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Regulatory Failure and the Global Financial Crisis

Name: Regulatory Failure and the Global Financial Crisis
Author: Edited by Mohamed Ariff, John H. Farrar, Ahmed M. Khalid

An Australian Perspective

9781781006368 Edward Elgar Publishing

Edited by Mohamed Ariff, Chair of Economics and Finance, Sunway University, Malaysia, John H. Farrar, Emeritus Professor of Law, Bond University, Australia and Professor of Corporate Governance, University of Auckland, New Zealand and Ahmed M. Khalid, Professor of Economics, School of Business and Economics, University of Brunei Darussalam

Publication Date: 2013 ISBN: 978 1 78100 636 8 Extent: 256 pp

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This fascinating book presents a lively discussion of key issues resulting from the recent financial crisis. The expert contributors explore why the global financial crisis occurred, how it destroyed wealth, triggered mass unemployment and created an unprecedented loss of control on employment, monetary policy and government budgets.

Important topics encompassing the origin and impact of the crisis, governance failure, regulatory forgiveness, credit splurges, asset bubbles and the greed of institutions are analysed from the wide-ranging perspectives of not only academics in both economics and law, but also industry practitioners and regulators. This multidimensional evaluation of what went wrong concludes with an outline of what is currently being done to prevent another major crisis, and prescribes recommendations for the implementation of further preventative measures.

This book will prove a compelling read for economics, finance and law scholars, as well as for practitioners including accountants, lawyers and financial market players.

Contributors

Contributors: M. Ariff, M. Bond, R.P Buckley, W. Byres, J. Carmichael, F. Clarke, K. Davis, G. Dean, J. Diplock, J. Farrar, A. Fels, N. Gaston, A. Khalid, R.I. MacKinnon, T. Makin

Contents

Contents:

Preface

1. Timeline of Crisis and Introduction
Mohamed Ariff and John Farrar

PART I: ORIGINS OF THE CRISIS AND IMPACT ON BANKING AND FINANCE
2. The Origin of the Global Financial Crisis: An Alternative View
Mohamed Ariff

3. Exchange Rate Changes and Global Trade Imbalances: China as a Major Creditor Company
Ronald I. MacKinnon

4. Bank Capital Adequacy: Where to Now?
Kevin Davis

PART II: CRISIS IMPACT ON ECONOMIC ACTIVITIES AND COSTS
5. Unemployment and the Global Financial Crisis: Who Suffered Most and Why?
Melisa Bond and Noel Gaston

6. The Fiscal Policy Response to the Global Financial Crisis: A Critique
Tony Makin

7. Cost Consequences to the Economy and Finance
Ahmed Khalid

PART III: GOVERNANCE AND REGULATORY ISSUES OF THE CRISIS
8. Improving the Governance of Financial Institutions
John Farrar

9. The Work of IOSCO and the Financial Regulatory Framework
Jane Diplock

10. Balancing National and International Interests
Wayne Byres

PART IV: LESSONS FROM THE CRISIS
11. Executive Remuneration in Australia
Allan Fels

12. Regulatory Lessons from the Global Financial Crisis
Jeffrey Carmichael

13. Should We Stop the IMF from Doing What it Should Not Do? A Radical Idea
Ross P. Buckley

14. When History is Ignored, Business Black Swans and the Use and Abuse of a Notion
Graeme Dean and Frank Clarke

Index