By Imad A. Moosa
Because the 2007 2008 international monetary problem, there was a lot debate concerning the function of economic law and the motives of monetary instability within the undefined. the place experiences mostly query the price of a regulated instead of loose industry , this e-book specializes in the differentiation of 'good law' and 'bad regulation'. This e-book highlights the necessity for monetary legislation to strive against corruption, and the imperative hyperlink that exists among corruption and fiscal instability. the writer evaluates the advantages and shortcomings of particular kinds of rules, drawing on fresh examples to demonstrate each one argument. The booklet provides compelling arguments for the rules of leverage, liquidity, payday loans and securitisation; and debates the hazards of the legislation of brief promoting, and high-frequency buying and selling, and of Basel-style banking law. the writer argues that there's no free-market technique to monetary instability, and rejects the belief of 'too gigantic to fail'.
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Additional info for Good Regulation, Bad Regulation: The Anatomy of Financial Regulation
Sample text
Johnson and Kwak (2010) argue that the collapse of Enron, WorldCom and other what used to be high-flying companies should have made it clear that free markets did not deter fraud on their own as well as the failure of self-regulation by free markets. The free-market ideology has been dealt a big blow by the global financial crisis because deregulation is seen as a major cause of the crisis. Take for example, what Gray (2009) wrote in the aftermath of the crisis: In the era of the free market, now fast slipping from memory, the past hardly existed.
They describe this view as “static” because everything except regulation is held constant. While they agree with the proposition that regulation raises the costs of production if technology, products, processes and customer needs were all fixed, they cast doubt on its validity in “the real world of dynamic competition, not in the static world of much economic theory”. Firms regularly find innovative solutions to pressures of all sorts arising from the activities and actions of competitors, customers and regulators.
This is the same Greenspan who entered public life in order to “engage in efforts to advance free-market capitalism as an insider” (Greenspan, 2007). It is bewildering that belief in the healing power of the free market is still rampant, despite the devastation inflicted by the global financial crisis on the world economy. Some free marketeers go as far as blaming the crisis on regulation rather than deregulation (for example, Allison, 2012). Huffington (2008) refers to Senator John Ensign, Chairman of the National Republican Senatorial Committee who went on Face the Nation to put forward his diagnosis of the economic meltdown.