Regulation After the Global Financial Crisis
A financial crisis of the severity that the world experienced between 2007 and 2009 is bound to provoke a regulatory backlash. The Global Financial Crisis shook the foundations of the regulatory system. In the deregulated financial system created in the 1980s and 1990s, prudential requirements—especially risk-adjusted capital requirements—were supposed to protect the financial system against a catastrophic meltdown. Clearly, they failed. Similarly, bank regulators failed to ensure that banks had sufficient liquidity to meet sudden and unexpected shortfalls in their ability to obtain funding. The model of substantial industry self-regulation, with regulators proclaiming only general principles ...
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