Policy makers around the globe will find that Restructuring Regulation
and Financial Institutions offers a cogent assessment of the
contemporary regulatory environment in the U.S. financial markets, and a
blueprint for action in evolving global financial markets.
Financial markets are among the most highly-regulated markets in the
world. Nevertheless, financial crises still occur, witness the U.S.
savings-and-loan fiasco of the late 1980s and early 1990s, and the
Mexican and East Asian Financial implosions of 1994 and 1997. What role
does regulation play in stabilizing-or-destabilizing financial markets?
Restructuring Regulation and Financial Institutions answers this
question with incisive analysis of financial market regulation in the
United States.
Each paper considers how regulation enhances or impedes the efficiency
of a particular financial sector, and is followed by comments by two or
three noted experts. The result of this approach is a wealth of useful
information that may be applied by policy makers contemplating the
restructuring of regulations and financial institutions.
The contributors to this volume are distinguished economists, many of
whom have careers not just in business, government, or academia, but
have held influential positions in all three. Such varied backgrounds
enable the contributors to offer remarkable insights based on the best
of theory and practice.
Never before has understanding the workings of U.S. financial market
regulation been so important to the development of world financial
markets. The ramifications of financial regulation in the United States
extend far beyond the nation's borders. World financial markets are
undergoing dramatic change, driven by the rapid development and
deployment of new technology that enables information-and money-to
travel farther, faster. However, a Byzantine array of regulatory
structures in the international arena hinders the development of
efficient global financial markets. Policy makers around the world are
attempting to address the issues by emulating the financial markets of
the United States.
