FINANCIAL MARKET REGULATION: LEGISLATION AND IMPLICATIONS TATOM J.A EDITOR Księgarnia

net price + 5% vat.

What role should regulation play in financial markets?

What have been the ramifications of financial regulation?

To answer these and other questions regarding the efficacy of legislation on financial markets, this book examines the impact of the Gramm Leach Bliley Act (GLBA), also called the Financial Modernization Act of 1999, which fundamentally changed the financial landscape in the United States. The GLBA allows the formation of financial holding companies that can offer an integrated set of commercial banking, securities and insurance products. The tenth anniversary of the most sweeping financial legislation reform in the industry’s structure is a natural benchmark for assessing the effects of the law and for questioning whether changes are necessary in the working of this historic legislation. The importance of this review is reinforced by a variety of proposals in the last several years to reform the regulation of financial institutions that have attracted considerable attention among regulators and in the financial firms that they regulate. Most recently, the financial crisis and the failure of some large financial institutions have called into question the legitimacy of America’s current financial structure and its regulation, including to some degree the GLBA. There is no doubt that regulatory reform is front and center on today’s policy agenda. The lessons of the GLBA experience and its effects, both domestic and international, on financial markets and competitiveness, risk-taking and risk management by financial services firms and their regulators will be critical to the direction the country takes and the effort to ensure that future financial crises do not occur or have less costly damage. With contributions from academics, policy experts, and a sponsor of the GLBA, Congressman James Leach, this book is invaluable to anyone interested in financial system reform.

Table of Contents

Part I Overview: Recent and Prospective Financial Legislation

1 Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999 3
John A. Tatom
2 Did the “Repeal” of Glass-Steagall Have Any Role in the Financial Crisis? Not Guilty. Not Even Close 19
Peter J. Wallison
3 Glass-Steagall in Our Future: How Straight, How Narrow 31
Martin Mayer

Part II Some Empirical Evidence on the Effects of the Gramm-Leach-Bliley Act

4 Cross-Border Impact of Financial Services Modernization Act (FSMA): Evidence from Large Foreign Banks 45
M. Kabir Hassan, Abdullah Mamun, and Ihsan Isik
5 Global Impact of the Gramm-Leach-Bliley Act: Evidence from Insurance Industries of Developed Countries 63
M. Kabir Hassan and Abdullah Mamun

Part III Continuing Issues in Financial Regulation

6 A Program for Minimizing the Private and Public Costs of Bank Failures 81
George G. Kaufman
7 The Importance of Monitoring and Mitigating the Safety-Net Consequences of Regulation-Induced Innovation 93
Edward J. Kane
8 Redefining and Containing Systemic Risk 107
Edward J. Kane
9 I Am Superman: The Federal Reserve Board and the Neverending Crisis 121
Christopher Whalen
10 How to Avoid the Next Taxpayer Bailout of the Financial System: The Narrow Banking Proposal 149
Ronnie J. Phillips and Alessandro Roselli
11 Regulation of Bank Management Compensation 163
David VanHoose

Part IV Legislation and Implications: The View from the Top

12 The Lure of Leveraging: Wall Street, Congress, and the Invisible Government 187
James A. Leach

About the Editor 221
About Networks Financial Institute 223
About the Contributors 225
Index 229

240 pages, Hardcover

Po otrzymaniu zamówienia poinformujemy,
czy wybrany tytuł polskojęzyczny lub anglojęzyczny jest aktualnie na półce księgarni.