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Stock Market Instability and Financial Regulation

In: The Future of Financial Systems and Services

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  • Richard Dale

Abstract

The global collapse of equity prices during October 1987 has prompted a major review of the regulation of financial markets worldwide.1 Some have argued that financial deregulation has been carried too far and that what we are witnessing are the destabilising consequences of an excessively permissive regulatory regime. Others take the opposite view and warn that the introduction of new and more stringent regulatory constraints in the aftermath of the crash could further undermine confidence while also imposing needless additional costs on market participants. The eventual outcome of the debate is far from clear but it seems probable that the major deregulation trends will persist despite the events of October 1987 and that any policy changes that may emerge from the present regulatory review will focus on a few specific concerns. The purpose of this chapter is to reassess the longer-term prospects for deregulation/regulation in the light of the recent financial upheaval.

Suggested Citation

  • Richard Dale, 1990. "Stock Market Instability and Financial Regulation," Palgrave Macmillan Books, in: Edward P. M. Gardener (ed.), The Future of Financial Systems and Services, chapter 17, pages 295-309, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10439-0_17
    DOI: 10.1007/978-1-349-10439-0_17
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