The Legacy of the Global Financial Crisis最新文献

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Governing EU Banks after the Global Financial Crisis: From Regulation to Governance 全球金融危机后欧盟银行的治理:从监管到治理
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-011
Agnieszka Smoleńska
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引用次数: 1
The Danger of Raising and then Dashing Expectations: The Lesson from Lehman? 提高预期后又降低预期的危险:雷曼的教训?
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-010
T. Huertas
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引用次数: 0
On Volatility, Economic Slow-Motion and Populism: The Global Financial Crisis and Beyond 波动性、经济慢动作和民粹主义:全球金融危机及以后
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-003
Gerald Braunberger
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引用次数: 0
Financial Crisis Management: Unanswered Key Questions 金融危机管理:悬而未决的关键问题
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-007
Patrick Honohan
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引用次数: 0
Introduction: The Legacy of the Global Financial Crisis 导言:全球金融危机的遗产
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.0007
Y. Cassis, Jean-Jacques van Helten
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引用次数: 0
The Financial Crisis, National Policy Responses and the Rise of Conservative Nationalism 金融危机,国家政策反应和保守民族主义的兴起
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-006
Dorothee Bohle
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引用次数: 0
Lessons from the Great Financial Crisis in Perspective 透视金融危机的教训
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-004
R. Marimon
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引用次数: 0
The Legacy of the Global Financial Crisis: The View from Greece 全球金融危机的遗产:来自希腊的观点
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-009
G. Papaconstantinou
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引用次数: 0
The Wasted Legacy of a Crisis 危机所浪费的遗产
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-005
P. Berès
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引用次数: 0
Moral Hazard and Equity Finance: Why Policy has been Sub-optimal since the Global Financial Crisis 道德风险与股权融资:为什么自全球金融危机以来政策一直是次优的
The Legacy of the Global Financial Crisis Pub Date : 1900-01-01 DOI: 10.5040/9780755626656.ch-001
C. Goodhart
{"title":"Moral Hazard and Equity Finance: Why Policy has been Sub-optimal since the Global Financial Crisis","authors":"C. Goodhart","doi":"10.5040/9780755626656.ch-001","DOIUrl":"https://doi.org/10.5040/9780755626656.ch-001","url":null,"abstract":"Whereas this Chapter was written before the coronavirus pandemic struck, I see no reason to amend or alter any of its contents and arguments. Its thesis is that macroeconomic policy remained sub-optimal in the years between the Great Financial Crisis (GFC) and the onset of Covid-19. The main reason why this has been so is that there has been a generalised failure to appreciate the moral hazard that was introduced into the modern capitalist economy by the legal institution of limited liability for all equity holders. The incentive structure induced by limited liability has led corporate managers, notably bank managers, to seek excessive risk and leverage in the pursuit of return on equity (RoE), egged on by shareholders. There has been a tendency to accuse bankers of moral failings; whereas there is little evidence that bankers are significantly different from other humans, except, perhaps, in having better numerical and computational skills. An associated failing has been to anthropomorphise banks, and treat them as if they were human beings, whereas nonsentient institutions banks have no emotions and cannot make decisions; only bankers can do that. While the policy measures of requiring banks, especially larger banks (SIFIs), to hold significantly more equity capital, has been correct and helpful, the failure to deal with the underlying moral hazard has meant that bankers still have a strong incentive, in pursuit of RoE, to avoid or evade, and manipulate, the regulations, rather than internalise the optimal level of social risk taking. Section II gives a fuller analysis of the implications of the moral hazard inherent in limited liability for all equity shareholders.","PeriodicalId":324997,"journal":{"name":"The Legacy of the Global Financial Crisis","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129561206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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