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Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox

Everybody seemed to be caught off guard by the Global Financial Crisis that started in 2007, not least the financial regulators. They missed all the excessive risk-taking, the build-up of financial
imbalances and the accumulation of vulnerabilities in the years and decades before the Crisis.
What went wrong and how can we fix it? There is no shortage of answers to this question, but if one wants to avoid the shrillness and politicisation of the mainstream discussion, there is no better place than VoxEU.org. The world’s leading analysts have debated financial regulations in its columns, focusing on solid arguments and sound facts. While the Vox commentators often reach different conclusions, they are precise in their analysis and therefore directly shape the regulatory reform agenda.
This eBook collects some of the best Vox columns on financial regulations ranging over a wide area, starting with the fundamentals of financial regulations, moving on to bank capital and the Basel regulations, and finishing with the wider considerations of the regulatory agenda and the political dimension. Collecting columns from over the past six years, this eBook maps the evolution of leading thought on banking regulation.
What emerges from these pieces is the difficulty in regulating a financial system that simultaneously needs to be safe and also contribute to economic growth. Our understanding of how best to regulate the financial system has improved considerably since the onset of the Crisis. While the individual writers may disagree on the merits of particular regulatory initiatives, they all recognise the complexity of the problem, and all have made significant contributions to our mastery of financial regulations.

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Citation

Danielsson, J (2015), ‘Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Goodhart, C (2015), ‘Investment banking‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Danielsson, J (2015), ‘Introduction: Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Boot, A and L Ratnovski (2015), ‘The risks of trading by banks‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Danielsson, J (2015), ‘Complexity kills‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Borio, C (2015), ‘The macroprudential approach to regulation and supervision‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Shin, H (2015), ‘It is time for a reappraisal of the basic principles of financial regulation‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Bair, S (2015), ‘Everything the IMF wanted to know about financial regulation and wasn’t afraid to ask‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Calomiris, C (2015), ‘Is a 25% bank equity requirement really a no-brainer?‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Ratnovski, L (2015), ‘How much capital should banks have?‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Gersbach, H (2015), ‘Banking on the average: A new way to regulate banks‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Hagendorff, J and F Vallascas (2015), ‘Bank capital requirements: Risk weights you cannot trust and the implications for Basel III‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Zamil, R (2015), ‘The illusion of bank capital‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Hoshi, T (2015), ‘Implementation of Basel III in the US will bring back the regulatory arbitrage problems under Basel I‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Laeven, L and R Levine (2015), ‘Governance of banks‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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W Schmitz, S (2015), ‘The liquidity coverage ratio under siege‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Blundell-Wignall, A and P Atkinson (2015), ‘Basel regulation needs to be rethought in the age of derivatives, Part I‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Persaud, A (2015), ‘Do not be detoured by bankers and their friends; our future financial salvation lies in the direction of Basel‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Cihák, M and E Nier (2015), ‘The need for special resolution regimes for financial institutions‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Singh, M (2015), ‘The fallacy of moving the over- the-counter derivatives market to central counterparties‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Claessens, S, Z Pozsar, L Ratnovski and M Singh (2015), ‘Shadow banking: Economics and policy priorities‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Caballero, R (2015), ‘Sudden financial arrest‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Bremus, F, C Buch, K Russ and M Schnitzer (2015), ‘Big banks and macroeconomic outcomes‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Spagnolo, G (2015), ‘Saving the banks, but not reckless bankers‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Perotti, E (2015), ‘Tax banks to discourage systemic-risk creation, not to fund bailouts‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it

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Igan, D, P Mishra and T Tressel (2015), ‘Lobbying and the financial crisis‘, in Danielsson, J (eds), Post-Crisis Banking Regulation: Evolution of economic thinking as it happened on Vox, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/post-crisis-banking-regulation-evolution-economic-thinking-it