Financial innovation and regulation have had a long, complex relationship over the ages. In the wake of the 2007-08 financial crisis, financial innovation was seen as one of the main causes of systemic risk, thus leading to more stringent regulation. Post-2007 regulatory reform reflects shifts in the stability-efficiency trade-off that has characterized banking regulation in the past century. However, this relationship is made even more complex by the interaction of financial innovation with the transformations of modern banking. What is banking and how should it be regulated? Answers to this question have crucial implications for the regulation of non-bank financial intermediaries, and for the regulation of financial innovation in general.

Alcune riflessioni sull’innovazione, la regolamentazione bancaria e la finanza non-bancaria

Butzbach
2020

Abstract

Financial innovation and regulation have had a long, complex relationship over the ages. In the wake of the 2007-08 financial crisis, financial innovation was seen as one of the main causes of systemic risk, thus leading to more stringent regulation. Post-2007 regulatory reform reflects shifts in the stability-efficiency trade-off that has characterized banking regulation in the past century. However, this relationship is made even more complex by the interaction of financial innovation with the transformations of modern banking. What is banking and how should it be regulated? Answers to this question have crucial implications for the regulation of non-bank financial intermediaries, and for the regulation of financial innovation in general.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11591/442885
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