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The Financial Crisis And The Path Of Reform, Michael S. Barr
The Financial Crisis And The Path Of Reform, Michael S. Barr
Articles
In the lead-up to the financial crisis, the U.S. financial sector was overleveraged, short-funded, risky, and opaque. "Shadow banking" permitted institutions to avoid comprehensive supervision and capital requirements. Innovation outpaced the ability or willingness of private- and public-sector guardians to rein in risks. An asset bubble fed the system, until the market imploded in the fall of 2008. When the crisis hit, our society found itself illequipped to deal with the failure of leading financial firms. In the wake of the crisis, the Obama Administration proposed a set of reforms that were eventually embodied, in large part, in the Dodd-Frank …
Review Of Seeds Of Destruction: Why The Path To Economic Ruin Runs Through Washington, And How To Reclaim American Prosperity, Michael S. Barr
Review Of Seeds Of Destruction: Why The Path To Economic Ruin Runs Through Washington, And How To Reclaim American Prosperity, Michael S. Barr
Reviews
The United States has just gone through the worst financial crisis since the Great Depression. Our financial system came to brink of collapse, saved only by a massive intervention by the federal government. Although officially the Great Recession is now over, high unemployment and slow growth persist. Deficits that were ballooning in the 2000s with the weight of tax cuts, increased health care expenditures, and defense spending related to Iraq and Afghanistan, even before the financial crisis, have continued to climb, as lower tax receipts, automatic stabilizers, and fiscal stimulus kicked into gear.
A Vision For Scaling Microfinance: More Than Dollars And Smarts, Deborah Burand
A Vision For Scaling Microfinance: More Than Dollars And Smarts, Deborah Burand
Book Chapters
The following is a stock-taking of some of the key initiatives that have taken place to date in the world of microfinance at building an international financial architecture that attracts and retains flows of commercial capital to microfinance. It also is a call to those of us in the microfinance world to do much, much more.
Populist Retribution And International Competition In Financial Services Regulation, Adam C. Pritchard
Populist Retribution And International Competition In Financial Services Regulation, Adam C. Pritchard
Articles
The pattern of regulatory reform in financial services regulation follows a predictable pattern in democratic states. A hyperactive market generates a bubble, the bubble deflates, and much financial pain ensues for those individuals who bought at the top of the market. The financial mess brings the scrutiny of politicians, who vow "Never again!" A political battle ensues, with representatives of the financial services industry fighting a rearguard action to preserve its prerogatives amidst cries for the bankers' scalps. Regulations, carefully crafted to win the last war, are promulgated. Memories fade of the foolish enthusiasm that fed the last bubble. Slowly, …