Kiel Working Papers, Kiel Institute for World Economics
No 1461:
An International Rule System to Avoid Financial Instability
Horst Siebert
Abstract: In a series of summits, leading countries of the world
will meet to draw up an in¬ternational arrangement for financial stability.
Such a rule system should prevent a financial crisis as we have seen it in
2007 and 2008. It should include appropriate principles of mone¬tary
policy, rules for financial soundness and agreements on the role of prudent
regulation. The paper discusses the lessons from the subprime crisis,
failures of regulation, crisis man¬agement in the US and in the EU and
considers the problems that have to be solved by an in¬ternational rule
system
Keywords: climate change, financial crises, the world trading system, oil supplies, immigration; (follow links to similar papers)
JEL-Codes: E2,; E3,; E5,; F02,; F33,; F37,; F4,; F5,; G2,; P00; (follow links to similar papers)
34 pages, November 2008
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