Jump to ContentJump to Main Navigation
Show Summary Details
More options …

Accounting, Economics, and Law: A Convivium

Ed. by Avi-Yonah, Reuven S. / Biondi, Yuri / Sunder, Shyam

3 Issues per year

Online
ISSN
2152-2820
See all formats and pricing
More options …

Empowering Market-Based Finance: A Note on Bank Bailouts in the Aftermath of the North Atlantic Financial Crisis of 2007

Yuri Biondi
Published Online: 2016-02-27 | DOI: https://doi.org/10.1515/ael-2016-0004

Abstract

The North Atlantic Financial Crisis of 2007 did suddenly and massively disrupt the activities of financial markets and financial institutions that were organised under a market-based financial architecture at local and international levels. Both corporate and public policies were at the origin of this financial organisation that was established since the seventies and put at issue by this crisis. Finance and government were then as much complementary as rival actors throughout this market-driven transformation of local and international financial systems. Bank bailouts of 2007–2008 may be situated in this comprehensive and historical pattern, and embedded in the institutional structure that was designed and implemented to organise trans-national financial markets and financialisation.

Keywords: financial regulation; global financial crisis; corporate governance; accounting regulation

References

  • Allen, A., & Ramanna, K. (2013). Towards an understanding of the role of standard setters in standard setting. Journal of Accounting and Economics, 55(1), 66–90. doi:.CrossrefGoogle Scholar

  • Bignon, V., Biondi, Y., & Ragot, X. (2009). An economic analysis of fair value: Accounting as a vector of crisis. Cournot Centre for Economic Studies, Prisme, No. 15, 2009. Retrieved from http://ssrn.com/abstract=1474228

  • Biondi, Y. (2011). Disagreement-based trading and speculation: Implications for financial regulation and economic theory. Accounting, Economics, and Law: A Convivium, 1(1). doi:.CrossrefGoogle Scholar

  • Biondi, Y. (2014). The strange case of doctor Jekyll (Alias the UK HM Treasury) and Mr Hyde (alias its public debt management) in the aftermath of the global financial crisis. Paper prepared for the 12th World Congress of the International Association for Accounting Education and Research (IAAER), November 13–15, 2014 – Firenze, Italy. DOI: Crossref

  • Biondi, Y., & Boisseau, M. (2015). Pension management between financial market development and intergenerational solidarity: A socio-economic analysis and a comprehensive model. EGPA 2015 Annual Conference, Toulouse, 26–28 August 2015. doi:.Crossref

  • Biondi, Y., & Giannoccolo, P. (2015). Share price formation, market exuberance and financial stability under alternative accounting regimes. Journal of Economic Interaction and Coordination, 10(2), 333–362. doi:.CrossrefGoogle Scholar

  • Carney, M. (2014). Inclusive capitalism: Creating a sense of the systemic. Speech given by the Governor of the Bank of England at the Conference on Inclusive Capitalism, London: 27 May 2014. Retrieved from http://www.bankofengland.co.uk/publications/Pages/speeches/2014/731.aspx

  • FSA – Financial Services Authority. (2009). The turner review. A regulatory response to the global banking crisis, March, London. Retrieved from http://www.fsa.gov.uk/pubs/other/turner_review.pdf

  • International Monetary Fund. (2015). From banking to sovereign stress: Implications for public debt. December 22, Washington, DC.

  • Moe, T. (2015). Shadow banking: Policy challenges for central banks. The Journal of Financial Perspectives, 3(2), 31–42. EY Global Financial Services Institute.Google Scholar

  • Pistor, K. (2012). Real vs. Imagined Financial Markets. The Regulatory Challenge, Paper prepared for the 3rd Annual INET Conference, Berlin, 10–12 April 2012. Retrieved from http://works.bepress.com/katharina_pistor/12.

  • Pradier, P. -Ch. (2011). Administering systemic risk vs. administering justice: What can we do now that we have agreed to pay differences? Accounting, Economics, and Law: A Convivium, 1(1). doi:.CrossrefGoogle Scholar

  • Randall, W. L. (2013). What do banks do? What should banks do? A minskian perspective. Accounting, Economics, and Law: A Convivium, 3(3). doi:.CrossrefGoogle Scholar

  • Shaw, George Bernard (1901). The Devil’s Disciple (First ed.). London: G. Richards.

  • Stout, L. (2011). Risk, speculation, and OTC derivatives: An inaugural essay for convivium. Accounting, Economics, and Law: A Convivium, 1(1). doi:.CrossrefGoogle Scholar

  • Volcker, P. (2009). The only thing useful banks have invented in 20 years is the ATM. New York Post, 13 December 2009. Retrieved from http://nyp.st/1a1ZS9p

  • Wray, R. L. (2011), What do banks do? What should banks do? A minskian perspective. Accounting, Economics and Law: A Convivium, 3(3), 277–311. doi:. April 2013.Crossref

About the article

Published Online: 2016-02-27

Published in Print: 2016-03-01


Citation Information: Accounting, Economics and Law - A Convivium, ISSN (Online) 2152-2820, ISSN (Print) 2194-6051, DOI: https://doi.org/10.1515/ael-2016-0004.

Export Citation

©2016 by De Gruyter. Copyright Clearance Center

Comments (0)

Please log in or register to comment.
Log in