Many financial institutions have in recent years failed failed
either completely, and gone into bankruptcy, or failed in the sense
that they have not achieved what their owners or their customers
expected them to deliver. This has had significant and adverse
effects on customers, taxpayers, shareholders, and sometimes
management. There has been much discussion of what should be done
about this, and some action has been taken. But has it been the
right kind of action?
Crises of the sort being experienced are low probability but
high impact events. This volume, from an international group of
scholars, deals with two main issues: firstly, how can the
governance of the financial sector by the authorities be improved
and secondly, how can the governance of firms and institutions
within the sector be improved to render the probability and cost of
future crises lower?
Poor governance has been one of the major contributors to the
global financial crisis. With better governance of and in the
financial sector the financial crisis might well have been avoided
altogether and certainly could have been much milder in its impact.
This is not simply a case of being wise after the event. These
problems were widely discussed before the event, but little action
was taken. This book explores not only what the contribution of
poor governance was to the crisis and to its depth, but also why it
is often difficult to improve governance. The volume offers a
positive critique of the measures that are being put in place in
the light of the experience of the crisis and suggests how they
might plausibly be improved.
This book will be of particular interest to students and
researchers of economics and international finance, but will also
prove profitable reading for practitioners and the interested
public.
General
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