Financial Regulation at the Crossroads

A stable financial system is a prerequisite for well-functioning market exchanges, which, in turn, allow reaping the benefits of economic specialisation and trade. In many countries around the world, the benefits of modern finance are taken for granted. Financial stability comes to the forefront only in times of crisis. The global financial crisis of the years 2008 and 2009 exposed some of the regulatory and market failures of a more and more globally organised financial system and led to far-reaching discussions about a broad range of academic and policy issues on the regulation of financial services.Against this background, this edited volume brings outstanding expertise and provides insightful perspectives from nineteen authors with a broad range of backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance. The authors not only shed light on the causes of the current financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, including opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution