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Recent Developments in Regulation in the Light of the Global Financial Crisis

Implications for Developing Countries - Working Paper #262

Shari Spiegel, Stephany Griffith-Jones

Paper  191kb pdf

This paper describes and evaluates the main regulatory changes that have been carried out in response to the financial crisis via Basel 3, the US Dodd Frank Bill and other initiatives, with the goal of drawing policy implications for emerging market and middle income developing country financial regulators and policy-makers.

Background note prepared for the IPD, UN DESA, Ford Foundation and FEPS Inter-Regional Workshop “Managing the Capital Account and Regulating the Financial Sector- A Developing Countries Perspective” in Rio de Janeiro on the 23rd and 24th of August 2011.

About the Authors

Shari Spiegel
Senior Economic Affairs Officer

Shari Spiegel joined UN DESA as a Senior Economic Affairs Officer in May 2010. She is co-author and co-editor of several of books and articles on capital and financial markets, debt and macroeconomics. She served as Executive Director of the Initiative for Policy Dialogue (IPD). She has extensive experience at the private sector, most recently as a Principal at New Holland Capital and as head of fixed-income emerging markets at Lazard Asset Management. She also served as an advisor to the Hungarian Central Bank in the early 1990s.

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

Stephany Griffith-Jones is an economist specialising in international finance and development, with emphasis on reform of the international and national financial system, especially in relation to financial regulation and global governance. She is Financial Markets Director at the Initiative for Policy Dialogue, Columbia University. Previously she was Professorial Fellow at the Institute of Development Studies at Sussex University. She was Director of International Finance at the Commonwealth Secretariat and worked at UN DESA and ECLAC. She was senior consultant to governments in Eastern Europe, Latin America and Africa and many international agencies, including the World Bank, the IADB, the European Commission, UNDP and UNCTAD. She was a member of the Warwick Commission on financial regulation. She currently is theme leader on finance in the ESRC /DFID growth programme for LICs, especially African ones. She has published over 20 books and many scholarly and journalistic articles. Her books include Time for the Visible Hand, Lessons from the 2008 crisis, edited jointly with José Antonio Ocampo and Joseph Stiglitz.