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Balancing the BanksGlobal Lessons from the Financial Crisis$
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Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole

Print publication date: 2010

Print ISBN-13: 9780691145235

Published to University Press Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691145235.001.0001

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date: 13 December 2017

The Future of Banking Regulation

The Future of Banking Regulation

Chapter:
(p.78) Chapter 3 The Future of Banking Regulation
Source:
Balancing the Banks
Author(s):

Jean-Charles Rochet

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691145235.003.0003

This chapter takes a more detailed look at the flaws in the prudential framework that was in place when the crisis erupted and at the required remedies. It begins by discussing the Basel Accords and the breakdown of the Basel prudential regime. It then explains the necessary reforms. It argues that three types of reforms are necessary: (1) a much more powerful and independent banking supervisor; (2) much simpler, and easier to apply, prudential regulation; and (3) the installation of a prompt corrective action regime for the management of crises, including a special resolution regime for systematically important financial institutions.

Keywords:   financial crisis, financial regulation, financial policy, Basel Accords, banking regulation, prudential regulation

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