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Reluctant RegulatorsHow the West Created and How China Survived the Global Financial Crisis$
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Leo F. Goodstadt

Print publication date: 2011

Print ISBN-13: 9789888083251

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789888083251.001.0001

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PRINTED FROM HONG KONG SCHOLARSHIP ONLINE (www.hongkong.universitypressscholarship.com). (c) Copyright Hong Kong University Press, 2019. An individual user may print out a PDF of a single chapter of a monograph in HKSO for personal use.date: 20 October 2019

Global Crisis:

Global Crisis:

Why Regulators Trust Financial Markets

Chapter:
(p.19) 1 Global Crisis:
Source:
Reluctant Regulators
Author(s):

Leo F. Goodstadt

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888083251.003.0002

The 2007 financial crisis was initiated by a shock that “was by global financial standards rather modest,” particularly through American and British policy decisions, and was succeeded by a period of robustness. The effects of the crisis were most strongly felt by the US and the UK as their respective banking systems experienced its initial effects. Also, they accounted for 59 percent of the “admitted” write-offs that were estimated at US$1.1 trillion. In this chapter, the regulatory performance defects are shown not to have resulted from defective legislation or erroneous policies. Attention is drawn to the Anglo-American regulatory culture that advocated non-interventionism and how it relies on the wisdom of financial markets. The establishment of the “free market” consensus enabled pre-2007 regulators to persist even after the recession.

Keywords:   global financial standards, non-interventionism, free market consensus, Anglo-American regulatory culture

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