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Preventing Financial CrisesThe Need for a New Theory of Financial Regulation

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  • Carolyn V Currie

Abstract

Defining a financial crisis as the exhaustion of bank capital, 117 systemic banking crises across 93 countries since late 1970s can be identified1. Failure to prevent financial crises can be attributed to the lack of a comprehensive theory of financial regulation that guides policymakers to the best regulatory structure to minimize the probability of such occurrences. This paper expounds such a theory, illustrating it by reference to the financial crises faced by both an emerging and an advanced nation. This provides the basis for future research to investigate the necessity for a staged approach to liberalization, which first assesses the capacity to conduct effective prudential supervision, before attempting to remove protective measures.

Suggested Citation

  • Carolyn V Currie, 2005. "Preventing Financial CrisesThe Need for a New Theory of Financial Regulation," The IUP Journal of Financial Economics, IUP Publications, vol. 0(4), pages 6-48, December.
    • Handle: RePEc:icf:icfjfe:v:03:y:2005:i:4:p:6-48
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