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Reinventing Financial Regulation offers an analysis of the fundamental flaws that plague the current system of financial regulation, one built around ideas of "risk-sensitivity" and "capital adequacy." Author Avinash Persaud argues that while some sensible reforms have been introduced, a fresh approach—centered on risk capacity—is required. When the entire regime is compromised, simply slapping bandages on each new wound will do nothing to cure the underlying disease. Reinventing Financial Regulation goes beyond an urgent call to fix our profoundly troubled and damaged financial markets. It is a blueprint for an effective financial regulation system that could very well save the future of finance. What would a well-regulated financial system look like? Until now, policymakers, financial experts, and leading academics have been content to avoid facing this question head–on. We have been offered piecemeal reforms that ultimately leave the global financial system exposed to different versions of the same risks that so recently brought it to its knees. The world economy literally cannot afford to dodge this question any longer. Persaud's goal to bring clarity and a powerful simplicity to the financial regulation process results in a systematic and apolitical framework for fixing the world's fractured financial industry and transforming its regulation—not just for today's financial climate, but once and for all.

Economics/Management Science. --- Business/Management Science, general. --- Economics. --- Economie politique --- Commerce --- Management --- Business & Economics --- Management Theory --- Local Commerce --- E-books --- Financial services industry --- Financial crises --- Risk management. --- Law and legislation. --- Prevention. --- Services, Financial --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Finance. --- Finance, general. --- Funding --- Funds --- Economics --- Currency question --- Crises --- Service industries

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This paper discusses a "pure" form of financial contagion, unrelated to economic fundamentals - investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way that can enable policy makers to differentiate between financial contagion and domestic fundamentals as the immediate source of a crisis. Daily measures of risk appetite are computed and their usefulness in predicting financial crises is assessed.

Banks and Banking --- Finance: General --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Financial Institutions and Services: General --- Bankruptcy --- Liquidation --- Financial Crises --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Interest Rates: Determination, Term Structure, and Effects --- International Financial Markets --- Economic & financial crises & disasters --- Monetary economics --- Finance --- Financial crises --- Currencies --- Systemic crises --- Yield curve --- Currency markets --- Money --- Financial services --- Financial markets --- Interest rates --- Foreign exchange market --- United States

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Corporate bonds --- -Liquidity (Economics)