Advertisement

Summary of Panel Discussion

  • Robert Z. Aliber
  • William White
  • Lawrence Goodman
Chapter

Abstract

The quip from books on military history is that the generals plan to fight the next war as if it were going to be similar to the last war. The counterpart statement for those who develop regulatory initiatives to forestall banking crises is that they still do not understand that the cause of the debacles in the United States, Great Britain, Iceland, Ireland, and Spain in the autumn of 2008 and why Greece and Portugal had sovereign debt crises fifteen months later.

References

  1. Acharya V., Pedersen, L., Philippon, T., & Richardson, M. (2010). Measuring Systemic Risk, NYU Stern, Working paper.Google Scholar
  2. Admati, A., & Hellwig, M. (2013). The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It. Princeton and Oxford: Princeton University Press.Google Scholar
  3. Bair, S. (2018, October 1). The US Must Hold Firm on Bank Capital Rules. Financial Times.Google Scholar
  4. Basel Committee on Banking Supervision. (2018, April). Fourteenth Progress Report on Adoption of the Basel Regulatory Framework. Basel.Google Scholar
  5. Blundell-Wignall, A., & Roulet, C. (2013). Business Models of Bank Leverage and the Distance to Default. OECD Journal, Financial Market Trends, 2, 7–34.Google Scholar
  6. Goodhart, C. A. E. (2011). The Basel Committee on Banking Supervision. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
  7. Group of Thirty. (2018, September). Managing the Next Financial Crisis. Washington, DC.Google Scholar
  8. Jenkins, P. (2018, October 1). Policymakers Share Blame for the Shadow Banking Boom. Financial Times.Google Scholar
  9. Johnson, S. (2009, May 1). The Quiet Coup. Atlantic Magazine.Google Scholar
  10. Kindelberger, C. P., & Aliber, R. Z. (2005). Manias, Panics and Crashes. New York: Palgrave Macmillan.CrossRefGoogle Scholar
  11. Kirman, A. (2010). Complex Economics: Individual and Collective Rationality. London and New York: Routledge.CrossRefGoogle Scholar
  12. Lund, S. (2018, June 19). Are We in a Corporate Debt Bubble? Project Syndicate.Google Scholar
  13. Marchese, D., Reynolds, E., Bates, M. E., Morgan, H., Clark, S., & Linkov, I. (2018). Resilience and Sustainability: Similarities and Differences in Environmental Management Applications. Science of the Total Environment, 613–614, 1275–1283.CrossRefGoogle Scholar
  14. McMillan, J. (2014). The End of Banking: Money, Credit and the Digital Revolution. Milton Keynes, UK: Lightning Source.Google Scholar
  15. Meadows, D. (1997). Leverage Points: Places to Intervene in a System. Whole Earth Winter.Google Scholar
  16. Miller, J. H., & Page, S. E. (2007). Complex Adaptive Systems: An Introduction to Computational Models of Social Life. Princeton and Oxford: Princeton University Press.Google Scholar
  17. Minsky, H. P. (2008). Stabilizing an Unstable Economy. New York: McGraw Hill.Google Scholar
  18. Sarin, N., & Summers, L. H. (2018). Understanding Bank Risk through Market Measures. Brookings Papers on Economic Activity, Fall 2016, 57–109.Google Scholar
  19. Scott, H. (2016). Connectedness and Contagion: Protecting the Financial System from Panics. Cambridge, MA: MIT Press.CrossRefGoogle Scholar
  20. Selgin, G. (2017). Financial Stability Without Central Banks. London, UK: The Institute of Economic Affairs.Google Scholar
  21. Silber, W. L. (2012). Volcker: The Triumph of Persistence. New York: Bloomsbury Press.Google Scholar
  22. Simpson, D. (2013). The Rediscovery of Classical Economics. Cheltenham, UK: Edward Elgar.CrossRefGoogle Scholar
  23. Singh, M., & Aitken, J. (2010). The Sizeable Role of Rehypothecation in the Shadow Banking System (IMF Working Paper 10/172). Washington, DC.Google Scholar
  24. Taibbi, M. (2012, May 10). How Wall Street Killed Financial Reform. Rolling Stone.Google Scholar
  25. Thakor, A. V. (2018). Post-crisis Regulatory Reform in Banking: Address Insolvency Not Illiquidity. Journal of Financial Stability, 37, 107–111.Google Scholar
  26. Tucker, R. (2018, June). Is the Financial System Sufficiently Resilient? Presented at the BIS Annual Conference on Ten Years After the Great Financial Crisis: What Has Changed? Zurich.Google Scholar
  27. White, W. (2014, March). The Prudential Regulation of Financial Institutions: Why Regulatory Responses to the Crisis Might Not Prove Sufficient (OECD Economics Department Working Paper No. 1108). Paris: OECD.Google Scholar
  28. White, W. (2016). Ultra-Easy Money: Digging the Hole Deeper? Business Economics, 51(4), 188–202.CrossRefGoogle Scholar
  29. White, W. (2017). Conducting Monetary Policy in a Complex, Adaptive Economy: Past Mistakes and Future Possibilities. Credit and Capital Markets, 50(2), 213–235.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Robert Z. Aliber
    • 1
  • William White
    • 2
  • Lawrence Goodman
    • 3
  1. 1.Booth School of BusinessUniversity of ChicagoChicagoUSA
  2. 2.C.D. Howe InstituteTorontoCanada
  3. 3.Center for Financial StabilityNew YorkUSA

Personalised recommendations