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The Financial System

image of The Financial System

The New Approaches to Economic Challenges (NAEC) initiative was established to distil lessons from the Global Financial Crisis and now the systemic crises sparked by the COVID-19 pandemic. This book publishes short summaries of a diverse range of thinking and proposals from a prestigious series of experts. NAEC invited them to share their expertise with those who wish to learn more about the financial system from those at its heart. They debate the theory and models of the financial system as well as the role of its different component parts, such as currency, insurance or asset management and how they interact. And they offer advice on how financial policy can contribute to making the financial system more resilient.

English

Financial Policy

This section assesses what lessons have been learned from the financial crisis and what has changed in the financial system and its relation to the rest of the economy since 2008, and considers how the financial system stood up to the pressures of the Covid-19 pandemic. It retraces the road taken from the Bretton Woods agreements to the bailouts of the banking system in 2008. It examines the role of prudential regulation in managing the financial system, and debates whether evolution or revolution is needed for macro stabilisation. It discusses the equity aspects of regulatory reform. The section also analyses the role of monetary finance in dealing with debt. It examines new financial vulnerabilities and suggests ways policymakers might deal with them.

English

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