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Balancing the BanksGlobal Lessons from the Financial Crisis$
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Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole

Print publication date: 2010

Print ISBN-13: 9780691145235

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691145235.001.0001

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(p.1) Chapter 1 Introduction
Balancing the Banks

Mathias Dewatripont

Jean-Charles Rochet

Jean Tirole

Princeton University Press

This introductory chapter begins by briefly setting out the book's purpose, which is to offer a perspective on what happened during the recent financial crisis and especially on the lessons to be learned in order to avoid a repetition of this large-scale meltdown of financial markets, industrial recession, and public deficits. It then provides a historical perspective on the regulation of the banking sector, followed by discussions of the challenges facing prudential regulation and the development of an adaptive regulatory system in a global world. It argues that the previous trend toward decreasing capital requirements and increasing delegation of oversight to banks and credit-rating agencies clearly requires a correction, namely a strengthening of regulation. In the recent crisis, the pendulum can be expected to swing in this direction.

Keywords:   financial crisis, financial regulation, banking sector, banking industry, financial industry, capital requirements, credit-rating agency

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