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Title: Financial governance after the great recession: what changed and what didn't?
Keywords: economic system
monetary policy
financial institution
Issue Date: 2015
Publisher: Escola Nacional de Administração Pública (Enap)
Abstract: Finance in general, and banking in particular, are problably the only areas of the economic system where there is widespread agreement on the necessity of formal governance. Most governments reserve for themselves the right to issue debt in the form of coins and currency; in addition private providers of means of payment, with disastrous consequences for the operatoin of the real economy that governments have sought to regulate financial to prevent financial crisis. However, in an open global economy the relations of national goverments have little impact on the operation of global financial markets which are regulated by the governments of developed countries. Thus the regulations determiner in developed country governance in the aftermath of the recent crisis, in particular capital requirements and macro prudential regularions and suggests that they are in fact ont new regulatory provisions, but have been employed for some time with succeds and are thus not likely to shield developed countries for the financial instability caused by the failure of governance in developed country markets.
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Appears in Collections:Revista do Serviço Público: de 2011 a 2020

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