TAILIEUCHUNG - HAS FINANCIAL DEVELOPMENT MADE THE WORLD RISKIER?

The United States, however, cannot be a regulatory island among competing nations of the world. In an international marketplace of multinational corporations, instant transfers of wealth, lightning fast communications, and globalized trading systems for equities and securities, if . regulations are anomalous or significantly more “burdensome” than those in other industrialized nations, business and transactions could migrate toward other markets. Hence, many have emphasized the need to coordinate regulatory changes among nations. The vehicle for forming an international consensus on measures to be taken by individual countries is the G-20 along with the International Monetary Fund and new Financial Stability. | Has Financial Development Made the World Riskier Raghuram G. Rajan Introduction In the last 30 years financial systems around the world have undergone revolutionary change. People can borrow greater amounts at cheaper rates than ever before invest in a multitude of instruments catering to every possible profile of risk and return and share risks with strangers from across the globe. Have these undoubted benefits come at a cost How concerned should central bankers and financial system supervisors be and what can they do about it These are the issues examined in this paper. Consider the main forces that have been at work in altering the financial landscape. Technical change has reduced the cost of communication and computation as well as the cost of acquiring processing and storing information. One very important aspect of technical change has been academic research and commercial development. Techniques ranging from financial engineering to portfolio optimization from securitization to credit scoring are now widely used. Deregulation has removed artificial barriers preventing entry or competition between products institutions markets and jurisdictions. Finally the process of institutional change has created new entities within the financial sector 313 314 Raghuram G. Rajan such as private equity firms and hedge funds as well as new political legal and regulatory arrangements. These changes have altered the nature of the typical transaction in the financial sector making it more arm s length and allowing broader participation. Financial markets have expanded and become deeper. The broad participation has allowed risks to be more widely spread throughout the economy. While this phenomenon has been termed disintermediation because it involves moving away from traditional bank-centered ties the term is a misnomer. Though in a number of industrialized countries individuals do not deposit a significant portion of their savings directly in banks any more they invest .

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