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Regulatory Shortcomings, Supervisory Shortcomings

In: Stabilising Capitalism

Author

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  • Pierluigi Ciocca

    (Accademia Nazionale dei Lincei)

Abstract

The financial sector did in fact remain among the most regulated branches of the economy.1 Although the intermediaries that developed fastest were those, new or “shadow”, that were least controlled, it is reductive and inaccurate to pigeonhole the approach that prevailed in the world between the 1970s and 2008 under the label of financial “deregulation”. In reality, that period saw the easing of some constraints on banks but also the introduction of a host of new rules. They especially concerned the correct behaviour and transparency of financial markets on the assumption that a market marked by rigorous codes of conduct and by information efficiency is also, in itself, stable.2 The assumption was then proved wrong by the crisis and weaknesses are discernible in the rules and in the philosophy upon which they were based.

Suggested Citation

  • Pierluigi Ciocca, 2015. "Regulatory Shortcomings, Supervisory Shortcomings," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Stabilising Capitalism, chapter 7, pages 36-40, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-55551-9_7
    DOI: 10.1057/9781137555519_7
    as

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