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The Economists' Voice 2.0The Financial Crisis, Health Care Reform, and More$
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Joseph Stiglitz and Aaron Edlin

Print publication date: 2014

Print ISBN-13: 9780231160155

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231160155.001.0001

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Finding the Sweet Spot for Effective Regulation

Finding the Sweet Spot for Effective Regulation

(p.81) Chapter 10 Finding the Sweet Spot for Effective Regulation
The Economists' Voice 2.0

R. Glenn Hubbard

Columbia University Press

This chapter argues that the present financial and economic crisis is the result of not so much a lack of regulation as a lack of effective regulation. A focus on effectiveness leads to three themes for reform. The primary one should be the reduction of systemic risk. The second is that the route to enhanced investor protection is through greater transparency in the financial system. The third is that the U.S. regulatory structure must be reorganized to meet these two goals—that is, it must become more integrated and efficient. These themes are highlighted in the report released in 2009 by the nonpartisan Committee on Capital Markets Regulation.

Keywords:   financial regulation, financial crisis, systemic risk, financial system, financial reform, investor protection, transparency

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