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Financial Regulation and Nation State Crisis Management: Evidence from Germany, Ireland and the UK

Author

Listed:
  • William Forbes

    (Loughborough University - Business School)

  • Sheila Frances O'Donohoe

    (Waterford Institute of Technology)

  • Jörg Prokop

    (University of Oldenburg - Finance and Banking & ZenTra)

Abstract

We study the unfolding of the credit crisis until 2008, and the diversity of policy responses in Germany, Ireland, and the UK. We show that although the channels through which these three European states manifested financial distress were different, the crisis evoked similar reactions by regulators and national governments. Our conclusion emphasise the role of state regulatory bodies as a primary source of the “rules of the game” in financial markets, and they support several of the policy measures taken in the aftermath of the credit crisis. In particular, we argue that adverse regulatory incentives at a national level require strengthening regulation at the European level, to avoid national capture and a resulting race to the bottom by national financial regulators.

Suggested Citation

  • William Forbes & Sheila Frances O'Donohoe & Jörg Prokop, 2013. "Financial Regulation and Nation State Crisis Management: Evidence from Germany, Ireland and the UK," ZenTra Working Papers in Transnational Studies 18 / 2013, ZenTra - Center for Transnational Studies, revised May 2013.
    • Handle: RePEc:zen:wpaper:18
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    File URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2264058
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    More about this item

    Keywords

    regulation; Europe; banking; financial crisis;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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