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Hoshi, Takeo. 2011. "Financial Regulation: Lessons from the Recent Financial Crises."
,
49(1): 120-28.
Show Article Details
DOI: 10.1257/jel.49.1.120
Abstract:The experiences of the financial crises in the United States recently and in Japan in the 1990s suggest two lessons for future financial regulations. First, the lack of an orderly resolution mechanism for large and complex financial institutions created
serious problems. Second, it is important to distinguish between individual financial institutions' health and stability of the whole financial system. Policy recommendations
in the Squam Lake Report address these issues well. The Dodd-Frank Act could
provide an effective regulatory framework to implement these recommendations, but the success depends on the details of the regulations that have not been specified. (JEL E44, E52, G01, G21, G28, L51)
Authors:
Hoshi, Takeo (U CA, San Diego)
JEL Classifications:
E44: Financial Markets and the Macroeconomy
E52: Monetary Policy
G01: Financial Crises
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
G28: Financial Institutions and Services: Government Policy and Regulation
L51: Economics of Regulation
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