What market and regulatory issues led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretative lenses or 'paradigms' through which one sees finance. The agency paradigm, which has dominated recent regulatory policy, seems to be influencing much of the emerging reform agenda. But collective welfare failures particularly externalities and collective cognition failures particularly mood swings were at...
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DETAILS
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2009/11/01
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Brief
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53043
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1
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1
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2010/07/01
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Disclosed
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Financial paradigms
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federal reserve bank of new york
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Citation
Ize,Alain; De La Torre,Augusto.
Financial paradigms (English). Crisis response note ; no. 10 Washington, DC: World Bank. http://documents.worldbank.org/curated/en/961751468332072259