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Notes
1. About the transfer of regulatory authority to the private sector see, for instance, CitationCutler et al. (1999) and CitationHiggott et al. (2000).
3. The Director of the US National Economic Council Larry Summers, for instance, has been reported saying that the view that the markets are inherently self-stabilizing had been ‘dealt a fatal blow’ (in CitationLuce and Freeland, 2009).
4. On the transformation in the ‘institutions’ governing globalized finance see, for instance, CitationPorter (2005).
5. A currency crisis occurs when the incompatibility between domestic macroeconomic policies and exchange rate policy drives investors to think a currency might be devalued thereby making them unwilling to hold financial assets denominated in that currency.
6. In other words, Basel II is a more flexible agreement than Basel I was because it allows banks to adjust their capital reserves to the types of assets in their portfolio.
7. Specifically, it is up to domestic regulators to allow banks to use their internal risk models.
8. The EU also approved a new regulation that will raise standards for the issuance of credit ratings used in the Community. More information is available at the EU website: < http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/629&format=HTML&aged=0&language=EN&guiLanguage=en>.