Editorial: Policy Responses to the Great Financial Crisis

David T. Llewellyn, Maria J. Nieto, Thomas F. Huertas and Charles Enoch (2017) "Editorial", Journal of Financial Regulation and Compliance, Vol. 25 No. 3, pp. 230-235. DOI:10.1108/JFRC-05-2017-0043

Posted: 5 Aug 2019

See all articles by David T. Llewellyn

David T. Llewellyn

Loughborough University - Department of Economics

Maria Nieto

Banco de España

Thomas Huertas

Goethe University Frankfurt - Institute of Law and Finance; Center for Financial Studies

Charles Enoch

International Monetary Fund (IMF)

Date Written: June 30, 2017

Abstract

The Great Financial Crisis triggered an ongoing assessment of what went wrong, and what can be done going forward, to prevent a similar financial crisis. This assessment has driven a broad policy response in the realms of monetary and fiscal policy and financial regulation and supervision. To a very large degree, policymakers developed these answers in common, in response to the mandate given to them by G-20leaders. The answers were also based on a common recognition that the numerous and far-reaching benefits of financial integration are not without risks, in particular, the risk of contagion and the possibility of a landscape of future domestic, regional and global systemic crises. The policy response was twofold: unprecedented monetary and fiscal stimulus as well as extensive reform of prudential regulation. The latter focused on (1) strengthening banks’ global capital framework and bolstering liquidity; (2) dealing with moral hazard and Too Big to Fail (TBTF) policies; and (3) making markets robust.

Keywords: banking, regulation, capital, liquidity, supervision, financial stability, macro-prudential, conduct, resolution, recovery

JEL Classification: E32, E44, E58, G01, G18, G21, G28, G32, G33, G35, G38

Suggested Citation

Llewellyn, David T. and Nieto, Maria J. and Huertas, Thomas and Enoch, Charles, Editorial: Policy Responses to the Great Financial Crisis (June 30, 2017). David T. Llewellyn, Maria J. Nieto, Thomas F. Huertas and Charles Enoch (2017) "Editorial", Journal of Financial Regulation and Compliance, Vol. 25 No. 3, pp. 230-235. DOI:10.1108/JFRC-05-2017-0043. Available at SSRN: https://ssrn.com/abstract=3236572

David T. Llewellyn

Loughborough University - Department of Economics ( email )

York House
Loughborough LE11 3TU
Great Britain

Maria J. Nieto

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Thomas Huertas (Contact Author)

Goethe University Frankfurt - Institute of Law and Finance ( email )

Campus Westend - Grüneburgplatz 1
Frankfurt, 60323
Germany

Center for Financial Studies ( email )

Grüneburgplatz 1
Goethe University
Frankfurt am Main, 60323
Germany

Charles Enoch

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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