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Time for a Visible HandLessons from the 2008 World Financial Crisis$
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Stephany Griffith-Jones, José Antonio Ocampo, and Joseph E. Stiglitz

Print publication date: 2010

Print ISBN-13: 9780199578801

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199578801.001.0001

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Background Considerations to a Re‐Regulation of the US Financial System: Third Time a Charm? Or Strike Three?

Background Considerations to a Re‐Regulation of the US Financial System: Third Time a Charm? Or Strike Three?

Chapter:
(p.62) 4 Background Considerations to a Re‐Regulation of the US Financial System: Third Time a Charm? Or Strike Three?
Source:
Time for a Visible Hand
Author(s):

Jan Kregel

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199578801.003.0004

Kregel's chapter notes that the United States financial system is currently undergoing its third episode of major financial turmoil and response in the form of financial re‐regulation. The first was the creation of the national bank system in the 1860s, the second was the New Deal legislation of the 1930s, and the third is that currently under way. The first two episodes produced similar responses and similar financial structures, and laid the basis for subsequent crises. Given the similarity of the present crisis with the two previous experiences, there is, therefore, the risk that the solutions introduced will in fact lay the groundwork for the next crisis.

Keywords:   prudential regulation, separation of commercial and investment banks, history of crises

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