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The Basel rules and the banking system: an American perspective

In: Money in the Great Recession

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  • Steve Hanke

Abstract

The evidence for a medium-term relationship in the USA between changes in nominal GDP and changes in the quantity of money is compelling. But policy-makers responded to the Great Recession by pressure for higher bank capital/asset ratios. This pressure reduced the rate of money growth at just the wrong time and intensified the weakness of spending. The intellectual origins of the recapitalization demands came partly from the UK, where the Northern Rock crisis of September 2007 was seen as validating the case for more bank capital.

Suggested Citation

  • Steve Hanke, 2017. "The Basel rules and the banking system: an American perspective," Chapters, in: Tim Congdon (ed.), Money in the Great Recession, chapter 7, pages 164-178, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16533_7
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    File URL: https://www.elgaronline.com/view/9781784717827.00017.xml
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    Cited by:

    1. Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick, 2018. "Financial stability: To regulate or not? A public choice inquiry," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 57(C), pages 127-140.

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    Keywords

    Economics and Finance;

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