The In-house Publishing Initiative of the Wharton Financial Institutions Center
The financial crisis of 2007-09 cost taxpayers in the United States and Europe the equivalent of some 25 percent of world GDP in guarantees and subsidies to maintain financial stability. This has prompted a major rethinking by governments, financial regulators and central banks of how financial institutions and markets should be supervised and regulated, so that going forward the chances of a repetition of this sort of crisis are dramatically lower and the adverse consequences of such crises will be less severe. Some changes (reforms) in regulation already have been adopted, while others are being considered but not yet fully thought through or implemented. And, while some individual countries have adopted altered their regulatory regimes, the discussion over global coordination has not yet progressed very far. This on-line book brings together, in separate chapters, the thoughts and analyses of members of six Shadow Financial Regulatory Committees, independent bodies of experts, from different countries or regions of the world (Asia, Europe, Japan, Latin America, Oceania, and the United States) on how the crisis evolved in each of their countries or region, on lessons learned from the crises and from reform measures adopted or not adopted in their own areas to date and to propose ways in which cross-country coordination of financial regulatory policies may help prevent future crises, or at least minimize their severity.