Available:*
Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
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Searching... | 30000010251456 | HB3722 D55 2009 | Open Access Book | Book | Searching... |
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Summary
Summary
How can the world avoid repetition of the catastrophic financial instability currently plaguing the global economy? With the aim of restoring a strong framework for economic governance, this study proposes new rules of the game--imposed through the Group of 20 and the IMF--for the macroeconomic and exchange rate policies of the main players, including the United States.
The authors advocate stricter prudential rules for banks, centered around the introduction of a simple leverage ratio calculated with reference to total assets, with no exemptions or risk mitigation. The book warns against the risk of a massive wave of new regulation that is not needed and might cripple capital markets for years, calling instead for a simplification and a better enforcement of rules. In short, the message, as reflected in the title, is: "Keep it simple."
Author Notes
Carmine Di Noia is deputy director general of Assonime and a member of the European Securities Markets Expert Group (ESME) at the European Commission.
Stefano Micossi is director general of Assonime, a professor at the College of Europe, and a member of the CEPS board of directors.
Jacopo Carmassi is a researcher at Assonime and a fellow of the Wharton Financial Institutions Center.
Fabrizia Peirce is an economist in Assonime's economic unit.