Building Responsive and Responsible Financial Regulators in the Aftermath of the Global Financial Crisis

The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries. This book focuses on the question of what accountability, independence, transparency and, more generally, governance mechanisms applicable to financial regulators can better contribute to building responsive, responsible and effective regulatory and supervisory frameworks that tackle the weaknesses of the pre-crisis regimes.
Editor(s):
Pablo Iglesias-Rodriguez
book | published | 1st edition
February 2015 | xx + 272 pp.

Paperback
€75.-


ISBN 9781780681795

Details

The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries.

This book focuses on the question of what accountability, independence, transparency and, more generally, governance mechanisms applicable to financial regulators can better contribute to building responsive, responsible and effective regulatory and supervisory frameworks that tackle the weaknesses of the pre-crisis regimes. It re-visits the concepts of accountability and independence of financial regulators as well as the main economic theories underlying financial services policy-making, in light of the crisis experience. In addition, it critically examines the post-crisis institutional frameworks of financial regulation and supervision in the EU, the US and Canada with a view to assessing whether the financial regulators of the post-global financial crisis era are well suited to effectively address the challenges and threats that global financial markets pose to the stability, integrity and good functioning of financial systems as well as to the protection of consumers, investors and society at large.

Topics addressed in this volume include:
- The theoretical foundations of accountability and independence in financial regulation after the crisis;
- The influence of economic theory on the quality of financial regulation and supervision;
- Accountability in the European Banking Union and the European System of Financial Supervision;
- Post-crisis structures of financial regulation in the US and their impact on consumer/investor protection and financial stability; and
- The role of financial supervision architecture in the stability of the Canadian financial system.

The contributors to this volume are economists, lawyers, political scientists and sociologists from both academia and practice. Therefore, this book will be highly relevant to scholars and practitioners in these areas.

Chapters

Table of Contents (p. 0)

Responsive-and-responsible financial regulation in the aftermath of the global financial crisis (p. 1)

Part I. THE CONTRIBUTION OF ACCOUNTABILITY, INDEPENDENCE AND ECONOMIC THEORY TO RESPONSIVE-AND-RESPONSIBLE FINANCIAL REGULATION

Financial institutions and accountability mechanisms (p. 29)

Central bank governance, society and politicians: the tale of independence (p. 43)

The ultrarational illusion of finance. Economics and policymaking (p. 67)

Part II. POST-CRISIS ARCHITECTURES OF FINANCIAL REGULATION IN THE EUROPEAN UNION, THE UNITED STATES OF AMERICA AND CANADA: ACCOUNTABILITY AND RESPONSIVENESS-AND-RESPONSIBILITY Part II.1. THE EUROPEAN UNION

Governing financial market regulation: a cascade from intergovernmental bank resolution, to prudential regulation, to conduct regulation (p. 87)

The European Securities and Markets Authority: accountability towards EU institutions and stakeholders (p. 115)

The role of civil society in EU financial regulation (p. 185)

Part II. POST-CRISIS ARCHITECTURES OF FINANCIAL REGULATION IN THE EUROPEAN UNION, THE UNITED STATES OF AMERICA AND CANADA: ACCOUNTABILITY AND RESPONSIVENESS-AND-RESPONSIBILITY Part II.2. THE UNITED STATES OF AMERICA

Financial stability rearticulated: institutional reform, post-crisis governance and the new regulatory landscape in the United States (p. 213)

The Financial Industry Regulatory Authority: not self-regulation after all (p. 233)

Part II. POST-CRISIS ARCHITECTURES OF FINANCIAL REGULATION IN THE EUROPEAN UNION, THE UNITED STATES OF AMERICA AND CANADA: ACCOUNTABILITY AND RESPONSIVENESS-AND-RESPONSIBILITY Part II.3. CANADA

Why opacity is just not good enough: the effectiveness and accountability of Canada’s Office of the Superintendent of Financial Institutions (p. 253)

Also interesting for you: