The Governance of Financial Regulation: Reform Lessons from the Recent Crisis

18 Pages Posted: 14 Mar 2012

See all articles by Ross Levine

Ross Levine

University of California, Berkeley - Haas School of Business; National Bureau of Economic Research (NBER)

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Date Written: March 2012

Abstract

There was a systemic failure of financial regulation: Senior policymakers repeatedly enacted and implemented policies that destabilized the global financial system, and the authorities maintained these policies even as they learned about the deleterious consequences of their policies during the decade before the crisis. The absence of an informed, expertly staffed, and independent institution that evaluates financial regulation from the public's perspective is a critical defect in the governance of financial regulation – the system associated with selecting, enforcing, and reforming financial policies. I propose a new institution to address this defect.

Suggested Citation

Levine, Ross Eric, The Governance of Financial Regulation: Reform Lessons from the Recent Crisis (March 2012). International Review of Finance, Vol. 12, Issue 1, pp. 39-56, 2012. Available at SSRN: https://ssrn.com/abstract=2021664 or http://dx.doi.org/10.1111/j.1468-2443.2011.01133.x

Ross Eric Levine (Contact Author)

University of California, Berkeley - Haas School of Business ( email )

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National Bureau of Economic Research (NBER)

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