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This
paper argues that the current credit crisis
marks the end of the regime of deregulated
finance. It proposes a new regulatory
system along the lines proposed by the
Bank for International Settlements. The
hallmark of new regulatory system will
be its international uniformity to prevent
financial institutions from exploiting
gaps in regulation and its intensive coverage
to include all financial institutions
including non-banks. The paper highlights
the irrelevance of IMF in solving the
current credit crisis and argues the need
to reconsider the role and philosophy
of institutions like IMF and IBRD. It
also analyses the US treasury’s rescue
plan.
October 14, 2008. |
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