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Journal of Economic Literature: Vol. 49 No. 1 (March 2011)

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Financial Regulation: Lessons from the Recent Financial Crises

Article Citation

Hoshi, Takeo. 2011. "Financial Regulation: Lessons from the Recent Financial Crises." Journal of Economic Literature, 49(1): 120-28.

DOI: 10.1257/jel.49.1.120

Abstract

The experiences of the financial crises in the United States recently and in Japan in the 1990s suggest two lessons for future financial regulations. First, the lack of an orderly resolution mechanism for large and complex financial institutions created serious problems. Second, it is important to distinguish between individual financial institutions' health and stability of the whole financial system. Policy recommendations in the Squam Lake Report address these issues well. The Dodd-Frank Act could provide an effective regulatory framework to implement these recommendations, but the success depends on the details of the regulations that have not been specified. (JEL E44, E52, G01, G21, G28, L51)

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Authors

Hoshi, Takeo (U CA, San Diego)

JEL Classifications

E44: Financial Markets and the Macroeconomy
E52: Monetary Policy
G01: Financial Crises
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
G28: Financial Institutions and Services: Government Policy and Regulation
L51: Economics of Regulation


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