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p. 1198. Policy and regulatory responses to the global financial crisislocked

  • John Goddard
  •  and John O. S. Wilson

Abstract

The 2007–09 global financial crisis brought a number of specific policy and regulatory challenges into sharp focus. From an historical perspective, the regulatory response follows a long-established pattern, whereby stricter regulation and supervision is enacted in response to a financial crisis, while pressure leading to financial deregulation tends to mount during times of prosperity. ‘Policy and regulatory responses to the global financial crisis’ describes the evolution of monetary policy and the adoption of quantitative easing. Important developments included the introduction of negative policy interest rates in several countries, setting new capital and liquidity standards, arguments for separating commercial and investment banking, or ring-fencing retail banking divisions from trading or investment banking operations.

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