More than ten years on from the most intense phase of the global financial crisis, and the collective international response in the G20 summit in London, a 'new normal' has emerged with systems in place to mitigate against further banking crises. This updated new edition analyzes this post-crisis international and national regulatory framework and asks whether the current paradigm is fit for purpose as new dangers gestate and develop.
This new edition includes a discussion of the impact of the aggressively deregulatory and anti-globalist policies of the Trump administration and its pursuit of an 'America first' policy and explores its implications for the regulatory landscape constructed and tended by previous leaders. The author addresses new and future systemic risks, many outside the regulated banking sector, which have grown in importance since 2015. He develops possible future scenarios for the international regulatory architecture, both negative and positive, asking 'Are we better prepared for future banking crises?' But new risks, including the COVID-19 pandemic and economic crash, are testing the global system; and the G20, without US leadership, may be failing in this latest most severe crisis of our lifetimes. This book provides a unique narrative explanation drawn from leading actors of key events and policy changes as they unfolded immediately post-crisis. The author builds upon the first edition to capture key developments that have occurred during the past five years, while raising key questions and vulnerabilities, and looking at future risks and challenges that may emerge.
This text will be of great interest to students, teachers and researchers of financial frameworks, globalization and political economy.
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Stuart P.M. Mackintosh is Executive Director of the Group of Thirty, an international financial think tank. He is a past President of the National Association of Business Economics, the largest and most influential organization of professional economists in the USA. Dr Mackintosh speaks widely before diverse audiences, from central banks, to investor events, to general audiences. He continues to write widely, with recent work appearing in Reuters, EuropeNow magazine, the Journal of Business Economics, the Journal of World Economics, and Financial World magazine.
1. Crises and Paradigm Shift
2. The creation of the G20 leaders' forum
3. The 2009 G20 summits: the apogee of reformist zeal
4. The emergence of dissension within the G20
5. America First and the global architecture
6. The Financial Stability Board: its creation, structure and processes
7. Making the paradigm real: the FSB's key policy outcomes
8. Identifying emerging systemic risks in a complex system
9. Leadership, absence of leadership, and still signs of future leaps
Praise for the first edition:
'A remarkable book, helping to put all the "Sturm und Drang" surrounding the financial crisis in perspective.' - Paul A. Volcker, Former Chairman of the U.S. Federal Reserve System
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