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Financial market regulation in the wake of financial crises: the historical experience

Author

Listed:
  • Alfredo Gigliobianco (editor)

    (Bank of Italy)

  • Gianni Toniolo (editor)

    (Duke University and Libera Universit� delle Scienze Sociali, Rome)

Abstract

The focus of the present volume - which originates from a workshop held at the Bank of Italy on 16 and 17 April 2009 - is the regulatory response given to financial crises in the past, across countries. Alongside the scholarly interest of such a review its aim is also to offer some insights that may be useful in re-designing regulation in the present time of distress. Financial crises have been examined under many perspectives, including that of regulatory failures. The studies assembled in this volume, which touch on a significant array of countries, can be viewed as part of a historical survey on this issue. The basic question is whether regulatory responses form a pattern, and more specifically, whether they tend to be biased with respect to an optimum, however defined. In the end, rather than finding one pattern of response, we were able to identify the "disturbances" which most often enter the post-crisis decisional process. The awareness of such factors, and some knowledge of their functioning, are instrumental in understanding (for academics) and in governing (for policy makers) the response to major financial crises.

Suggested Citation

  • Alfredo Gigliobianco (editor) & Gianni Toniolo (editor), 2009. "Financial market regulation in the wake of financial crises: the historical experience," Workshop and Conferences 1, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:workpa:sec_1
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    File URL: https://www.bancaditalia.it/pubblicazioni/collana-seminari-convegni/2009-0001/1_volume_regolazione.pdf
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    Citations

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    Cited by:

    1. Rodolfo Signorino, 2011. "Economics in the Mirror of the Financial Crisis," Chapters, in: Steven Kates (ed.), The Global Financial Crisis, chapter 11, Edward Elgar Publishing.
    2. Charles W. Calomiris & Mark Carlson, 2022. "Bank Examiners’ Information and Expertise and their Role in Monitoring and Disciplining Banks Before and During the Panic of 1893," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(2-3), pages 381-423, March.
    3. Panico, Carlo & Pinto, Antonio, 2015. "Income distribution and the size of the financial sector," Centro Sraffa Working Papers CSWP15, Centro di Ricerche e Documentazione "Piero Sraffa".
    4. Capraro, Santiago & Panico, Carlo & Torres-Gonzalez, Luis Daniel, 2021. "The persistent and generalised decline in the U. S. interest rates: an alternative interpretation," MPRA Paper 110181, University Library of Munich, Germany.
    5. Gigliobianco Alfredo & Giordano Claire, 2012. "Does Economic Theory Matter in Shaping Banking Regulation? A Case-study of Italy (1861-1936)," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 2(1), pages 1-78, September.
    6. Eugene N. White, 2011. ""To Establish a More Effective Supervision of Banking": How the Birth of the Fed Altered Bank Supervision," NBER Working Papers 16825, National Bureau of Economic Research, Inc.
    7. Canuto, Otaviano & Ghosh, Swati, 2013. "Dealing with the Challenges of Macro Financial Linkages in Emerging Markets," World Bank - Economic Premise, The World Bank, issue 129, pages 1-8, November.
    8. Carlo Brambilla, 2011. "Fading Investment Banking? Italy Before the Second World War," Economics and Quantitative Methods qf1110, Department of Economics, University of Insubria.
    9. Gianni Toniolo & Eugene N. White, 2015. "The Evolution of the Financial Stability Mandate: From Its Origins to the Present Day," NBER Working Papers 20844, National Bureau of Economic Research, Inc.
    10. Hotori, Eiji & Wendschlag, Mikael, 2018. "The formalization of banking supervision: A comparison between Japan and Sweden," eabh Papers 18-03, The European Association for Banking and Financial History (EABH).
    11. Marco Molteni & Dario Pellegrino, 2021. "Lessons from the Early Establishment of Banking Supervision in Italy (1926-1936)," Quaderni di storia economica (Economic History Working Papers) 48, Bank of Italy, Economic Research and International Relations Area.
    12. Mitchener, Kris James, 2014. "The Evolution of Bank Supervision: Evidence from U.S. States," CAGE Online Working Paper Series 181, Competitive Advantage in the Global Economy (CAGE).
    13. Sophia Lazaretou, 2011. "Financial crises and financial market regulation: the long record of an ‘emerger’," Working Papers 140, Bank of Greece.

    More about this item

    Keywords

    Financial crises; financial regulation; economic history;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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