Future of Financial Regulation

The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter.The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.

ISBN 1841139106   Pages 488 ISBN13 9781841139104 (What's this?)   Weight (grammes) 955 Publisher Hart Publishing   Published in Oxford Imprint Hart Publishing   Height (mm) 234 Format Paperback   Width (mm) 156 Publication date 12 Mar 2010   Spine width (mm) 24 DEWEY 346.082   Academic level Postgraduate, Professional / Scholarly DEWEY edition DC22

Introduction		The Future of Financial Regulation by Iain MacNeil and Justin O'Brien		1
1		Adam Smith's Dinner by Charles Sampford		23
2		US Mortgage Markets: A Tale of Self-correcting Markets, Parallel Lives and Other People's Money by Robin Paul Malloy		41
3		The Current Financial Crisis and the Economic Impact of Future Regulatory Reform by Ray Barrell and Ian Hurst and Simon Kirby		51
4		Financial Engineering or Legal Engineering? Legal Work, Legal Integrity and the Banking Crisis by Doreen McBarnet		67
5		The Future of Financial Regulation: The Role of the Courts by Jeffrey B. Golden		83
6		The Financial Crisis: Regulatory Failure or Systems Failure? by Paddy Ireland		93
7		Beyond 'Light Touch' Regulation of British Banks after the Financial Crisis by Roman Tomasic		103
8		What Next for Risk-based Financial Regulation? by Joanna Gray		123
9		Risk Control Strategies: An Assessment in the Context of the Credit Crisis by Iain MacNeil		141
10		Revisiting the Lender of Last Resort - The Role of the Bank of England by Andrew Campbell and Rosa Lastra		161
11		The Global Credit Crisis and Regulatory Reform by George A. Walker		179
12		What Future for Disclosure as a Regulatory Technique? Lessons from Behavioural Decision Theory and the Global Financial Crisis by Emilios Avgouleas		205
13		Credit Crisis Solutions: Risk Symmetric Criteria for the Reconstruction of Socially Fair Asset-backed Securities by Joseph Tanega		227
14		'Corporate Governance' an Oxymoron? The Role of Corporate Governance in the Current Banking Crisis by Blanaid Clarke		253
15		Board Composition and Female Non-executive Directors by Sally Wheeler		271
16		Has the Financial Crisis Revealed the Concept of the 'Responsible Owner' to be a Myth? by Charlotte Villiers		287
		More...
		Index		469

...for anyone interested in regulation of financial institutions, both in micro and macro sense, this book is well worth having.Marlin HorstBanking and Finance Law ReviewVolume 26.3

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