Chapter

Regulation of the Financial Sector in Developing Countries: Lessons from the 2008 Financial Crisis

Y. V. Reddy

in Time for a Visible Hand

Published in print January 2010 | ISBN: 9780199578801
Published online February 2010 | e-ISBN: 9780191723285 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199578801.003.0013

Series: Initiative for Policy Dialogue

Regulation of the Financial Sector in Developing Countries: Lessons from the 2008 Financial Crisis

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Reddy highlights several broad issues which need to be kept in view while considering changes in the regulatory structures of developing economies. During a crisis, whatever has to be done must be done promptly, comprehensively, and effectively to bring stability. But in rewriting regulatory structures, some broader issues need to be considered. Most developing economies recognize the continuing need for reforms in their financial sectors. However, the crisis of 2008 raises doubts as to the efficacy of known and existing models of financial sectors in the advanced economies, particularly the Anglo Saxon one. Thus, in the future, reforms in the financial sector may have to be cognizant of the evolving understanding of the subject, and hence gradualism commends itself.

Keywords: financial sector; counter‐cyclical regulation; regulatory structures; developing countries

Chapter.  4860 words. 

Subjects: Macroeconomics and Monetary Economics

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