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Financial Institutions and Regulation in the 21st Century: After the Crash?

In: Competition and Regulation in Financial Markets

Author

Listed:
  • Franklin R. Edwards
  • Alfons Verplaetse

Abstract

The 1970s mark the beginning of a new area in financial regulation. Structural changes are now taking place which promise to make obsolete our present system of regulation. Many of our existing regulations are addressed to problems that no longer exist, and many are now, or will soon be, hopelessly ineffective because of changes that either have or soon will take place. The development of new markets, and of new ways of doing business in old markets, has brought new problems that are going unrecognised and unattended. New views and fresh perspectives must be forged so that regulation can be reforged into a system more compatible with current and future needs. If we are to achieve this end, it is important that we understand the social goals that underlie financial regulation and that we recognise how current changes are threatening the achievement of these goals. Such an understanding must be the compass for our efforts to modernise regulation. Otherwise these efforts will be sabotaged by political pressure groups that seek only to sustain or enhance their positions of special privilege.

Suggested Citation

  • Franklin R. Edwards & Alfons Verplaetse, 1981. "Financial Institutions and Regulation in the 21st Century: After the Crash?," Palgrave Macmillan Books, in: Albert Verheirstraeten (ed.), Competition and Regulation in Financial Markets, chapter 1, pages 1-15, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05585-2_1
    DOI: 10.1007/978-1-349-05585-2_1
    as

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