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What is wrong with the traditional economic/financial viewpoint and models?

论文作者:留学生论文论文属性:硕士毕业论文 dissertation登出时间:2011-03-14编辑:anterran点击率:13442

论文字数:11214论文编号:org201103140911072802语种:英语 English地区:英国价格:$ 44

关键词:the traditional economicfinancial viewpoint

Section 2
What is wrong with the traditional economic/financial viewpoint and models?
113

27 November 2008
Recent events have not been kind to the modern financial market structure. Thiscolumn blames the prevailing consensus amongst Finance 代写留学生论文academics for underestimatingthe irrationality and instability involved. Has the discipline failed tounderstand global financial markets?
Recent events have demonstrated that the financial market structure that hasevolved over the past twenty years is a powder keg – the detonating device was thebursting of the 2004 to 2007 credit bubble. In considering where we go from here,two separate issues need to be addressed: how to deal with financial bubbles andthe design of a new financial market regulatory structure.Counter-cyclical bank capital requirements may help to deal with the first problembut regulatory reform presents more formidable difficulties. The problem herehas been exacerbated by the forced financial restructuring that has taken placeduring the crisis management of the past few months. We now have a much moreconcentrated financial services industry and one in which large investment firms
have been merged with deposit-taking banks. The financial landscape is now dominatedby huge financial conglomerates which markets will correctly perceive asbeing far too systemically sensitive to be allowed to fail. Hence the whole moralhazard issue is thrown into even sharper relief.There are two possible regulatory responses to this situation. The first is to tryto put banking back in its box; to reverse the trends of the past twenty years bydismantling the financial conglomerates and re-imposing strict activity constraints
on deposit-taking institutions. This was the US response after the 1929/33crash not only from the legislature in the form of the Glass Steagall Act but alsofrom the leading banks themselves (National City Bank and Chase National Bank),who of their own volition announced that they were disposing of their securitiesaffiliates because events had shown that commercial and investment bankingshould not be mixed.1 It is ironic that today’s response is in the opposite direction:
non-bank investment firms have either been eliminated (Lehman), pushed intothe arms of banks (Bear Stearns, Merrill Lynch) or induced to re-charter themselvesas deposit-taking banks (Morgan Stanley, Goldman Sachs). Unscrambling theseThe financial meltdown is an
academic crisis tooRichard DaleUniversity of Southampton
1 Edwin Perkins, The Divorce of Commercial and Investment Banking, Banking Law Journal, June (1971) p.523.
new universal banking conglomerates would, however, present enormous practicaldifficulties and is probably unrealistic.
The second approach is to neutralise moral hazard by subjecting financial institutionsto a comprehensive regulatory framework which would also see regulatorsacting in a much more intrusive, investigative and, if necessary, adversarial manner.Crucially, this new regulatory approach would have to be truly global sincenational authorities are at present inhibited from taking action that might induce
regulated activities to move to more accommodating financial centres.
Mixing banking and securitiesFifteen years ago, I argued that banks’ increasing involvement in securities activitiesworldwide could eventually lead to a repetition of the 1929/33 banking meltdown.
2 My analysis rested on the observation that if banks were permitted t论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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