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Financial Market Regulation After The Crisis: The Case For Hedge Fund Regulation Via Basel Iii, Wulf A. Kaal Ph.D.
Financial Market Regulation After The Crisis: The Case For Hedge Fund Regulation Via Basel Iii, Wulf A. Kaal Ph.D.
Wulf A. Kaal Ph.D.
Hedge funds have been blamed for their part in the financial market crisis of 2008-09. The exact role and the scope of hedge funds’ involvement in the financial crisis is unclear. Regulators increasingly scrutinize the hedge fund industry worldwide. Regulation of hedge funds could help minimize moral hazard, social externalities and systemic risk generated by the hedge fund industry. The paper evaluates recent regulatory changes including the US Dodd-Frank Act, the European Union Directive on Alternative Investment Fund Managers and other pertinent regulation. Using the methodological tool of New Institutional Economics, the paper provides an impact analysis of regulatory changes, …