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Regulatory Responses to the Current Financial Crisis (US, UK, China, Canada, India) - Research Paper Example

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The current global crisis began in 2007 and spread in 2008. It had varying impacts on the financial systems of various countries depending on the initial stability of the system and its exposure to the credit derivatives that accelerated the crisis. …
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Regulatory Responses to the Current Financial Crisis (US, UK, China, Canada, India)
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Download file to see previous pages The current global crisis began in 2007 and spread in 2008. It had varying impacts on the financial systems of various countries depending on the initial stability of the system and its exposure to the credit derivatives that accelerated the crisis. The effects were severe in the developed countries like US as compared to the developing nations like India. In this regard, different countries reacted to the crisis identifying the opportunities and the associated challenges. The countries in the OECD advocated for a joint effort to have international standardization of regulatory policies. The main concerns are stimulation of demand in a given economy, improving liquidity, preventing foreclosures of mortgages and improving access to financing by for the SMEs and giant investors. There is a focus in risk reduction through investment in insurance. Financial crisis refers to a wide category of situations in which the large financial institutions or assets lose large proportion of their value. The current global crisis began in 2007, in some countries, and deepened in 2008 (OECD, 2009). Some of the factors that may contribute to financial crisis include application of similar operational strategies by players in the market, changes in the banking business, excessive leverage, changes in regulations and corporate governance, and failure of government policies on the financial sector (Blundell-Wignall, Atkinson, and Lee, 2008). Government policies regulate the financial sector within in a country and the operations with a global business partner. The failures in some of these policies could have contributed greatly to the current situation. To fix the situation and mitigate for future crises, various governments have enacted some monetary and fiscal policies. The current global financial crisis had other related problems like food crisis especially to the developing countries as was, and continues to be, witnessed in the horn of Africa (Canuto, 2011). The financial reforms to manage the crisis must then focus on the other financial instruments controlling the economy of the country. The problem that has been encountered in the management if the crisis is that economists and the policymakers do not have a proper understanding of the relationship of various components of economic policy and regulation (Tamirisa, 2011). It is important to understand the interaction between monetary and macro-prudential policies in enabling financial stability. Designing a successful macro-prudential policy requires the government to understand the risks of the new financial instruments it is putting in place (Tamirisa, 2011). Focusing on the monetary policy is insufficient in the management and mitigation of financial crises. This paper focuses on the regulatory responses that have been given by five different countries in relation to the current global ...Download file to see next pagesRead More
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