Post-Crisis Financial Reform: Where Do We Stand?

Bangor Business School Working Paper 11/001

26 Pages Posted: 2 Nov 2011

See all articles by Alessandro Giustiniani

Alessandro Giustiniani

International Monetary Fund (IMF) - Monetary and Financial Systems Department; Bank of Italy - Research Department

John Thornton

Bangor Business School

Date Written: October 1, 2011

Abstract

The post-crisis financial reform agenda is broad and complex, ranging from strengthening prudential regulation; to enhancing supervision; from mitigating pro-cyclicality to integrating micro- and macro-prudential oversight; from reducing the systemic risk associated with large and complex financial institutions to expanding resolution process and fortifying financial market structure. Reforms are proceeding slowly but important building blocks have been laid down, such as Basel III, other difficult reforms are in the making, such as the resolution framework for cross-border financial institutions or how to deal with systemically important financial institutions. However, differences are emerging in the approach to and in the implementation of reforms among jurisdictions, that might make the playing field more uneven, favor regulatory arbitrage, create distorting incentives, and generate new fault lines in the system.

Keywords: Financial crisis, financial reform

Suggested Citation

Giustiniani, Alessandro and Thornton, John, Post-Crisis Financial Reform: Where Do We Stand? (October 1, 2011). Bangor Business School Working Paper 11/001. Available at SSRN: https://ssrn.com/abstract=1952528 or http://dx.doi.org/10.2139/ssrn.1952528

Alessandro Giustiniani (Contact Author)

International Monetary Fund (IMF) - Monetary and Financial Systems Department ( email )

Washington, DC
United States

Bank of Italy - Research Department ( email )

Via Nazionale 91
00184 Roma
Italy

John Thornton

Bangor Business School ( email )

Bangor LL57 2DG, Wales LL57 2DG
United Kingdom
+44 1248 388545 (Phone)

HOME PAGE: http://www.bangor.ac.uk/business/staff/john_thornton.php.en

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