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By Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod
Financial Regulation offers an incredible restatement of the needs and goals of monetary law. The authors offer info and knowledge at the scale, nature and prices of regulatory difficulties world wide, and examine what kind of international locations and sectors require precise awareness and regulations. Key issues coated include:
* the necessity to recast the shape of regulation
* incentive buildings for monetary regulation
* new strategies for possibility management
* law in rising countries
* quandary management
* customers for monetary legislation sooner or later.
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Extra resources for Financial Regulation: Why, How and Where Now?
We are grateful to Ian MacFarlane, Governor of the Reserve Bank of Australia, Jacob Mwanza, Governor of the Central Bank of Zambia, and Dato-Ahmad Mohd Don, Governor of the Central Bank of Malaysia, for acting as discussants. The subject matter of financial regulation covers a huge span, and the focus and interest of the main authors was, inevitably, on the current developments in developed countries with large established financial markets and institutions. Most of the critical comments from our expert audience were on the coverage of the regulatory problems in emerging countries.
But how can the shift of responsibility to these and other internal control mechanisms be realised without an increase in the likelihood of financial distress? The pre-commitment approach, also discussed in Chapter 5, gives an example of how external regulation may be reformed so that excessive risk taking is sufficiently discouraged without constraining too much the internal risk management process and the evolution of financial institutions. This new approach applies the idea of incentive contracts, outlined in Chapter 3, to the area of market risk capital requirements and VaR models.
Financial services industry ? Law and legislation. 2. Banking law. I. Goodhart, C A. E. 082-dc21 97-50002 ISBN 0-415-18504-1 (hbk) ISBN 0-415-18505-X (pbk) Contents List of figures List of tables Notes on authors Foreword by Eddie George Acknowledgements Introduction 1 The rationale for regulation A. The scale of the problem B. The case for external regulation, and the need to make such a case (i) Protection against monopolies (ii) Client protection (iii) Systemic issues C. Economies of scale in monitoring D.