Abstract

http://ssrn.com/abstract=1476760
 
 

References (107)



 
 

Citations (4)



 


 



Verdict on the Crash: Causes and Policy Implications


Philip Booth


City University London - Sir John Cass Business School

Michael Beenstock


Hebrew University of Jerusalem - Department of Economics

Eamonn Butler


Adam Smith Institute

Tim Congdon


Institute of Economic Affairs (IEA)

Laurence Copeland


Cardiff University - Cardiff Business School

Kevin Dowd


Nottingham University Business School (NUBS)

Samuel Gregg


Acton Institute for the Study of Religion and Liberty

John Kay


London School of Economics & Political Science (LSE)

David T. Llewellyn


Loughborough University - Department of Economics

Alan D. Morrison


University of Oxford - Said Business School; University of Oxford - Merton College

D. R. Myddelton


Cranfield University

Anna Schwartz


National Bureau of Economic Research (NBER)

Geoffrey Wood


Cass Business School

James Alexander


affiliation not provided to SSRN

John Greenwood


affiliation not provided to SSRN

May 12, 2009

Institute of Economic Affairs Monographs, No. HPB 37, 2009

Abstract:     
This monograph challenges the myth that the recent banking crisis was caused by insufficient statutory regulation of financial markets. Though it finds that statutory regulation failed, and that market participants took more risks than they should have done, it appears that statutory regulation made matters worse rather than better. Furthermore the fifteen experts who have contributed to this study find that government policy failed in other respects too. As with the boom and bust that led to the Great Depression, loose monetary policy on both sides of the Atlantic helped to promote an asset price bubble and credit boom which, at some stage, was bound to have serious consequences. Rejecting the failed approach of discretionary detailed regulation of the financial system, the authors instead propose specific and incisive regulatory tools that are designed to target, in a non-intrusive way, particular weaknesses in a banking system that is backed by deposit insurance. This study, by some of the most eminent authors in the field, is essential reading for all those who are interested in the policy implications of recent events in financial markets.

Number of Pages in PDF File: 104

Keywords: credit crunch, financial crisis, bank bailouts, financial regulation, Financial Services Authority, bank regulation, monetary policy, central banks, Federal Reserve, Fannie Mae, Freddie Mac, Community Reinvestment Act, Bank of England, Alan Greenspan

JEL Classification: E3, E31, E32, E42, E43, E44, E5, E51, E52, E53, E58, G18, G21, G28

Accepted Paper Series





Download This Paper

Date posted: September 23, 2009  

Suggested Citation

Booth, Philip and Beenstock, Michael and Butler, Eamonn and Congdon, Tim and Copeland, Laurence and Dowd, Kevin and Gregg, Samuel and Kay, John and Llewellyn, David T. and Morrison, Alan D. and Myddelton, D. R. and Schwartz, Anna and Wood, Geoffrey and Alexander, James and Greenwood, John, Verdict on the Crash: Causes and Policy Implications (May 12, 2009). Institute of Economic Affairs Monographs, No. HPB 37, 2009. Available at SSRN: http://ssrn.com/abstract=1476760

Contact Information

Philip Booth
City University London - Sir John Cass Business School ( email )
106 Bunhill Row
London, EC1Y 8TZ
United Kingdom
Michael Beenstock (Contact Author)
Hebrew University of Jerusalem - Department of Economics ( email )
Mount Scopus
Kfar Etzion 35/4
Jerusalem 91905
Israel
972-2-723-184 (Phone)
972-2-672-5317 (Fax)
Eamonn Butler
Adam Smith Institute ( email )
23 Great Smith Street
London, SW1P 3BL
United Kingdom
Tim Congdon
Institute of Economic Affairs (IEA) ( email )
2 Lord North Street
London SW1P 3LB
United Kingdom
Laurence S. Copeland
Cardiff University - Cardiff Business School ( email )
Aberconway Building
Colum Drive
Cardiff, CF10 3EU
United Kingdom
+44 29 20875740 (Phone)
+44 29 20874419 (Fax)
Kevin Dowd
Nottingham University Business School (NUBS) ( email )
Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
Samuel Gregg
Acton Institute for the Study of Religion and Liberty ( email )
Grand Rapids, MI 49503
United States
John Kay
London School of Economics & Political Science (LSE)
Houghton Street
London, WC2A 2AE
United Kingdom
David T. Llewellyn
Loughborough University - Department of Economics ( email )
York House
Loughborough LE11 3TU
Great Britain
Alan Morrison
University of Oxford - Said Business School ( email )
Department of Finance
Park End Street
Oxford OX1 1HP
United Kingdom
+44 18 6527 6343 (Phone)
+44 18 6527 6310 (Fax)
University of Oxford - Merton College
Merton Street
Oxford OX1 4JD
United Kingdom
+44 18 6527 6343 (Phone)
D. R. Myddelton
Cranfield University ( email )
Cranfield
Bedfordshire MK43 OAL, MK43 0AL
United Kingdom
Anna Schwartz
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Geoffrey E. Wood
Cass Business School ( email )
London, EC2Y 8HB
Great Britain
+44 0 20 7040 8740 (Phone)
+44 0 20 7040 8881 (Fax)
James Alexander
affiliation not provided to SSRN
John Greenwood
affiliation not provided to SSRN
Feedback to SSRN


Paper statistics
Abstract Views: 2,184
Downloads: 509
Download Rank: 30,649
References:  107
Citations:  4

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo8 in 0.500 seconds