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By Edward J. Balleisen, David A. Moss

After generations of emphasis on governmental inefficiency and the necessity for deregulation, we now see starting to be curiosity within the danger of confident governance, along public demands new, smarter law. but there's a genuine probability that regulatory reforms may be rooted in superseded principles. because the monetary hindrance has proven, neither conventional industry failure types nor public selection idea, via themselves, sufficiently tell or clarify our present regulatory demanding situations. Regulatory stories, lengthy overlooked in an environment inquisitive about deregulatory paintings, is in serious desire of recent types and theories which can advisor powerful policy-making. This interdisciplinary quantity issues the way in which towards the modernization of regulatory conception. Its essays by means of best students circulate prior main methods, integrating the newest learn concerning the interaction among human habit, societal wishes, and regulatory associations. The publication concludes via taking off a possible examine schedule for the social sciences.

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Extra resources for Government and Markets: Toward A New Theory of Regulation

Sample text

47 There are certain circumstances when there are systematic conflicts between, say, what firms might do (whether a result of value maximization or not) and societal welfare that we impose regulations to constrain the behavior of firms. We restrict, for instance, their pollution. Ownership matters, as we noted earlier, because it affects incentives for behaviors which are not in the social interest and we cannot adequately control behavior. But this is true whether the owner is a private American or a foreign government.

The banks’ risk management systems were badly flawed—evidently, the banks did not understand correlated risks, let alone fattailed distributions. The rating agencies (once again) were even worse, though this time there is evidence not only of ordinary incompetence: there was also a serious problem with incentives. An important part of any regulatory system is information disclosures and accounting standards: regulations requiring banks to mark their assets to market are viewed as important, in providing depositors (and others dealing with the bank) better information about the bank’s financial position.

There are many doctrinal disputes over whether government should control the exchange rate, but ironically, almost none about whether government should control the interest rate (though there are many disputes about how it should control the interest rate). The controversy over central bank independence is part of a broader debate of democratic accountability. 38 One can have an independent central bank which is more broadly representative— some countries insist that there be representation of labor (which is likely to be more concerned with unemployment and less with inflation), others impose restrictions that limit participation of financial 36 Underlying this debate is a debate over the nature of property rights, implicit and explicit.

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