Regulatory Reform: Integrating Paradigms
What were the market and regulatory issues that led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretive lenses--or 'paradigms'--through which one sees finance. The agency paradigm, which has dominated recent regulatory policy and provides the most popular interpretation of the crisis, seems to be influencing much of the emerging reform agenda. But collective welfare failures (particularly externalities) and collective cognition failures (particularly mood swings) were as important, if not more so, in driving the crisis. These three paradigms should therefore be integrated into a more balanced policy agenda. But doing so will be difficult because they often have inconsistent policy implications.
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| Format: | Journal Article biblioteca |
| Language: | EN |
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2010
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| Subjects: | Financial Crises G010, Banks, Other Depository Institutions, Micro Finance Institutions, Mortgages G210, Financial Institutions and Services: Government Policy and Regulation G280, |
| Online Access: | http://hdl.handle.net/10986/5587 |
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dig-okr-1098655872021-04-23T14:02:23Z Regulatory Reform: Integrating Paradigms de la Torre, Augusto Ize, Alain Financial Crises G010 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 What were the market and regulatory issues that led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretive lenses--or 'paradigms'--through which one sees finance. The agency paradigm, which has dominated recent regulatory policy and provides the most popular interpretation of the crisis, seems to be influencing much of the emerging reform agenda. But collective welfare failures (particularly externalities) and collective cognition failures (particularly mood swings) were as important, if not more so, in driving the crisis. These three paradigms should therefore be integrated into a more balanced policy agenda. But doing so will be difficult because they often have inconsistent policy implications. 2012-03-30T07:33:33Z 2012-03-30T07:33:33Z 2010 Journal Article International Finance 13670271 http://hdl.handle.net/10986/5587 EN CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Publications & Research :: Journal Article Publications & Research |
| institution |
Banco Mundial |
| collection |
DSpace |
| country |
Estados Unidos |
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US |
| component |
Bibliográfico |
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En linea |
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dig-okr |
| tag |
biblioteca |
| region |
America del Norte |
| libraryname |
Biblioteca del Banco Mundial |
| language |
EN |
| topic |
Financial Crises G010 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 Financial Crises G010 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 |
| spellingShingle |
Financial Crises G010 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 Financial Crises G010 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 de la Torre, Augusto Ize, Alain Regulatory Reform: Integrating Paradigms |
| description |
What were the market and regulatory issues that led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretive lenses--or 'paradigms'--through which one sees finance. The agency paradigm, which has dominated recent regulatory policy and provides the most popular interpretation of the crisis, seems to be influencing much of the emerging reform agenda. But collective welfare failures (particularly externalities) and collective cognition failures (particularly mood swings) were as important, if not more so, in driving the crisis. These three paradigms should therefore be integrated into a more balanced policy agenda. But doing so will be difficult because they often have inconsistent policy implications. |
| format |
Journal Article |
| topic_facet |
Financial Crises G010 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 |
| author |
de la Torre, Augusto Ize, Alain |
| author_facet |
de la Torre, Augusto Ize, Alain |
| author_sort |
de la Torre, Augusto |
| title |
Regulatory Reform: Integrating Paradigms |
| title_short |
Regulatory Reform: Integrating Paradigms |
| title_full |
Regulatory Reform: Integrating Paradigms |
| title_fullStr |
Regulatory Reform: Integrating Paradigms |
| title_full_unstemmed |
Regulatory Reform: Integrating Paradigms |
| title_sort |
regulatory reform: integrating paradigms |
| publishDate |
2010 |
| url |
http://hdl.handle.net/10986/5587 |
| work_keys_str_mv |
AT delatorreaugusto regulatoryreformintegratingparadigms AT izealain regulatoryreformintegratingparadigms |
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1756571636979466240 |