FINANCIAL STRUCTURES AND REGULATION A COMPARISON OF CRISIS ROSELLI A. / IN THE UK USA AND ITALY / Księgarnia

Financial Structures and Regulation:

A Comparison of Crises in the UK, USA and Italy

Within the wide array of works recently devoted to the global financial crisis, this book takes an unusual approach, because it combines different, and often neglected, tools of analysis of the banking and financial system: the use of history for a better understanding of the public policy issues involved in financial regulation; the institutional and regulatory framework that is instrumental to financial stability; and a cross-country comparison of financial crises in three relevant countries: the UK, the US and Italy.

The comparison highlights each country's peculiarities in financial structures, institutional arrangements and supervisory styles.

This approach is supported by an extensive use – also, often overlooked - of balance sheet data related to different sectors of each economy. The evidence of the recent crisis shows an unprecedented financial deepening particularly in Anglo-Saxon countries, and raises new questions about links between financial depth, instability and institutional factors. Roselli also suggests how financial regulation could move in an alternative direction.

ALESSANDRO ROSELLI is Visiting Fellow at Cass Business School, City University, London. He has written extensivelyon banking, finance and economic history. Among his books: La finanza Americana; Il governatore Azzolini; Italy and Albania: Financial Relations in the Fascist Period and, with Carlo Gola, The UK Banking System and Its Regulatory and Supervisory Framework.

Table of Contents

Introduction

PART I: THE INTERWAR PERIOD
Financial Depth in Three Economies: The UK, the USA, Italy
The Great Depression and Britain
The United States: Boom and Depression
Italy: Finance in a Fascist State

PART II: FINANCIAL STABILITY AND EVOLUTION IN THE POSTWAR DECADES (A 'GOLDEN AGE'?)
Financial Deepening in the Three Economies
The United Kingdom: Not So Stable
The United States: Big Government and Big Bank
Italy's Recovery

PART III: THE RECENT PERIOD
The Broad Framework
Financial Structure of the Three Economies: Never So Deep
Growth and Collapse of the Shadow Banking System in the United States
A Severe Test for London as the World Financial Centre
Italy: Financially More Stable, but Structural Problems Persist
Conclusion

304 pages, Hardcover

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