Home > Publications > Policy Briefs > Proposal for Regulatory Reform

Proposal for Regulatory Reform

Stephany Griffith-Jones

  • Overview
Paper  37kb pdf
Twitter Facebook More

The present financial crisis has led to massive bail-outs and very costly public recapitalizations of many financial institutions in those affected countries. The crisis threatens to lead to an unacceptably serious recession in developed countries and a massive slowdown globally. As a consequence, political appetite for more and better regulation is significant. Indeed, steps are beginning to be taken to improve regulation.

The key question in policy circles at present is therefore not whether to regulate, but how best to do it. In thinking about the future shape of the financial system and its regulation, it is important to be clear about its purpose.

About the Author

Stephany Griffith-Jones
Financial Markets Program Director
Initiative for Policy Dialogue

Stephany Griffith-Jones is Financial Markets Program Director at IPD, as well as an economist whose areas of expertise include global capital flows to emerging markets and international financial reform; macro-economic management of capital flows in Latin America, Eastern Europe and sub-Saharan Africa; and international financial reform with special emphasis on regulation (Basel II, hedge funds and derivatives). Prior to joining IPD, Professor Griffith-Jones was Professorial Fellow at the Institute of Development Studies at University of Sussex and served as Senior Official at the United Nations Department of Economic and Social Affairs and the Economic Commission of Latin America (ECLAC), and as Head of International Finance at the Commonwealth Secretariat. She has acted as senior consultant to governments in Eastern Europe and Latin America and to many international agencies, including the World Bank, the Inter-American Development Bank, and the United Nations (especially UNDP and ECLAC). She began her career at the Central Bank of Chile and since then has published many articles and books including International Finance and Development with Jose Antonio Ocampo and Jan Kregel. She received the Association of Latin American Financial Institutions prize for best essay on Latin America's international finance.