Where Next for International Financial Regulation?
Dominant response overlooks fundamental questions, says Jan Toporowski
Jan Toporowski gave a fascinating presentation at the Global Economy Monday seminar on the future of financial regulation at DIIS in March.
Having devoted well over two decades to the study of credit cycles, Jan Toporowski (SOAS) is somewhat skeptical about the widespread enthusiasm to ´'recapitalise, accommodate and regulate' in response to the global financial crisis: The 'recapitalise, accommodate and regulate' strategy is an understandable response to political pressure for action. But it overlooks ... fundamental questions of financial regulation.
Toporowski's paper, It's not about regulation..., identifies five such fundamental questions. Further, he addresses them one by one, to arrive at five principles that are of crucial importance for the future governance of the global economy.
Also available now is a short essay by Richard A. Werner: Should creation of money stay in private hands?
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