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Regulatory reform [electronic resource] : integrating paradigms
Torre, Augusto de la.[Washington, D.C. : World Bank, 2009]"The Subprime crisis largely resulted from failures to internalize systemic risk evenly across financial intermediaries and recognize the implications of Knightian uncertainty and mood swings. A successful reform of prudential regulation will need to integrate more harmoniously the three paradigms of moral hazard, externalities, and uncertainty. This is a tall order because each paradigm leads to different and often inconsistent regulatory implications. Moreover, efforts to address the central problem under one paradigm can make the problems under the others worse. To avoid regulatory arbitrage and ensure that externalities are uniformly internalized, all prudentially regulated intermediaries should be subjected to the same capital adequacy requirements, and unregulated intermediaries should be financed only by regulated intermediaries. Reflecting the importance of uncertainty, the new regulatory architecture will also need to rely less on markets and more on "holistic" supervision, and incorporate countercyclical norms that can be adjusted in light of changing circumstances. "--World Bank web site.
Online World Bank eLibrary
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Home mortgages : recent performance of nonprime loans highlights the potential for additional foreclosures : testimony before the Joint Economic Committee U.S. Congress
Shear, William B.[Washington, D.C.] : U.S. Govt. Accountability Office, [2009]Online purl.fdlp.gov
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Financial shock : global panic and government bailouts : how we got here and what must be done to fix it
Zandi, Mark M.Updated ed. - Upper Saddle River, N.J. : FT Press, c2009."In Financial Shock, Mr. Zandi provides a concise and lucid account of the economic, political, and regulatory forces behind this binge." -The Wall Street Journal "The obvious place to start is the financial crisis, and the clearest guide to it that I've read is Financial Shock by Mark Zandi...It is an impressively lucid guide to the big issues." - David Leonhardt, The New York Times "If you wonder how it could be possible for a subprime mortgage loan to bring the global financial system and the U.S. economy to its knees, you should read this book. No one is better qualified to provide this insight and advice than Mark Zandi." - Larry Kudlow, Host, CNBC's Kudlow & Company "Mark Zandi provides insightful analysis, thoughtful recommendations, and a comprehensible explanation of the financial crisis that is accessible to the general public and extremely useful to those who specialize in the area." - Barney Frank, Chairman, House Financial Services Committee The Definitive Financial Meltdown Expose: Now completely updated to include discussions of the Obama administration's many policy initiatives and proposed solutions. *Includes expanded coverage of the market meltdown, the bailout bill and stimulus plans, the bank rescue plan, and the foreclosure mitigation plan * Sifting the wreckage, fixing the blame: the roles of mortgage lenders, investment bankers, speculators, the real estate industry, regulators, the Fed, and homebuyers * Tomorrow's emerging financial shocks-and how to prevent them.
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