Abstract

http://ssrn.com/abstract=1865747
 
 

Footnotes (163)



 


 



Financial Innovation and Transparency in Turbulent Times


Panagiotis Delimatsis


Tilburg Law and Economics Center (TILEC); Tilburg Law School

June 16, 2011

TILEC Discussion Paper No. 2011-031
Tilburg Law School Research Paper No. 015/2011

Abstract:     
The stunning failure of banks put regulatory intervention high on the agenda of governments. Adequate risk monitoring, including by credit rating agencies, measurement and management have proven to be a daunting task, whereas regulation of innovative financial instruments has not brought about adequate disclosure and transparency. After critically reviewing the virtues and pitfalls of financial innovation, this paper offers an analysis of the main transparency initiatives undertaken in the EU and the US in the wake of the crisis to harness various financial innovations that have marked the history of financial markets in the last three decades. In addition, the paper identifies the approach as to financial innovation that the General Agreement on Trade in Services (GATS) of the World Trade Organization (WTO) has adopted in the early ‘90s and assesses the likely impact of the recent financial crisis on this stance. As the perimeter of regulation grows and countries become more suspicious vis-à-vis home-country financial regulation, trade in financial services will most likely not remain unaffected.

Number of Pages in PDF File: 34

Keywords: financial innovation, transparency, global financial crisis, Dodd-Frank Act, hedge funds, credit rating agencies, derivatives, World Trade Organization (WTO), General Agreement on Trade in Services (GATS)

JEL Classification: G01, G15, G18, G2, G38, K23, O38, F13

working papers series


Download This Paper

Date posted: June 16, 2011  

Suggested Citation

Delimatsis, Panagiotis, Financial Innovation and Transparency in Turbulent Times (June 16, 2011). TILEC Discussion Paper No. 2011-031; Tilburg Law School Research Paper No. 015/2011. Available at SSRN: http://ssrn.com/abstract=1865747 or http://dx.doi.org/10.2139/ssrn.1865747

Contact Information

Panagiotis Delimatsis (Contact Author)
Tilburg Law and Economics Center (TILEC) ( email )
Warandelaan 2
Postbus 90153
Tilburg, NL-5000 LE
Netherlands
0031 13 466 8251 (Phone)
0031 13 466 8047 (Fax)
HOME PAGE: http://www.tilburguniversity.nl/webwijs/show/?uid=p.delimatsis
Tilburg Law School
Warandelaan 2
Postbus 90153
Tilburg, 5000 LE
Netherlands
Feedback to SSRN


Paper statistics
Abstract Views: 866
Downloads: 138
Download Rank: 121,657
Footnotes:  163

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.406 seconds