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.
Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.