| Popis: |
The global economic and financial crisis produced a significant downturn in the global economy in both advanced and emerging economies. Failings in the financial sector, by both private institutions and regulators, were one of the causes of the crisis. Policy responses led by the G20 are aimed at reforming regulation and making the financial system more resilient. But questions have been raised about whether these changes are damaging growth, and are an efficient way of improving financial stability. The paper concludes that: the current programme of reforms should be completed, but going forward regulators need to look at whether simpler forms of regulation may be more effective. The reforms to date may be constraining lending activity, and may not be entirely relevant for emerging markets. But a strength is that emerging markets have been more involved in the reform process. |
