Publication series : IMF Staff Position Notes
Author: Ms. Laura E. Kodres Aditya Narain
Publisher: INTERNATIONAL MONETARY FUND
Publication year: 2010
E-ISBN: 9781616350369
P-ISBN(Paperback): 9781462388882
Subject: F831.5 金融市场
Language: ENG
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Description
This paper explores the private- and public-sector responses to the crisis and some of the probable outcomes. Aside from improved supervision of individual institutions, greater emphasis needs to be put on financial regulations that reflect the systemic nature of financial risks and the role that macroeconomic policies play. Global consistency of regulation and financial sector taxation will be essential to mitigate systemic risks, avoid unintended distortions, and help ensure a level playing field. This note suggests the key aspects of the future contours will likely be:? Banks are expected to return to their more traditional function as stricter regulation will limit the risks and activities they can undertake. ? The nonbanking sector will likely have a greater competitive advantageboth in supplying credit and providing investors with nonbank servicesand will thus grow.? The perimeter of regulation will need to expand to take into account risks in the nonbank sector.? Market infrastructure will be reinforced to protect investors and will need to provide simplicity and transparency to make risks clearer and the financial system safer. ? The global financial system is likely to be smaller and less levered than in the recent past, and could well be less innovative and dynamic, at least for a while.