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Banking, Monetary Policy and the Political Economy of Financial Regulation

Banking, Monetary Policy and the Political Economy of Financial Regulation

Essays in the Tradition of Jane D'Arista

Edited by Gerald A. Epstein, Tom Schlesinger and Matías Vernengo

The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D’Arista, among others. Now, writing in the tradition of D’Arista's extensive work, the internationally renowned contributors to this thought-provoking book discuss research carried out on various indicators of the crisis and illustrate how these perspectives can contribute to productive thinking on monetary and financial policies.

Chapter 9: Boulevard to broken dreams: the standards-surveillance-compliance system in the run-up to the Crash of 2008

Robert H. Wade

Subjects: economics and finance, financial economics and regulation, political economy, politics and public policy, political economy


In 1997, just before the start of the East Asian/Latin American/Russian/ Long Term Capital Management (LTCM) crisis of the late 1990s, the value of financial transactions was about 15 times the world’s annual gross product. Today, finance is booming: even in the hard times following the crash of 2008, the value is almost 70 times. The jump from 15 to 70 times in little more than a decade reflects the intense concentration of corporate power over the 2000s. A recent analysis identifies a cluster of 147 cross-owned firms accounting for a high share of the world’s corporate revenues.

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