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Regulatory Reform

Author

Listed:
  • Andrew Metrick

    (Yale School of Management, Yale University, New Haven, Connecticut 06520, USA)

  • June Rhee

    (Yale School of Management, Yale University, New Haven, Connecticut 06520, USA)

Abstract

In the wake of the global financial crisis (GFC), many nations embarked on reform to the financial regulatory system. This reform, unprecedented in its scope, touched virtually every part of the financial system in the United States and Western Europe. This article summarizes the key reforms, explains how these reforms fit together, assesses the relevant scholarly literature, and suggests six significant areas of open questions for researchers. These six areas are ( a) liquidity rules, ( b) central clearing of swaps, ( c) shadow banking, ( d) lenders of last resort, ( e) extended guarantees, and ( f) resolution and restructuring.

Suggested Citation

  • Andrew Metrick & June Rhee, 2018. "Regulatory Reform," Annual Review of Financial Economics, Annual Reviews, vol. 10(1), pages 153-172, November.
    • Handle: RePEc:anr:refeco:v:10:y:2018:p:153-172
    DOI: 10.1146/annurev-financial-110217-022646
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    More about this item

    Keywords

    global financial crisis; financial regulation; systemic risk; lender of last resort; Basel; Dodd–Frank Act;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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