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Macroprudential versus monetary blueprints for financial reform

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  • Nathan Coombs

Abstract

New books by Avinash Persaud and Morgan Ricks present very different blueprints for financial reform. Persaud builds upon the macroprudential programme to advocate a role for regulators in shepherding risk throughout the financial system. Ricks rejects the direction taken by post-financial crisis regulation, offering a blueprint that addresses the panic-prone nature of money creation in shadow banking. This review article provides a reading of their books which demonstrates how their evaluations of the global financial crisis shape their policy prescriptions. It also suggests that although their blueprints are valuable thought-experiments they have a number of lacunae which economic sociologists and political economists can help fill. In particular, I argue that questions concerning regulatory epistemology, the politics of regulatory reform, and simplicity versus complexity in regulatory rule-making might orient a productive empirical and conceptual research agenda.

Suggested Citation

  • Nathan Coombs, 2017. "Macroprudential versus monetary blueprints for financial reform," Journal of Cultural Economy, Taylor & Francis Journals, vol. 10(2), pages 207-216, March.
  • Handle: RePEc:taf:jculte:v:10:y:2017:i:2:p:207-216
    DOI: 10.1080/17530350.2016.1234404
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
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    Cited by:

    1. Walter, Timo & Wansleben, Leon, 2019. "The assault of finance’s ‘present futures’ on the rest of time," SocArXiv 8dyq2, Center for Open Science.
    2. Walter, Timo & Wansleben, Leon, 2018. "How Central Bankers Learned to Love Financialization: The Fed, the Bank, and the Enlisting of Unfettered Markets in the Conduct of Monetary Policy," OSF Preprints gzyp6, Center for Open Science.

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