Jump to ContentJump to Main Navigation
Development Cooperation in Times of Crisis$
Users without a subscription are not able to see the full content.

José Antonio Ocampo and José Antonio Alonso

Print publication date: 2012

Print ISBN-13: 9780231159661

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231159661.001.0001

Show Summary Details
Page of

PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 15 June 2021

The International Financial Architecture Seen through the Lens of the Crisis

The International Financial Architecture Seen through the Lens of the Crisis

Some Achievements and Numerous Challenges

Chapter:
(p.82) Chapter 3 The International Financial Architecture Seen through the Lens of the Crisis
Source:
Development Cooperation in Times of Crisis
Author(s):

Stephany Griffith-Jones

José Antonio Ocampo

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231159661.003.0003

This chapter evaluates the response of the international community to the financial crisis, which has called into question some of the ideas upon which economic management has been based through previous decades. Specifically, the crisis confirmed the excessive trust that was afforded by economic authorities in major industrial countries in the efficiency of financial markets in terms of their ability to self-regulate and adequately measure risk. This excessive trust fueled the loose regulatory stance evident in some of the most affected markets. In contrast with that stance, the crisis has showed that stability must be maintained through adequate regulation and cautious supervision of such markets, where powerful externalities operate amid imperfect and asymmetric information.

Keywords:   2008 financial crisis, economic management, excessive trust, financial stability, financial markets

Columbia Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us .