis, the juristic and economic assessment they make of these causes and the lessons learned and the way forward. Design/methodology/approach – The paper critically reviews selected writings of prominent Islamic economics on the recent financial crisis. Findings – Most of the authors reviewed acknowledged the technical mistakes put forth by many conventional analysts as causes of the crisis. However, they have showed that the adoption of the principles of Islamic finance would have prevented most of those mistakes. The way forward, therefore, for both Islamic and conventional finance is, inter alia, greater reliance on risk sharing to inject more discipline in the system; the establishment of a strong and comprehensive regulatory body to safeguard the resilience of the system; and the integration of Zakat, Awqaf and other voluntary institutions into the financial system to cater for the financial needs of the poor. Practical implications – The importance of integrating the voluntary institutions into the financial system is to make it more inclusive and more equitable. Originality/value – This paper is the most comprehensive literature review on Islamic finance and the global financial crisis.

Part II The Financial Crisis of 2007–2011, 7 The Initial Impact of the Financial Crisis on Financial Markets

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Risk Management ◽  
Financial Crisis ◽  
Financial Markets ◽  
Financial Market ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Financial Failure ◽  
Regulatory Failure ◽  
The Global Financial Crisis ◽  
The Uk

This chapter discusses the initial impact of the global financial crisis, covering the seize-up of the inter-bank market; the run on Northern Rock in September 2007; the ‘regulatory failure’ in the UK and proposed changes; other UK financial institution failures, near failures, and rescues; and US financial market problems. It argues that throughout history, there have been episodes of over-eager lending, reckless investing and poor risk management, leading to financial failure and calls for help. Although the recent crisis was supposedly different because the securitization of debt gave the appearance of liquidity and sophisticated risk management, it also had the same common themes of greed and stupidity.

Critique of Accelerationism

2016 ◽  
Vol 34 (1) ◽  
pp. 29-52 ◽  
Author(s):  
Michael E. Gardiner
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Wide Spectrum ◽  
Capitalist Society ◽  
Central Task ◽  
Per Se ◽  
The Global Financial Crisis ◽  
The Way

The global financial crisis beginning in 2008 has encouraged the revitalization of a wide spectrum of leftist theorizing, but arguably the most audacious is that of ‘accelerationism’. Left-accelerationism sees the intensification of certain tendencies in late capitalist society as a way to escape its gravitational orbit and ‘repurpose’ the very material infrastructure of capitalism itself, to universally emancipatory ends. The central task here is to engage accelerationism with a thinker of the post-Autonomist tradition, Franco ‘Bifo’ Berardi. Contrary to Williams and Srnicek, co-authors of the #Accelerate manifesto, Bifo asserts that acceleration per se only augments the power and dynamism of capital, and posits instead a ‘post-politics’ of ironic detachment, aesthetic cultivation, and ‘therapy’. Contrasting Bifo and accelerationism clarifies each of their assumptions and core arguments, and points the way to a more nuanced perspective on these issues, in a contemporaneous moment marked in equal measure by inestimable threat and liberatory promise.

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