Anmerkungen:
In: Journal of Global Economy, Volume 11, No 2, June, 2015
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 17, 2015 erstellt
Beschreibung:
The enforcement of new regulations has traditionally been the governments' strategy to respond to episodes of financial stability. That was the case in, for example, the United States after the market crash that detonated the 1930s “Great Depression”, with the Glass-Steagall Act, which separated commercial banks from investment banks to eliminate the risk that a stock market collapse could generalize and affect the banking industry.Many years later, the scandals of the Savings and Loans institutions, during the late 1980s, brought about more restrictive regulations on that sector; or the Enron, Xerox, Tyco and others' fraudulent scandals at the beginning of the 21st century that were at the origin of the Oxley-Sarbanes legislation. Recently, the “Subprime-Mortgages Financial Crisis” of 2007-2009, once again, provoked an encompassing financial sector regulatory revamp in major industrialized countries, home of the largest multinational banks, which were the intermediaries most affected by the crisis, provoking ripple effects across many other countries, and raising the odds that, for the first time, the financial industry's regulatory framework will finally achieve a supra-national status. It would be a logical corollary to the enormous economic costs and the dramatic loss of confidence that resulted from the global financial crisis. An increasingly globalized financial industry desperately needs a full revamping of its regulatory framework