Format:
1 Online-Ressource
Edition:
Online-Ausgabe World Bank E-Library Archive Sonstige Standardnummer des Gesamttitels: 041181-4
Edition:
Also available in print.
Series Statement:
Policy research working paper 4756
Content:
"The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why credit ratings proved so inaccurate, and why it is superficial to blame the crisis on mark-to-market accounting, an unexpected loss of liquidity, or trends in globalization and deregulation in financial markets. The analysis finds disturbing implications of the crisis for Basel II and its implementation. The paper argues that the principal source of financial instability lies in contradictory political and bureaucratic incentives that undermine the effectiveness of financial regulation and supervision in every country in the world. The paper concludes by identifying reforms that would improve incentives by increasing transparency and accountability in government and industry alike. "--World Bank web site
Note:
Includes bibliographical references. - Title from PDF file as viewed on 5/12/2009
,
Erscheinungsjahr in Vorlageform:[2008]
,
Weitere Ausgabe: Caprio, Gerard : The 2007 meltdown in structured securitization
Additional Edition:
Reproduktion von Caprio, Gerard The 2007 meltdown in structured securitization 2008
Language:
English
Author information:
Demirgüç-Kunt, Asli 1961-
