Hardback
Does Financial Deregulation Work?
A Critique of Free Market Approaches
9781858986388 Edward Elgar Publishing
Does Financial Deregulation Work? studies the process of financial deregulation in the United States. It exposes the basic flaws in the deregulationist approach and advances a new framework for effective financial regulation.
More Information
Critical Acclaim
Contents
More Information
Does Financial Deregulation Work? studies the process of financial deregulation in the United States. It exposes the basic flaws in the deregulationist approach and advances a new framework for effective financial regulation.
Bruce Coggins provides a detailed and comprehensive critique of the reasoning behind deregulation, including marginal analysis and Friedman’s monetarism. He challenges this thinking and proposes an alternative set of assumptions drawn from the historical and institutional approach to industrial organization and post Keynesian monetary theory. The author concludes that stability in financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment.
This book will prove invaluable to financial economists and analysts interested in the controversy over bank deregulation. It will also be of interest to those using post Keynesian, institutionalist and industrial organization approaches to economic analysis as well as to students and professors of law and regulation and those interested in problems of financial instability.
Bruce Coggins provides a detailed and comprehensive critique of the reasoning behind deregulation, including marginal analysis and Friedman’s monetarism. He challenges this thinking and proposes an alternative set of assumptions drawn from the historical and institutional approach to industrial organization and post Keynesian monetary theory. The author concludes that stability in financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment.
This book will prove invaluable to financial economists and analysts interested in the controversy over bank deregulation. It will also be of interest to those using post Keynesian, institutionalist and industrial organization approaches to economic analysis as well as to students and professors of law and regulation and those interested in problems of financial instability.
Critical Acclaim
‘To regulate or not to regulate has been one of the most vexing issues of the century. . . . Does Financial Deregulation Work? is a welcome addition to this complex debate. . . . Coggins does a convincing and painstaking job of presenting the case for strict regulation of the financial system.’
- Margarita P. Garza, Review of Radical Political Economics
‘Coggins’s book is a useful review and provides an excellent presentation of the debates that will surely continue into the twenty-first century.’
– Ronnie J. Phillips, Journal of Economic Issues
‘In the wake of the recent Wallis Inquiry into the financial system, this book is highly pertinent and cannot be ignored. Coggins has done us a great service by succinctly presenting the alternative view, and in particular by grounding it so clearly in micro foundations. The book would certainly serve well as a teaching tool both at upper undergraduate level or postgraduate, as it is not only readable but will sharpen the issues and serve as an excellent discussion-starter.’
– Kim Hawtrey, Economic Record
‘The book is exactly what is required to provide an informed judgement on the various possible alternatives for regulatory reform. The author makes it clearly understood that a regulatory regime can only be judged relative to the economic system in which it is applied. He provides a clear and comprehensive account of the two basic alternative approaches to regulatory reform. The book not only provides a critique of the free market approach, it provides useful indications for the specification of an alternative line of analysis.’
– Jan Kregel, University of Bologna, Italy
‘Coggins makes an important contribution to the current debate on financial deregulation. He shows convincingly that liberalizing financial markets is no panacea for economic growth. It is essential for Europe to understand the American experience of deregulation if the European Union is to move successfully in this direction.’
– Mark Knell, Research Associate at WIIW, Vienna, Austria
- Margarita P. Garza, Review of Radical Political Economics
‘Coggins’s book is a useful review and provides an excellent presentation of the debates that will surely continue into the twenty-first century.’
– Ronnie J. Phillips, Journal of Economic Issues
‘In the wake of the recent Wallis Inquiry into the financial system, this book is highly pertinent and cannot be ignored. Coggins has done us a great service by succinctly presenting the alternative view, and in particular by grounding it so clearly in micro foundations. The book would certainly serve well as a teaching tool both at upper undergraduate level or postgraduate, as it is not only readable but will sharpen the issues and serve as an excellent discussion-starter.’
– Kim Hawtrey, Economic Record
‘The book is exactly what is required to provide an informed judgement on the various possible alternatives for regulatory reform. The author makes it clearly understood that a regulatory regime can only be judged relative to the economic system in which it is applied. He provides a clear and comprehensive account of the two basic alternative approaches to regulatory reform. The book not only provides a critique of the free market approach, it provides useful indications for the specification of an alternative line of analysis.’
– Jan Kregel, University of Bologna, Italy
‘Coggins makes an important contribution to the current debate on financial deregulation. He shows convincingly that liberalizing financial markets is no panacea for economic growth. It is essential for Europe to understand the American experience of deregulation if the European Union is to move successfully in this direction.’
– Mark Knell, Research Associate at WIIW, Vienna, Austria
Contents
Contents: 1. An Introduction to the Deregulation Controversy 2. The Deregulationist Program 3. The Deregulationist Assumptions 4. Six Alternative Assumptions for Firms 5. Six Alternative Assumptions for Financial Markets 6. Performance of the Deregulationist Program under the Alternative Assumptions 7. Two Case Studies 8. A New Approach to Regulation Suggested by the Alternative Assumptions Index