The Evidence and Impact of Financial Globalization

Chapter 49

Lessons and Policy Implications from the Global Financial Crisis

S. Claessens*,^{†, ‡}, G. Dell’Ariccia*,^‡, D. Igan* and L. Laeven*,^{‡,, §}

^*International Monetary Fund, Washington DC, USA

^†University of Amsterdam, Amsterdam, The Netherlands

^‡CEPR, London, UK

^§Tilburg University, Tilburg, The Netherlands

Outline

Introduction

Lessons for Macroeconomic Policy

Lessons for Redesigning Prudential Regulation and Supervision

Regulatory Perimeter

Microprudential Regulation

Macroprudential Regulation

Information and Market Discipline

Organization of Regulation and Supervision

Lessons for Reform of the International Financial Architecture

Conclusion

References

Introduction

This chapter draws lessons from the recent financial crisis for reforming ...