Guardians of Finance

Making Regulators Work for Us

James R. Barth, Gerard Caprio, Jr., Ross Levine

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English

MIT Press
29 August 2014

Central government policies; Financial crises & disasters; Finance

The recent financial crisis was an accident, a

perfect storm

fueled by an unforeseeable confluence of events that unfortunately combined to bring down the global financial systems. Or at least this is the story told and retold by a chorus of luminaries that includes Timothy Geithner, Henry Paulson, Robert Rubin, Ben Bernanke, and Alan Greenspan. In

Guardians of Finance, economists James Barth, Gerard Caprio, and Ross Levine argue that the financial meltdown of 2007 to 2009 was no accident; it was negligent homicide. They show that senior regulatory officials around the world knew or should have known that their policies were destabilizing the global financial system and yet chose not to act until the crisis had fully emerged.

Barth, Caprio, and Levine propose a reform to counter this systemic failure: the establishment of a

Sentinel

to provide an informed, expert, and independent assessment of financial regulation. Its sole power would be to demand information and to evaluate it from the perspective of the public--rather than that of the financial industry, the regulators, or politicians.

By: James R. Barth, Gerard Caprio, Jr., Ross Levine
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 19mm
Weight: 395g
ISBN: 9780262526845
ISBN 10: 0262526840
Pages: 296
Publication Date: 29 August 2014
Recommended Age: From 18
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

James R. Barth is Lowder Eminent Scholar in Finance at Auburn University and Senior Finance Fellow at the Milken Institute. Gerard Caprio Jr. is William Brough Professor of Economics and Chair of the Center for Development Economics at Williams College. Ross Levine is the Willis H. Booth Chair in Banking and Finance at the University of California, Berkeley, and Senior Fellow at the Milken Institute. The three are coauthors of Rethinking Banking Regulation: Till Angels Govern.

Reviews for Guardians of Finance: Making Regulators Work for Us

This is a timely, well-written, and nontechnical book by established experts in the field. -- R.Grossman, Choice For those involved in policy formulation and regulation, whether at national or international level, in government or financial institutions, this is compulsory reading. -- Richard Parlour, Central Banking Journal